The Nigerian Aviation Handling Company PLC (nahco aviance) has recorded an increased turnover of N6 billion, which represents 37% rise over that of 2008.
The company had a turnover of N4.4 billion in 2008, and the improvement recorded in the last financial year is attributed to its privatisation in 2005.
Similarly, Profit before Tax, which stands at N1.8billion, represents a 56% increase over the N1.2 billion recorded in 2008. Profit after Tax also grew by 55% from N802m in 2008 to N1.2b in 2009.
The companyâ€™s results have been acclaimed by shareholders, stock brokers and market analysts who commended the company for sustaining the momentum of its heart_warming performance despite the economic recession which ravaged the global economy in 2009.
Following the positive variances recorded in major indices of its performance, the Board of the Nigerian Aviation Handling Company PLC is proposing a final dividend of 45k per share for shareholders. If this is approved at the Annual General Meeting (AGM) of the company scheduled to hold on May 27, 2010 at Jogor Centre, Ibadan, the company would have paid a total dividend of 70k per share, having paid an interim dividend of 25k in 2009.
Commenting on the companyâ€™s performance, the Chairman of the Board of Directors, Ambassador Patrick Dele Cole, noted:Â â€œI must let you know that our company has been a success story since it was privatized. Due to the support of shareholders and the commitment of Board and management, we have surmounted various hurdles and obstacles on our journey to greatness.
â€œI am personally fulfilled that we have all been able to take this company to an enviable position within the short period of time and deliver superior results to shareholders at a period when most companies are groaning and lamenting the biting effects of economic recessionâ€.
Ambassador Cole assured that the Board and management of the company were focused on consolidating its leadership position in the ground handling business, while also reducing its dependence on this line of business through well planned and managed diversification plans.
Managing Director/CEO, Mr. Bates Sarki Sule, attributed the impressive performance, at a time many companies are facing various challenges, to sustained client patronage, staff commitment, business transformation agenda and the consistent support of the Board of Directors and shareholders.
He added: â€œThere is no doubt that the business transformation agenda put in place by the Board and management of the company in 2007 has been largely successful. We have taken measured and consistent steps to get to where we are today.
â€œThe challenges ahead of us are enormous but we have the strength of change and the almighty God is our sure foundation.
â€œWe are conscious of the fact that a lot more still remains to be done in the year ahead to open up new business frontiers and surmount the pressures of competition and thinning margins.â€œWe will continue to redefine our service delivery options as well as human capital issues to ensure business growth and profitabilityâ€.