NAHCO shareholders hail board over 2015 result

Shareholders of the Nigerian Aviation Handling Company Plc, NAHCO Aviance, have commended the board and management of the company for declaring dividend and profit for the 2015 financial year.

Speaking at its 35th Annual General Meeting (AGM) in Abuja yesterday, the shareholders said while most companies were now posting losses, NAHCO Aviance was able to record an impressive turnover and growth in assets.

The company’s turnover increased from N8.1 billion in 2014 to N8.5 billion in 2015, while its Profit Before Tax (PBT) increased from N769.5 million in 2014 to N796.8 million in 2015.

The shareholders also approved dividend payouts of N324.8 million at 20kobo per ordinary share of 50kobo less withholding tax for the financial year ended December 31, 2015.

Speaking at the AGM, national coordinator of the Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, said: “Today we have seen the usefulness of right thinking and focus by the chairman and the board. We are happy with the 20k dividend.”

The chairman of the Shareholders’ Trustees Association of Nigeria, Otunba Mukhtar Mukhtar, said despite the difficulty being experienced by many companies in Nigeria and with over 40,000 flight cancellations, it is commendable that the chairman of NAHCO, Suleiman Yahyah, and the board succeeded in growing the company’s earnings.

Other shareholders who spoke glowingly about the board and the management include, Sir Shola Abodunrin from Ibadan and Mr. Taiwo Aderinde among other shareholder association representatives.

The chairman of NAHCO Aviance, Malam Suleiman Yahyah, said the company had strategized to make sure that it emerged as one of the winning companies as Nigeria’s economy enters into recession.

The shareholders also approved the appointment of Mrs Folashade Ode as a director and Company Secretary.