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By Chukwuma Umeorah
Nigerian Aviation Handling Company (NAHCO) Plc increased its profitability in the first half of 2026, strengthening expectations of another dividend-paying year after reporting a 22.2 per cent rise in net profit and improved earnings per share despite an increase in its outstanding shares following a bonus issue.
The aviation handling company, in its unaudited financial statements for the six months ended June 30, 2026, filed with the Nigerian Exchange Limited (NGX), reported profit after tax of N10.85 billion, up from N8.88 billion recorded in the corresponding period of 2025.
Profit before tax (PBT) rose by 21.8 per cent to N14.37 billion from N11.79 billion a year earlier, while operating profit increased by 25.4 per cent to N14.59 billion from N11.64 billion. Gross revenue also rose by 9.4 per cent to N35.36 billion, compared with N32.33 billion in the first half of 2025. The improved earnings translated into stronger returns for shareholders.
Adjusted basic earnings per share increased to N4.87 from N4.55 in the corresponding period of 2025, despite the increase in the company’s issued shares following the bonus shares distributed after the 2025 financial year.
At its annual general meeting in May, shareholders approved a combined cash dividend and bonus share distribution for the 2025 financial year. The company raised its cash dividend to N12.18 billion, equivalent to N6.25 per share, compared with N11.58 billion or N5.94 per share paid for the 2024 financial year.
Shareholders also received one bonus ordinary share for every seven ordinary shares held, increasing the company’s outstanding shares by about 14.3 per cent from 1.949 billion shares to 2.228 billion shares. The rise in earnings per share despite the enlarged share capital suggests the company has maintained its earnings growth after the capital adjustment.
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The first-half performance extends the earnings momentum recorded in 2025, when the company delivered one of its strongest financial performances in recent years. For the full year ended December 31, 2025, NAHCO reported revenue of N65.21 billion, representing a 21.8 per cent increase over 2024, while profit before tax rose by 30 per cent to N24.26 billion. Profit after tax climbed by 39.9 per cent to N18.0 billion, supporting the higher dividend approved by shareholders earlier this year.
Commenting on the results, Chairman of NAHCO, Dr. Seinde Fadeni, attributed the performance to investments in operational assets and the company’s operating structure.
“Our first half 2026 results further confirm our assurance on sustainability of our growth model. We have not seen growth on growth every year but also period on period, showing that we are not growing in bits but steadily through the entire operations.
“We remain confident that we are in stronger position to continue to maintain our leadership position through excellent services to our stakeholders.
“As Nigerian aviation industry opens up further to global opportunities, NAHCO’s strategic focus on growth, diversification and sustainability would ensure stronger performance and returns to our shareholders,” Fadeni said.
Group Managing Director, Olumuyiwa Olumekun, said management remained focused on expanding operations while improving efficiency through investments in technology and infrastructure.
“We are focused on our strategy of diversification, operational excellence and quality growth. We continue to invest in automation and human technical capabilities while expanding our nationwide storage and warehousing facilities. Our preference by industry stakeholders is built on both availability and quality. We remain committed to our known service culture of excellence,” Olumekun said.
