NAHCO posts N4.64bn turnover in half yr 2018 result

Mr. Idris Yakubu, Managing Director, NAHCO

 

 

…signs contracts with Max Air, Medview, others

 

Posted by Sade Williams

 

 

Nigeria’s foremost ground handling service provider, nahco aviance, continues its dominance of the sector as it announces a string of new business signings.

 

The announcement came on the heels of the publication of a superlative 2018 Half year financial performance.

 

In the results announced for the Half year 2018, the group posted a turnover of N4.64 billion against the N3.71 billion posted for the same period last year. The results showed a 25 percent increase over the same period in 2017.

 

 

The Company in a statement over the weekend disclosed that it had signed a series of new contracts with both local and international airlines.

 

The signings with local airlines includes Max Air which has since started smooth operations from Lagos and Kano, and handling of Hajj operations for Medview, one of the largest operators in the country.

 

Aside handling of International and Hajj operations for Flynas, NAHCO also handles domestic and of recent, regional operations for the nation’s largest operator, Air Peace and Aero World, delivering service to the delight of the airlines.

 

It will be recalled that NAHCO, which handles most of the airlines in the country, in February 2018 began handling the Rwandan international airline, Rwandair, providing groundhandling service for the fast rising operator at the Nnamdi Azikiwe International Airport, Abuja.

 

Meanwhile, Profit Before Tax stood at N500.97 million as against N203.08m reported as at half year 2017, a 147 percent increase over last year.

 

Profit After Tax for the half year 2018 stands at N418.57 million – a 137 percent increase over the N176.32 million reported for the same period of last year.

 

Speaking on the strides achieved in recent times by the Company, the Managing Director/CEO, Mr. Idris Yakubu who took over as CEO in November 2017 said it is a result of growing faith in the new management that has superintended the Affairs of the Company during the period.

 

According to him, “We are pleased with the patronage of our Valued Clients, the Airlines and the Agents, as well as the contributions of our hardworking and dedicated staff to this very positive result. Management is committed to staff welfare and will continue the negotiation of the Staff Condition of Service, and conclude before the current booklet expires end September 2018”. Management’s commitment to Staff Welfare led NAHCO to be adjudged as one of the Top 100 Best Places to work in Nigeria in 2018 by highly rated Jobberman.

 

Mr. Yakubu further stated that shareholders should look forward to sustained profit performance at year end, on the back of the strong showing of the first half of 2018.

 

The Company recently concluded its AGM in Abuja where shareholders approved of its plans to acquire new Ground Support Equipment (GSE). Mr. Yakubu had impressed on the Board and the Company’s shareholders of the necessity for the equipment to enable the company better serve its clients.

 

He had said at the Meeting, “We are pleased with the progress made by your Company (NAHCO) in sustaining earnings, profit and operating performance in our business during the year. To enable us consolidate our leadership position in the industry, we have embarked on initiatives which have helped us better maintain our client base and win many new names.”

 

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