NAHCO maintains steady growth
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).