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NAHCO expresses commitment to diversification, transformation programmes

By Michael Eboh
Nigerian Aviation Handling Company (NAHCO) Plc has expressed its commitment to its diversification programme and also plans to further consolidate on its leadership position in the ground handling business in the country.

The new Chairman of the company,  Senator Ike Nwachukwu, who made this statement, noted that the company, since its privatisation, has recorded steady growth in its operations, with significant continuous and improved returns for stakeholders.

He said, “NAHCO has been a successful story since it was privatised. We thank shareholders and client airlines for their support and patronage. Be assured that the Board and Management of the company are 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.
Senator Ike Nwachukwu was appointed the Chairman of the Company with effect from May 27, 2010, succeeding Ambassador Patrick Dele Cole who voluntarily resigned as Chairman and who was subsequently not re-elected by shareholders as a Director of the company.

In its financial statements for the year ended, December 31, 2009, the company declared a total dividend of 70 kobo per share for its shareholders, after having earlier declared an interim dividend of 25 kobo per share.

The company’s turnover rose by 37 per cent to N6.0 billion from N4.4 billion in 2008, its profit before tax stood at N1.8 billion, representing a 56 per cent increase from N1.2 billion recorded in 2008, while its profit after tax also appreciated by 55 per cent from N802 million in 2008 to N1.2 billion in 2009.

Managing Director/Chief Executive Officer, Mr. Bates Sarki Sule,said that the impressive financial performance of the company is as a result of sustained client patronage, staff commitment, business transformation agenda and the consistent support of the Board of Directors and shareholders.

He noted that this was in spite of challenges faced by businesses in the country as a result of the global and local economic crisis.

He added the business transformation agenda put in place by the Board in 2007 has recorded significant success and will contribute significantly in its diversification and growth plans in the years ahead.

The company’s results, according to a statement signed by Mr. Demola Akinbola, Head, Corporate Communication & Business Development, 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.

He said that prior to the 29th Annual General Meeting (AGM) of the company held in Ibadan last week, Ambassador Dele Cole had at the Pre-AGM Board meeting announced his resignation as the Chairman of the Company and the Board had taken a unanimous decision on his successor, Senator Nwachukwu, who will be responsible for leading the company through the next stage of its growth and transformation.

He stated that the Board of Directors thanked Ambassador Dele Cole for leading the company to significant growth and successfully managing its transition from a government institution to a publicly quoted company.
“The Board appreciated him for his significant contributions to the success of the Company and wished him well in his future endeavours,” he said.

Turnover rose by The company’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.

Commenting on the company’s performance after shareholders approved the 2009 results, Senator (Dr) Ike Nwachukwu noted that the company has been a successful story since it was privatized. He thanked shareholders and client airlines for their support and patronage. He assured that the Board and Management of the company are 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.

NAHCO AVIANCE APPOINTS NWACHUKWU CHAIRMAN, PAYS 70K DIVIDEND

Prior to the 29th Annual General Meeting (AGM) of the company held in Ibadan last week, Ambassador Dele Cole had at the Pre_AGM Board meeting announced his resignation as the Chairman of the Company and the Board had taken a unanimous decision on his successor, Senator Nwachukwu, who will be responsible for leading the company through the next stage of its growth and transformation.

The Board of Directors thanked Ambassador Dele Cole for leading the company to significant growth and successfully managing its transition from a government institution to a publicly quoted company. The Board appreciated him for his significant contributions to the success of the Company and wished him well in his future endeavours.

Senator Nwachukwu is an alumnus of the National Institute of Policy and Strategic Studies. He holds an honorary Doctor of Law (LL.D) (Honoris Causa) Degree of Abia State University. He is a graduate of the Institute of Humanitarian Law, San Remo Italy.

He has a long list of national and international honours including: Commander, Federal Republic of Nigeria (CFR), Knight, Grand Cross of the Most Distinguished Order of Saint Michael and Saint George (GCMG) given by Her Majesty, Queen Elizabeth II. He joined the Board of nahco aviance on 9th May 2008.

Meanwhile, the Nigerian Aviation Handling Company PLC (nahco aviance) has continued its impressive corporate performance since privatisation in 2005.
The 2009 operating results of the company approved last week by shareholders at the AGM  week showed that the company will pay dividend for the fourth consecutive year. Following the positive variances recorded in major indices of its performance, shareholders approved a final dividend of 45k per share as proposed by the Board. The company had earlier paid an interim dividend of 25k in 2009.

Turnover rose by 37% to N6.0b from N4.4b in 2008. 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.

Commenting on the company’s performance after shareholders approved the 2009 results, Senator (Dr) Ike Nwachukwu noted that the company has been a successful story since it was privatized. He thanked shareholders and client airlines for their support and patronage.

He assured that the Board and Management of the company are 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.


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