NAHCO doles out N11.58 billion dividend to shareholders

…As Company’s total revenue rose by 88.5%

African giant ground handling firm, NAHCO on Wednesday disclosed that its shareholders will receive a whooping N11.58 billion as cash dividends for the company’s 2024 business year.

The announcement is coming ahead of the 44th Annual General Meeting of NAHCO slated for tomorrow Friday, just as its shareholders commended its unprecedented performance.

The accolades followed the declaration of the Financial Year 2024 audited results as profit before tax soared by 115.4 per cent to N18.70 billion in 2024 as against N8.68 billion in 2023.

Total revenue rose by 88.5 per cent from N28.40 billion in 2023 to N53.54 billion in 2024. With increased top-line efficiency, gross profit increased by 120.53 per cent to N33.08 billion in 2024 as against N15 billion in 2023.

The document showed that the company operating profit also jumped by 123.93 per cent from N8.86 billion to N19.84 billion, underscoring the fact that the group’s performance was driven mainly by core business operations.

The Dr Seinde Fadeni-led board of directors affirmed that it recommended distribution of N11.58 billion as cash dividends to shareholders for the 2024 business year based on the result, more than double of N4.95 billion distributed for the 2023 business year.

The Q1, 2025 Unaudited results of the Company submitted to the Nigerian Exchange (NGX), has also revealed that the Company is set to outperform the Q1, 2024 results with Q1, 2025 as revenue more than doubled the 2024 figure for the same period.

A statement by the Company pointed out that contracts renewal with clients has been concluded at the rate of 95 percent while new clients have been onboarded.

NAHCO is also taking delivery of new Ground Support Equipment just arriving the Lagos Seaport which will further help service delivery.

It said the series of developments have earned the commendation of shareholders, regulators and other stakeholders.

Speaking, National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, commended the board and management of NAHCO for running the company in a way that delivers increasing values for the shareholders.

“NAHCO has done fantastically well, it has outperformed investors’ expectations. The present board and management are running the business very well,” Igbrude said.

He urged the company to continue its commendable growth trajectory, by continuing to explore other emerging opportunities.

Also, President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar said NAHCO has shown “very impressive” performance, citing the company’s results for full-year 2024 and first quarter 2025.

According to him, in 2024, the Company had a robust financial performance which was unprecedented.

He noted that the dividend of N5.94 per share declared by the board of directors is highly commendable.

“Looking at the 2025 first quarter result that witnessed a tremendous increase, we believe this year will be very impressive for shareholders.

NAHCO GMD/CEO Olumuyiwa Olumekun

“We commend the board chairman for his effective leadership, as well as the management and staff of the company for their dedication and commitment to the progress of the company,” Umar said.

Mr. Taiwo Oderinde, Chairman, Proactive Shareholders Association, speaking on the exemplary performance of the Company said that the profit has been awesome.

According to Oderinde, “Since the new investor came on board, the Company has been on the upward swing. The performance has been excellent.” He urged the Board and Management of the Company not to rest on their oars even as he made a case for regular in-person AGM in the near future.

In her own comments, the Chairman, Ark of God Shareholders Association, Mrs. Efunyemi Olatunde Obideyi said NAHCO has surprised all shareholders by its performance. Mrs. Obideyi said the jump in the share price from N4 per share to N85.00 was unimaginable. Declaring that any shareholder who knew it would be like this would have bought more shares, she said, “NAHCO keep surprising all of us with their performance.”