Q1 2023: NAHCO declares 96.4% growth in PAT to N636bn
The Nigerian Aviation Handling Company (NAH CO) plc, a listed company on the Nigerian Exchange Limited (NGX), has delivered a remarkable performance in its unaudited financial results ended March 31, 2023, announcing its Profit After Tax (PAT) which increased strongly to a decent 96.4 per cent quarter-on-quarter to N636.5 billion as of end of March 31st 2023 from N324 billion generated as of end of March 31st, 2022.
Absolutely, the growth in Profit was mainly driven by significant improvement in revenue which increased higher from N2.82 billion in first quarter (Q1) in 2022 to N4.293 billion in first quarter (Q1) of 2023, the growth reflects an increase of 52.4 per cent.
It’s unaudited results announced under the floor of Nigerian Exchange Limited (NGX), the group Profit Before Tax recorded for the period gained nearly a remarkable 92.5 per cent to N814.3 billion in first three months of 2023 from N422.9 in first three months of 2022, while Profit from Operation amounted to N827 billion in first quarter of 2023 from N431.8 billion in first quarter of 2022, representing a significant growth of 91.5 per cent quarter -on -quarter.
However, the income tax expense recorded gained a 79.9 per cent quarter -on- quarter from N98. 9 billion as of end of March 31, 20222 to N177.8 billion as of end of March 2023
In addition, the group recorded an improvement in its Earnings Per Share (EPS) to N32 Kobo in Q1 2023 from 16 Kobo in Q1 2022, it is the expectation that performance in the remaining quarter of this year 2023 will be better.
In conclusion, Nigerian Aviation Handling Company Plc (Nahco Aviance) is an investment holding company in Nigeria with business interests in aviation services and support. This includes aviation cargo, aircraft handling, passenger facilitation, crew transportation and aviation training.
The company was established in 1979 as the sole ground handler at the newly-commissioned Murtala Muhammed International Airport in Lagos. Today, Nigerian Aviation Handling Company Plc handles 70 per cent of domestic and foreign airlines operating in Nigeria encompassing 35 airlines at 9 airports across Nigeria.
Subsidiary companies include Mainland Cargo Options and Nahco Power Energy and Infrastructure. The Federal Government through Federal Airports Authority of Nigeria (FAAN) has a 60 per cent equity stake in the aviation enterprise.
The remaining 40 per cent is held by Air France, British Airways, Sabena and Lufthansa. The company’s head office is in Lagos, Nigeria.
