The Nigerian Aviation Handling Company (NAHCO) Plc has unveiled an ambitious plan to achieve total group revenue of N300 billion within the next five years.
The projection was announced by the Group Executive Director, International Business & Corporate Services, Dr Sola Obabori, during the company’s ‘Bell Ringing and Facts Behind the Figures’ event held yesterday in Lagos.
Outlining the company’s roadmap, Dr Obabori said, “We are embarking on a five-year transformation journey to build a new NAHCO, centered on four key pillars, including to accelerate growth in business, differentiate with operational excellence, lead with digital, and deliver a transformed people and culture.”
He emphasised the company’s determination to achieve specific performance goals by 2029 while expanding its service offerings. The detailed revenue projection includes N38.49 billion in 2024, N71.12 billion in 2025, N101.93 billion in 2026, N146.07 billion in 2027, N209.34 billion in 2028, and ultimately N300 billion in 2029.
Dr Obabori further explained how the group’s subsidiaries would contribute to the ambitious target, saying, “Ground Handling will contribute N120 billion, Cargo Handling N40 billion, while NAHCO Logistics Services will contribute N36 billion. Other subsidiaries, including NAHCO Free Zone, NAHCO Commodities, NAHCO Travel & Hospitality, and Aviation Academy, will contribute N15 billion, N80 billion, N7 billion, and N2 billion, respectively.”
According to him, this growth trajectory necessitates a focus on operational efficiency and performance improvement. He pointed out that the African aviation industry has shown remarkable resilience in recovering from the COVID-19 pandemic, with steady growth in recent years.
“The Nigerian market has exhibited resilience and growth even amidst a challenging economic landscape. NAHCO has consistently demonstrated its ability to capitalize on expanding markets through innovation and adaptation,” Obabori added.
In his remarks, NAHCO Chairman, Seinde Fadeni, underscored the company’s commitment to delivering value to shareholders.
“As a company that has consistently paid high dividends over the years, NAHCO will continue to seek higher dividends for its shareholders. To do that, the company has to increase profitability. To increase profitability, we are making huge investments in manpower and equipment,” he said.
Fadeni noted the company has been taking delivery of new Ground Support Equipment (GSE) to enhance service delivery and plans to replace ageing equipment in its fleet by 2025.
“NAHCO will continually create and take advantage of opportunities to increase shareholders’ value,” he added.
CEO of Nigerian Exchange (NGX), Jude Chiemeka, lauded NAHCO’s growth strategy and transparency. He said the company has leveraged the NGX platform to share its financial performance, operational developments, and strategic initiatives. He added that by providing timely and accurate information, the company has enhanced trust among NGX members.
Highlighting NAHCO’s pivotal role in Nigeria’s aviation industry, Chiemeka said: “The company is a leading provider of ground handling services in Nigeria, catering to both domestic and international airlines. Established in 1979 as a government-owned entity, NAHCO has since been privatised and listed on the Nigerian Exchange. Today, it operates in the services sector with a broad shareholder base and plays a crucial role in the industry.”
The NGX CEO further revealed NAHCO contributed N3.1 billion in taxes in 2023, demonstrating its significant role in bolstering government revenue and supporting Nigeria’s economic growth.
