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Nigeria: Nahco Makes N453.9 Million Mid-Year Profit
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Daily Trust (Abuja)
25 July 2008
Posted to the web 25 July 2008
Nahimah Ajikanle Nururdeen
Lagos
The Nigerian Aviation Handling Company Plc has announced its 2008 mid- year Profit After Tax of N453.9million, representing about N215.8 or 91 per cent rise over the same period in 2007.
The Managing Director Mr. Sule Bates, during the Media/shareholders luncheon organised in Lagos stated that while the company's turnover stood at N2.34bn, its operating cost was 1.225bn.
According to him, Profit before Tax was N667.5m, which represented N317.3m or 91 per cent increase above the 2007 figures.
Going by the analysis, Bates explained that the N2.346bn revenue represented N678.3 or 41 per cent increase over the N1.688bn recorded in the corresponding period in 2007.
Bates added that the aviation handling company's direct operating and overhead cost stood at N1.225bn, reflecting a positive variance of 28 per cent of 2008 budget and 1.3 per cent over last year's figure.
He hinted that arrangement was already in place to extend the company's operations to four African countries: Freetown , Monrovia , Khartoum and Yaoundé.
"We are expanding into some airports in Africa . We will be meeting with a team from officials from Khartoum this week, and discussions are on with Freetown and Monrovia . We will also partner with Nigerian carriers going into the West African region," said NAHCO boss.
He revealed that while an ultra-modern cargo shed worth N170m to be built in Port Har-court will be started next month and completed in six months, a second one is scheduled to be built in Abuja as soon as the Federal Airports Authority of Nigeria approves its application for land.
Bates also told the shareholders that not less that an outstanding N350m from the N1bn allocated for equipments would be used for additional facilities.
Meanwhile, the company had sought to partner with it in the area of vital equipments at the airports with its interest already indicated to manage one of its airports. Adding that this constituted one of the best ways to overcome the problem of delay and missing baggage, which he said often arose from epileptic infrastructures which were as old as the airport itself.
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The Managing Director however said NAHCo is ready to also diversify into other ancillary business areas such as Travel and Tour, Courier, Airport Facilitation, Meet and Greet and others, which according to him, will be jump-started in 2009
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