The Nigerian Aviation Handling Company Plc (NAHCO) has maintained its growth momentum, recording double-digit improvements across key financial indicators in the third quarter of 2026, reflecting sustained customer preference and operational efficiency.
Its interim report and accounts for the nine-month period ended September 30, 2026, published on the Nigerian Exchange, showed that revenue increased by 16.51 per cent to N55.64bn from N47.76bn recorded in the corresponding period of 2025.
Operating profit also climbed by 19.5 per cent, rising from N18.14bn to N21.66bn, while gross profit grew by 8.5 per cent from N25.97bn to N28.17bn.
The company also benefited from a 19.7 per cent reduction in finance costs, which fell to N1.26bn, helping to moderate the impact of a 39.1 per cent decline in finance income to N834m. Consequently, profit before tax increased by 18.39 per cent to N21.24bn, compared with N17.94bn previously recorded.
Net profit followed a similar upward trend, growing by 19.2 per cent to N16.04bn from N13.46bn in the corresponding comparison. Earnings per share equally advanced by 19.2 per cent, moving from N6.04 to N7.20.
The latest results strengthen the company’s position to sustain its record of consecutive dividend increases over the past five years. Despite the rise in outstanding shares following a bonus issue for the 2025 financial year, NAHCO’s dividend cover for the third quarter of 2026 improved to 1.15 times from 0.97 times in the previous period, providing additional room for higher dividend payments.
At its Annual General Meeting in May 2026, shareholders approved a total cash dividend of N12.18bn, equivalent to N6.25 per share, alongside a one-for-seven bonus issue. This increased the company’s outstanding paid-up shares from 1.949 billion to 2.228 billion units.
The company’s balance sheet also recorded improvements during the period, with total assets increasing from N55.12bn in December 2025 to N58.85bn by September 2026. Paid-up share capital rose to N1.114bn, while shareholders’ funds reached N29.86bn.
However, the inflationary environment affected the company’s gross margin, which declined from 54.38 per cent to 50.63 per cent. Despite this, operating profit margin improved to 38.9 per cent, while pre-tax profit margin edged up to 38.17 per cent.
Other financial indicators also recorded gains, as return on equity increased from 51.77 per cent to 53.72 per cent, while return on total assets moved from 24.42 per cent to 27.26 per cent.
Reacting to the results, NAHCO Plc Chairman, Dr Seinde Fadeni, said the performance reflected the group’s strong position in the industry and the resilience of its business strategy. He added that the company had continued to strengthen its human, technical and infrastructural capabilities to maintain its position in the sector.
“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.
Meanwhile, the Group Managing Director of NAHCO Plc, Mr Olumuyiwa Olumekun, attributed the revenue increase to improved performance across the company’s core operations, cargo handling and ancillary services, alongside disciplined cost management.
Further details of the report showed that cargo handling revenue rose by approximately 31 per cent, supported by increasing trade and e-commerce activities. Earnings from free zone, trans-shipment, logistics, ticketing and lounge services also surged by 47.17 per cent to N2.91bn, while equipment rental and maintenance services generated N4.45bn.
“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.
NASTV AFRICA
Manifesting Africa’s Greatness
