Get Guardian on GoogleThe Nigerian Aviation Handling Company (NAHCO) Plc‘s interim report and accounts for the nine months ended September 30, 2026, released on the Nigerian Exchange (NGX), showed that the company’s total revenue rose by 16.5 per cent to N55.64 billion, against N47.78 billion recorded in the corresponding period of 2025.
The firm’s higher operating margin expanded its operating profit by 19.5 per cent. A 19.7 per cent decline in finance costs moderated a 39.1 per cent drop in finance income, leaving pre-tax profit higher by 18.39 per cent. After taxes, net profit rose by 19.2 per cent. Earnings per share consequently increased by 19.2 per cent.
The company’s gross profit increased by 8.5 per cent, from N25.9 billion to N28.2 billion, while operating profit improved from N18.14 billion to N21.66 billion. Its finance costs declined from N1.57 billion to N1.26 billion. However, finance income also dropped substantially, from N1.37 billion to N834 million.
With more efficient cost management, profit before tax rose to N21.2 billion in the third quarter of 2026, up from N17.94 billion in the comparable period of 2025. After taxes, net profit increased from N13.46 billion to N16.04 billion. As a result, earnings per share stood at N7.20 in the third quarter of 2026, up from N6.04 in the third quarter of 2025.
The strong third-quarter performance puts NAHCO on a firm trajectory to sustain its much-applauded consecutive dividend increases over the past five years. Despite the increase in outstanding shares following a bonus issue for the 2025 business year, the third-quarter 2026 dividend cover stands at 1.15 times, up from 0.97 times in the same period of 2025, providing enough headroom for the company to consider higher dividend payouts.
At its annual general meeting in May 2026, NAHCO shareholders approved a combination of cash dividends and bonus shares. The company increased its cash dividend to N12.18 billion for the 2025 business year, up from N11.58 billion for the 2024 business year. Shareholders received a dividend of N6.25 per share for the 2025 business year, compared with N5.94 paid for the previous year.
Shareholders also received one ordinary share of 50 kobo each as a bonus for every seven ordinary shares held, automatically increasing each shareholder’s shareholding by 14.3 per cent. The company’s outstanding paid-up shares thus increased from 1.949 billion ordinary shares of 50 kobo each to 2.228 billion ordinary shares of 50 kobo each.
The group’s balance sheet also strengthened, underscoring the strong operational foundation driving its activities. Its total assets rose from N55.12 billion in December 2025 to N58.85 billion in September 2026. Following the bonus issue, paid-up share capital increased from N974.53 million to N1.114 billion. Shareholders’ funds rose from N26 billion to N29.86 billion.
The company’s chairman, Dr Seinde Fadeni, said the third-quarter 2026 performance demonstrated the group’s leadership in the aviation services industry and the resilience of its business strategy.
According to him, NAHCO has continued to invest in human, technical and infrastructural capabilities that have sustained its position as the largest and most preferred aviation handling and logistics group in West Africa.
