Nigeria Aviation handling company, NAHCO in its financial report for second quarter 2017 reported 88% growth in its net profit to NGN175.2 million compared to NGN92.9 million reported same quarter 2016 .
The aviation company ended the quarter with NGN1.9 billion revenue against NGN1.9 billion posted in the year before while operating costs was NGN1.2 billion versus NGN1.4 billion in 2016.
The company’s balance shows that gross profit increased to NGN666.5 million in the period in review against NGN508.3 million in the year before while operating profit lowered to NGN128.3 million against NGN223.2 million in the fiscal year 2016.
Total assets was NGN12.8 billion in q2 2017 versus NGN12.6 billion in the previous the year while total liabilities was NGN6.3 billion versus NGN6.2 billion in the year before.
Company Information
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.
