NAHCO Raises Dividend Payout by 134%, to Disburse N11.58bn in 2024
Samuel Mobolaji
Shareholders of the Nigerian Aviation Handling Company (NAHCO) Plc are set to receive N11.58 billion in dividends for the 2024 financial year, following a recommendation by the company’s board. This marks a 134 per cent increase from the N4.95 billion paid in 2023, reflecting the company’s record-breaking performance in revenue and profit.
According to the audited financial statements released on the Nigerian Exchange (NGX), NAHCO posted an 88.5 per cent growth in revenue, rising from N28.40 billion in 2023 to N53.54 billion in 2024. Gross profit doubled to N33.08 billion, up from N15 billion, while operating profit surged by 124 per cent to N19.84 billion from N8.86 billion the previous year.
Profit before tax rose by 115.4 per cent to N18.70 billion, with net profit climbing by 132 per cent to N12.86 billion from N5.54 billion in 2023. As a result, earnings per share more than doubled, rising from N2.84 to N6.60.
The company has proposed a dividend of N5.94 per share, compared to N2.54 paid in the previous year. The recommendation, subject to shareholders’ approval at the forthcoming annual general meeting, underscores NAHCO’s status as one of the most investor-friendly stocks on the Nigerian capital market.
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NAHCO’s shares have seen a capital gain of 175 per cent over the past 15 months, with its stock price rising from N25.40 at the start of 2024 to N69.90. This impressive growth has been supported by strong investor confidence and sustained earnings momentum.
The company’s dominance in the aviation services space was further affirmed by the signing and renewal of at least five ground handling contracts with major global airlines in the last four months.
Group Managing Director, Mr Olumuyiwa Olumekun, attributed the company’s growth to operational excellence and strict adherence to global standards. He assured stakeholders that NAHCO’s highly-trained personnel would continue to deliver specialised services in line with international best practices.
Group Executive Director, Commercial and Business Development, Prince Saheed Lasisi, added that recent regulatory approvals would ease import and export processes for clients handling radioactive cargo.
Chairman of NAHCO, Dr Seinde Fadeni, noted that the company is targeting N300 billion in revenue over the next five years, driven by ongoing investments and a new growth strategy aimed at diversifying its business both within and outside Nigeria.
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