Nahcoaviance’s profit hits N1billion mark

For the first time in the history of its existence, and in line with its consistent impressive performance since its privatization, the Nigerian Aviation Handling Company Plc (nahcoaviance) has announced a profit after tax figure of N1.077b for the third quarter ended 30 September, 2009.

This comes as the company had been adjudged the best ground handling company in the country at the just concluded NIGAV Award in Abuja.This figure represents a 34% increase over the N805m declared for the corresponding period in 2008.

According to the company’s Board of Directors’ statement to the Nigerian Stock Exchange and the shareholders, profit before tax rose from N1.184 billion in 2008 to N1.584 billion in the review period, representing an increase of 34%.

The company also said turnover moved upwards from N3.2 billion in the corresponding period for 2008 to N4.4 billion, showing a positive variance of 37%.

An analysis of the results shows that while nahcoaviance recorded a turnover of N4.430b for its full operating year in 2008, it had already hit N4.401b as at September 30, 2009, nine months into its operating year.

Similarly, the profit after tax figure of N1.077b as at September 30, 2009 is 34% higher than the N802.9m declared for the full 12 months of 2008.NAHCo has consistently recorded positive results since its privatization in 2005 and its stock exchange listing in 2006.

For instance, after tax profit moved from N317.7m in 2005 to N1.077b as at September 2009. Following this, the company has also developed a tradition of paying dividends to shareholders, paying 30k plus bonus in 2006 and 2007; 55k in 2008, and 25k interim dividend in June 2009, thereby ensuring that shareholders benefit from the growth of the company’s business.

The advent of a new board and management regime has turned the company round positively.Commenting on the results, Managing Director of the company, Mr. Bates Sule, said the company had been able to sustain improvement in its performance as a result of the commitment of the Board and management to providing necessary tools and resources for enhancement of service delivery, coupled with the willingness of staff to imbibe the attitude of professionalism.

He gave the assurance that the company would not relent in its efforts to provide value for clients and expand the business in order to offer good returns for investors.

Meanwhile, the Nigerian Aviation Handling Company PLC has been adjudged the ground handling operator of the year 2009 at the Nigerian Aviation Awards (NIGAV) held in Abuja last week. Organisers of the aviation conference and awards said that speed and efficiency in service delivery were qualities that marked out nahcoaviance’s operations.