NAHCO gains new contracts and posts improved financials

posted on 14th August 2018 by Justin Burns
NAHCO gains new contracts and posts improved financials

Nigerian Aviation Handling Company (NAHCO) has penned new ground handling contracts with domestic and international carriers and has reported improved financial results for the first half of 2018.

The signings with local airlines includes ground operations for Max Air from Lagos and Kano, and handling of Hajj operations for Medview Airlines (pictured above), one of the largest operators in the country.

Aside handling of International and Hajj operations for Flynas, NAHCO also handles domestic and of recent, regional operations for the nation’s largest operator, Air Peace and Aero World.

NAHCO also began handling in February 2018 for Rwandan international airline, Rwandair, providing ground handling services for the fast growing carrier at Nnamdi Azikiwe International Airport, in Abuja.

In the results announced for the Half year 2018, the group posted a turnover of N4.64 billion ($12.8 million) against the N3.71 billion posted for the same period last year, a 25 per cent increase over the same period in 2017.

Profit after tax for the half year 2018 stands at N418.57 million – a 137 per cent increase over the N176.32 million reported for the same period of last year.

Managing director and chief executive officer (CEO), Idris Yakubu who took over as CEO in November 2017 said that shareholders should look forward to sustained profit performance at year end, on the back of the strong showing of the first half of 2018.

The Company recently concluded its AGM in Abuja where shareholders approved of its plans to acquire new ground support wquipment (GSE). Yakubu told the board and the company’s shareholders of the necessity for the equipment to enable the company better serve its clients.