Nigeria: NAHCO Posts N2.3 Billion Profit for 2020

2 August 2021

The Nigerian Aviation Handling Company Plc (nahco aviance) and its subsidiaries earned N2.3 billion as gross profit in 2020 against N3.3bn earned in 2019 operating year, indicating about 30 per cent drop in the year under review.

Despite the drop in its revenue and profit due to the COVID-19 pandemic, the foremost ground handling firm approved a gross dividend of 12.50 kobo per ordinary share of 50 kobo each, amounting to N203 million for its shareholders.

The Chairman, Board of Directors, Dr. Seinde Fadeni, said this at the 40th Annual General Meeting (AGM) in Lagos.

The group's revenue was reduced by 27 percent in the financial year that ended December 31, 2020.

The board assured its shareholders of 'enhanced returns' on investments in the years ahead.

"We lost half of the year to the pandemic, as during the initial lockdown, the airspace was shut and limited to emergency cargo and evacuation flights."

Also, the Group Managing Director, Mrs. Olatokunbo Fagbemi, said within the year under review, the operating cost of NAHCO decreased by 23 per cent, while administrative expenses decreased by six per cent.

She said that within the past year, the management took some unpopular, but inevitable decisions because of the pandemic.

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