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The Nigerian Aviation Handling Company (NAHCO) Plc reduced its finance costs by 19.7 per cent to N1.26 billion in the nine months ended September 30, 2026, helping to drive a 19.2 per cent increase in net profit to N16.04 billion.
The company’s unaudited financial results showed that profit after tax rose from N13.46 billion recorded in the corresponding period of 2025, while profit before tax increased by 18.4 per cent to N21.24 billion from N17.94 billion.
Revenue grew by 16.5 per cent to N55.64 billion from N47.76 billion, while operating profit increased by 19.5 per cent to N21.66 billion, compared with N18.14 billion in the corresponding period of the previous year. The improvement in earnings came despite a 39.1 per cent decline in finance income, which fell from N1.37 billion to N834 million. The reduction in finance costs helped offset the impact of the lower finance income.
Earnings per share consequently increased by 19.2 per cent to N7.20 from N6.04, reflecting the growth in net profit.
A breakdown of the company’s revenue showed that cargo handling remained a major growth contributor, with the business recording an increase of about 31 per cent, reflecting higher trade and e-commerce volumes.
Revenue from free zone, transhipment, logistics, ticketing and lounge services rose by 47.17 per cent to N2.91 billion, while equipment rental and maintenance generated N4.45 billion. Aircraft handling remains the company’s core business, but the growth in its other service lines points to an expanding revenue base beyond traditional ground handling operations.
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Despite the increase in revenue, gross profit rose by a slower 8.5 per cent to N28.17 billion from N25.97 billion, while gross margin declined from 54.38 per cent to 50.63 per cent, reflecting cost pressures.
Operating profit margin improved to 38.9 per cent from 37.98 per cent, while pre-tax profit margin increased to 38.17 per cent from 37.56 per cent. The company’s return on equity also improved to 53.72 per cent from 51.77 per cent, while return on total assets rose to 27.26 per cent from 24.42 per cent.
The results also indicate improved earnings capacity to support shareholder distributions, with NAHCO’s dividend cover rising to 1.15 times from 0.97 times in the corresponding period of 2025. The improvement comes after shareholders approved a combined cash and bonus dividend for the 2025 financial year at the company’s annual general meeting in May 2026. Commenting on the results, Group Managing Director of NAHCO, Olumuyiwa Olumekun, attributed the revenue growth to improvements across aircraft handling, cargo operations and related businesses, alongside lower administrative expenses and finance costs.
“Our performance highlights the quality of service and facilities that NAHCO has come to be known for. We remain committed to sustaining this growth trajectory and in ensuring that our shareholders continue to enjoy the benefit of their investments,” Olumekun said.
NAHCO paid N12.18 billion in cash dividends for 2025, compared with N11.58 billion for 2024, translating to N6.25 per share against N5.94 in the previous year. Shareholders also received one bonus share for every seven shares held, increasing the company’s outstanding shares from 1.949 billion to 2.228 billion. Meanwhile, the company’s total assets increased to N58.85 billion as of September 2026 from N55.12 billion at the end of December 2025, while shareholders’ funds rose to N29.86 billion from N26 billion.
Chairman of the company, Seinde Fadeni, said the board remained focused on translating business growth into improved returns for shareholders. “We are confident about the outlook for the aviation industry and our business. We remain focused on our strategic plan on sustainability and diversification. We will continue to explore opportunities to grow the business and deliver competitive returns to our stakeholders,” Fadeni said.
