NAHCO’s N14.4b first half profit strengthens dividend outlook

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Profit rises by 22%
Total revenue grows to N35.4b in six months

West Africa’s leading aviation handling and logistics group, Nigerian Aviation Handling Company (NAHCO) Plc sustained its impressive growth trend with a 22 per cent growth in profit in first half 2026, strengthening the company’s capacity to maintain robust dividend payouts.

Operational and financial reports for the first half ended June 30, 2026 released at the Nigerian Exchange (NGX) showed that NAHCO continues to benefit from strategic investments and corporate management initiatives, boosting its dominance and profitability in a highly competitive market.

The report showed that gross revenue rose to N35.36 billion in first half 2026 compared with N32.33 billion in first half 2025. The top-line performance was broad and diversified with appreciable improvements across all business lines.

NAHCO

From aircraft handling to passenger handling to ground handling and cargo, the group’s core businesses remained resilient. For instance, revenue from aircraft handling rose from N20.57 billion to N22.13 billion while turnover from cargo handling grew by 31 per cent from N4.8 billion to N6.3 billion. With NAHCO remaining catalyst for Nigeria’s growing non-oil exports, incomes from agricultural products, such as natural sesame seeds, raw cashew nuts, crude palm oil and tea among others, increased from N1.42 billion to N2.08 billion.

Operating profit grew by 25.4 per cent from N11.637 billion in first half 2025 to N14.593 billion in first half 2026. Profit before tax improved by 21.8 per cent to N14.37 billion in first half 2026 as against N11.79 billion in comparable period of 2025. After taxes, net profit rose by 22.2 per cent from N8.88 billion to N10.85 billion. With this, adjusted basic earnings per share improved from N4.55 in first half 2025 to N4.87 in first half 2026, providing enough headroom for cash dividend despite increase in outstanding shares due to bonus shares distributed for the 2025 business year.

Shareholders of NAHCO had at their annual general meeting in May, approved combined dividend of cash and bonus shares. The company increased cash dividend to N12.18 billion for the 2025 business year as against N11.58 billion paid for the 2024 business year. Shareholders received a dividend per share of N6.25 for the 2025 business year compared with N5.94 paid for the previous year.

Shareholders also received one ordinary share of 50 kobo each as bonus share for every seven ordinary shares held, automatically increasing the number of shares held by each shareholder by 14.3 per cent. The company’s outstanding paid up shares thus increased from 1.949 billion ordinary shares of 50 kobo each to 2.228 billion ordinary shares of 50 kobo each.

Nahco aviance

Chairman, Nigerian Aviation Handling Company (NAHCO) Plc, Dr Seinde Fadeni, said the first half 2026 performance shows the resilience of the group’s operating structure and continuing benefits from investments in critical assets.

He said NAHCO has remained proactive and continue to explore ways to maintain its position as the leading aviation handling group.

He said investments in world-class warehouses, ground handling equipment, human capital and other areas have strengthened the capability of the group to adapt to macroeconomic changes while simultaneously converting emerging growth opportunities.

“Our first half 2026 results further confirm our assurance on sustainability of our growth model. We have not seen growth on growth every year but also period on period, showing that we are not growing in bits but steadily through the entire operations.

“We remain confident that we are in stronger position to continue to maintain our leadership position through excellent services to our stakeholders.

“As Nigerian aviation industry opens up further to global opportunities, NAHCO’s strategic focus on growth, diversification and sustainability would ensure stronger performance and returns to our shareholders,” Fadeni said.

Group Managing Director, Nigerian Aviation Handling Company (NAHCO) Plc, Mr Olumuyiwa Olumekun said that NAHCO has continued to leverage its efficient operating model, excellent services and built-in resilience to mitigate risks and sustain growth.

He said the first half 2026 performance underlines management’s focus on quality expansion, ensuring that growth is not only reflected in size of operations but the quality of returns to shareholders.

“We are focused on our strategy of diversification, operational excellence and quality growth. We continue to invest in automation and human technical capabilities while expanding our nationwide storage and warehousing facilities. Our preference by industry stakeholders is built on both availability and quality. We remain committed to our known service culture of excellence,” Olumekun said.

The first half 2026 performance showed that NAHCO could again surpass its 2025 results, which had earned it shareholders’ commendations and made it one of the most sought after stocks at the stock market.

Audited report and accounts of NAHCO for the year ended December 31, 2025 had shown that total revenue rose by 21.8 per cent from N53.54 billion in 2024 to N65.21 billion in 2025. Gross profit increased from N33.08 billion to N38.61 billion. Operating profit rose by 25 per cent from N19.84 billion in 2024 to N24.84 billion in 2025.

The report had also shown that profit before tax jumped by 30 per cent to N24.256 billion in 2025 as against N18.702 billion in 2024. Profit after tax grew by 39.91 per cent from N12.865 billion in 2024 to N17.999 billion in 2025. Earnings per share rose by 40 per cent from N6.60 in 2024 to N9.24 in 2025.

Besides, the group’s balance sheet also emerged stronger with total assets increasing from N46.95 billion in 2024 to N53.88 billion in 2025. Shareholders’ funds rose by 32 per cent from N20.075 billion to N26.497 billion.