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Revenue increased by 16.5 percent to N55.64bn in the nine months ended September 2026, from N47.76bn a year earlier.
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Profit after tax rose to N16.04bn, while earnings per share increased by 19.2 percent to N7.20.
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Cargo handling revenue grew by about 31 percent, while logistics and other ancillary services recorded a 47.2 percent increase.
November 09, (THEWILL) – The Nigerian Aviation Handling Company Plc (NAHCO) reported a 19.2 percent increase in net profit to N16.04bn for the nine months ended September 30, 2026, supported by higher revenue from its cargo handling and ancillary services businesses.
The company’s interim financial statements filed with the Nigerian Exchange showed revenue rose 16.51 percent to N55.64bn, up from N47.76bn in the corresponding period of 2025.
Operating profit rose 19.5 percent to N21.66bn from N18.14bn, while gross profit increased 8.5 percent to N28.17bn from N25.97bn in the previous year.
The growth in operating profit came despite a decline in gross margin, which fell to 50.63 percent from 54.38 percent, indicating that the cost of generating revenue increased faster than sales.
However, lower finance costs helped support the bottom line. Finance costs declined by 19.7 percent to N1.26bn, partly offsetting a 39.1 percent drop in finance income to N834m.
Consequently, profit before tax increased by 18.39 percent to N21.24bn from N17.94bn, while profit after tax rose to N16.04bn from N13.46bn.
Earnings per share also increased by 19.2 percent to N7.20 from N6.04, despite the increase in the company’s outstanding shares following a bonus issue during the period.
Cargo handling and ancillary services drive revenue
The Group Managing Director of NAHCO, Olumuyiwa Olumekun, attributed the revenue growth to improvements across the company’s core operations, cargo handling and ancillary services, alongside cost management.
Cargo handling revenue grew by approximately 31 percent, which the company attributed to rising trade and e-commerce volumes.
Revenue from free zone, trans-shipment, logistics, ticketing and lounge services increased by 47.17 percent to N2.91bn, while equipment rental and maintenance generated N4.45bn.
The growth in these segments highlights the contribution of services beyond the company’s traditional ground-handling operations to its overall revenue.
Olumekun said the performance reflected the quality of the company’s services and facilities, adding that management remained focused on sustaining growth and delivering returns to shareholders.
The company’s chairman, Seinde Fadeni, said NAHCO had continued to invest in its human, technical and infrastructural capabilities to support its operations.
He added that the group would pursue opportunities in sustainability and business diversification as it sought to strengthen its position in the aviation industry.
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Assets expand as shareholders’ funds rise
NAHCO’s total assets increased to N58.85bn at the end of September 2026 from N55.12bn in December 2025, while shareholders’ funds rose to N29.86bn.
Paid-up share capital stood at N1.114bn following the company’s one-for-seven bonus issue approved by shareholders at its annual general meeting in May 2026.
The bonus issue increased outstanding shares from 1.949 billion to 2.228 billion units.
At the meeting, shareholders also approved a total cash dividend of N12.18bn, equivalent to N6.25 per share, for the 2025 financial year.
Despite the decline in gross margin, the company’s operating profit margin improved to 38.9 percent, while its profit-before-tax margin increased to 38.17 percent.
Return on equity rose to 53.72 percent from 51.77 percent, while return on total assets improved to 27.26 percent from 24.42 percent.
The nine-month results show that NAHCO maintained profit growth through higher operating revenue and lower financing costs, although the contraction in gross margin points to continued pressure on the cost of delivering its services.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
