Nahco reports 7% rise in 2016 full year profit

Nahco reports 7% rise in 2016 full year profit

Nigeria Aviation Handling Company plc, NAHCO ended the financial year 2016 with NGN7.9 billion compared to NGN8.4 billion recorded in the financial year 2015.

Operating costs for the period was NGN5.6 billion loss in contrast to NGN5.2 billion loss recorded same period 2015.

The company’s book looks good as it records NGN2.3 billion gross profit for the year in review against NGN3.2 billion recorded in the previous year. its operating profit for the period was NGN1.1 billion against NGN1.0 billion recorded in the year 2015.

Nahco recorded NGN909.6 million as profit before taxation against NGN796.7 million recorded in the year before. after settling its tax for the year, its profit for the year increased to NGN580.7 million against NGN537.7 million recorded in the year 2015.

Nigeria aviation handling company plc ended the year 2016 with NGN12.6 billion total assets against NGN14.9 billion recorded in the fiscal year 2015. Its total liabilities for the year reduced to NGN 6.2 billion against NGN8.8 billion recorded in the previous year.

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Nigerian Aviation Handling Company Plc. (nahco aviance) is a Nigerian diversified enterprise with interests in aviation cargo, aircraft handling, passenger facilitation, crew transportation, fueling services and aviation training.

The company currently serves more than 35 airlines at thirteen airports across Nigeria, with plans to expand operations to other African countries. It handles about 75% of domestic, 83% foreign airlines and 80% of cargo airlines operating in Nigeria.

nahco aviance was incorporated on December 6th 1979 as an aviation servicing company but started operations in April 1979 with the commissioning of the Murtala Muhammed International Airport, Lagos. The Federal Government of Nigeria, through Federal Airports Authority of Nigeria (FAAN), initially held 60% equity interest in the company while four foreign airlines – Air France, British Airways, Sabena and Lufthansa – shared the remaining 40% in various ratios