NAHCO main­tains steady growth

Daily Trust - - BUSINESS - Sto­ries from Sun­day Michael Ogwu, La­gos

The Nige­rian Avi­a­tion Han­dling Com­pany Plc (NAHCO) has recorded a 5 per­cent turnover in its 2015 fi­nan­cial year.

The com­pany’s 2015 an­nual re­port showed im­prove­ment, de­spite the dif­fi­cult busi­ness ter­rain and con­trac­tion in the econ­omy. From 6.5 per cent in 2014 to around 2.5 per cent in 2015, NAHCO was able to main­tain a con­sis­tent growth in its turnover earn­ings and div­i­dends.

The com­pany achieved a mar­ginal im­prove­ment in its per­for­mance from N8.1bn in 2014 to N8.5bn in 2015, the com­pany’s chair­man, Suleiman Yahyah, said in the An­nual Re­port that to be pre­sented to Share­hold­ers on Tues­day.

De­spite the global eco­nomic chal­lenges, the com­pany, ac­cord­ing to the Re­port, grew its Profit Be­fore Tax (PBT) from N769.5m in 2014 to N796.8m in 2015.

The board of the com­pany has low­ered the cost of do­ing busi­ness and shifted its fund­ing struc­ture from debt to eq­uity. It ap­proved the re­pay­ment of the N2bn Se­ries 1 Bond from its Bond Cash Re­serve Ac­count which would be due by the third quar­ter of 2016.

“Th­ese two steps will free up cash for fu­ture dis­tri­bu­tion to share­hold­ers as en­hanced div­i­dend and in­crease our cash buf­fer,” the chair­man said in his state­ment to be pre­sented to share­hold­ers.

Mean­while, the board has rec­om­mended to the share­hold­ers a div­i­dend of N324.8m at 20 kobo per or­di­nary share of 50 kobo less with­hold­ing tax for the fi­nan­cial year end De­cem­ber 31, 2015.

Mean­while, the com­pany has ap­pointed Mr Bamidele Ade­laja as the Chief Fi­nan­cial Of­fi­cer (CFO).

Chair­man, Nahco aviance, Suleiman Yahyah

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