Nahco increases dividend payout to ₦406 million

The Nigerian Aviation Handling Company Plc (Nahco) Board of Directors has increased dividend payout to shareholders by 13.6 per cent to ₦406 million. Shareholders of the aviation handling company will receive a dividend per share of 25 kobo for the 2017 business year as against 22 kobo paid the previous year.

Key extracts of Nahco‘s audited report and accounts for the year ended December 31, 2017 showed that the company improved its margins, despite a lull in the top-line. Turnover stood at ₦7.926 billion in 2017 compared to ₦7.956 billion in 2016. Finance cost reduced from ₦545 million in 2016 to ₦213 million in 2017. Profit after tax increased by 33.6 per cent to ₦776 million in 2017 as against ₦581 million in 2016. Earnings per share improved from 36 kobo to 48 kobo.

Also, the interim report and accounts of the company for the first quarter ended March 31, 2018 indicated that the company started the 2018 business year on a strong footing. Turnover rose to ₦2.188 billion in first quarter 2018 as against ₦1.786 billion in the corresponding period of 2017. Finance income improved from ₦30.916 million to ₦64.495 million while the company was able to reduce finance cost to ₦44.536 million as against ₦55.715 million in first quarter 2017. With these, profit before tax jumped to ₦117.405 million in first quarter 2018 compared with ₦1.026 million in first quarter 2017 while profit after tax leapt from ₦1.026 million in first quarter 2017 to ₦97.566 million in first quarter 2018.

The first quarter 2018 results are the first set of results produced by Mr Idris Yakubu, who took over as the company’s Managing Director in November 2017.

Market analysts said with the first quarter 2018 performance, Yakubu, a former banker, who has an extensive experience in delivering agreed strategic business imperatives, is bringing his experience to bear on the company to the delight of all stakeholders.

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