The Nigerian Aviation Handling Company Plc has reported a significant financial upturn, with its profit after tax rising by 65% to N12.87 billion for the 2024 fiscal year, up from N5.54 billion in 2023.
According to The PUNCH, the company’s audited financial statements revealed a robust performance across key indicators, driven by increased demand for ground handling services and improved operational efficiencies.
Revenue surged by 87% to N53.2 billion in 2024, compared to N28.4 billion recorded the previous year.
Despite the revenue boost, NAHCO experienced a rise in operational costs. Operating expenses climbed to N21 billion from N13.4 billion, while administrative expenses increased to N11.3 billion from N6.1 billion in 2023.
However, the firm maintained profitability, with its gross profit doubling to N32.2 billion from N15 billion.
Profit before tax saw a remarkable 111% growth, reaching N18.3 billion in 2024, compared to N8.68 billion in the previous year.
This was attributed to improved cost management and higher revenue inflows.
Finance income rose to N146 million from N20 million, while finance costs escalated to N1.18 billion from N202 million in 2023.
Additionally, tax expenses increased to N5.43 billion from N3.14 billion, reflecting the company’s higher earnings.
Earnings per share also showed significant growth, jumping to 660 kobo from 284 kobo in 2023, signaling better returns for shareholders.
