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Transformation plan boosts NAHCO’s Q3 performance

Senate re-Introduces South West Development Commission BillBy Peter Egwuatu

THE five year transformation plan embarked upon by Nigerian Aviation Handling Company (NAHCO) Plc may have started yielding results as the company recorded a Profit Before Tax of N973.1 million for the third quarter 2019, Q3’19, representing a growth of 33.1 percent or N241.3 million above N731 million in Q3’18.

The company posted a gross revenue of N7.38 billion for the nine month period which ended September 30, 2019, Q3’19, representing a two percent growth from N7.252 billion in Q3’18. Profit After Tax which stood at N782 million for the nine-month period compared favourably with the N601.31 billion recorded for the same period in Q3’18, representing a 30 percent increase.

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The Board had appointed a new management early this year, which embarked on a five-year transformation plan continuing the massive upgrade of the company’s equipment, warehouses and other facilities at the airports.

Commenting on the results, Mrs. Olatokunbo Fagbemi, Group Managing Director/CEO, NAHCO, said: “NAHCO is in a good place. Apart from being the industry leader in ground handling in West Africa, we are also providing leadership in supporting our partners, the Cargo agents, in the important skills of packaging for export.”

Vanguard

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