NAHCO pre-tax profit rose by 315% in one year

Oluwanifemi Ojo
Oluwanifemi Ojo
Nigerian Aviation Handling Company Plc

Nigerian Aviation Handling Company Plc has announced that its pre-tax profit increased by 315.1 per cent in 2022 due to strong sales income and increased efficiency across the business.

In a statement accessed by The Punch, the board recommended a dividend payout increase of 251 per cent, from N665.93m in 2021 to N2.34bn in 2022.

Shareholders registered as of May 12, 2023, will receive a dividend per share of N1.20 for the 2022 financial year.

According to the statement, “Shareholders on the register of the company as of the close of business on May 12, 2023, will receive a dividend per share of N1.20 for the 2022 business year. The dividend will become payable on May 26, 2023.”

Group turnover increased by 63.3 per cent  from N10.23bn in 2021 to N16.71bn in 2022.

Gross profit doubled by 125.81 percent from N3.34bn to N7.55bn, and operating profit increased by 274.2 per cent from N1.05bn to N3.94bn.

Profit before tax increased by 315.14 percent  to N3.84bn in 2022 from N924.86m in 2021, while net profit increased by 246.4 per cent from N771.62m to N2.67bn.

The report also stated that the group balance sheet grew, with total assets rising by 13.9 per cent from N16.44bn to N18.73bn, and total equity funds improved by 28.6 per cent from N7.02bn to N9.03bn.

The company’s flagship handling business was reported to have driven significant improvements across the businesses, contributing to the group’s performance.

On the flipside, the parent company reported a 66.4 per cent growth in turnover, from N9.66bn in 2021 to N16.07bn in 2022.

Gross profit grew by 140.3 percent from N2.96bn to N7.12bn, while operating profit rose by 330.5 per cent from N860.61m to N3.71bn.

Profit before tax increased by 387.08% from N742.8m to N3.62bn, and profit after tax increased by 339.3% from N579.73m in 2021 to N2.548bn in 2022.

Earnings per share increased from 30 kobo in 2021 to N1.31 in 2022.

The parent company’s balance sheet also strengthened, with total assets growing by 10.7 per cent from N16.28bn to N18.03bn, and total equity rising by 27 percent from N6.98bn in 2021 to N8.86bn in 2022.

The Group Managing Director of NAHCO Plc, Mr Indranil Gupta, attributed the 2022 results to recent investments and continuous improvements in the company’s operations.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *