✈️ NAHCO Secures Major Airline Contracts, Strengthening Earnings and Dividend Outlook
Nigerian Aviation Handling Company Plc (NAHCO Aviance) has signed multiple new and renewed airline handling contracts, significantly boosting its earnings visibility and reinforcing its position as West Africa’s leading ground handling company.
These contracts cover total aviation handling services and span both international and regional airlines, providing NAHCO with stable, multi-year revenue streams.
Key Airline Partnerships Driving Growth
NAHCO renewed long-standing contracts with major European and African carriers, including:
• Air France
• KLM
• Virgin Atlantic
• RwandAir
Each of these renewal agreements runs for three years, with the RwandAir contract becoming effective from October 1, 2025.
In addition, NAHCO secured fresh contracts with:
• United Nigeria – Regional operations (five-year contract, effective August 1, 2025)
• Bellagio Air (three-year contract)
• Malaikair (five-year contract)
These longer-dated contracts enhance revenue certainty and reduce earnings volatility.
Experience, Equipment, and Execution
According to Prince Saheed Lasisi, Group Executive Director, Commercial & Business Development, NAHCO’s 46+ years of consistent service excellence continues to set it apart in the aviation handling space. He reaffirmed the company’s commitment to exceeding customer expectations across all service lines.
Group Managing Director Mr. Olumuyiwa Olumekun also highlighted that NAHCO’s new fleet of modern handling equipment will further improve operational efficiency and service quality.
Strong Financial Performance Supports the Outlook
The new contracts come on the back of an already impressive financial performance:
• Revenue grew by 40.7% to ₦47.76 billion in Q3 2025
• Gross profit rose by 37.1% to ₦28.43 billion
• Operating profit increased by 40.8% to ₦18.14 billion
• Profit before tax climbed by 46% to ₦17.94 billion
• Net profit surged by 46.6% to ₦13.46 billion
Earnings per share rose to ₦6.91, up 46.7% year-on-year, pointing to strong operational leverage.
Dividend Strength Remains a Major Highlight
NAHCO increased its dividend payout by 134% for the 2024 financial year, distributing ₦11.58 billion (₦5.94 per share), compared with ₦4.95 billion in 2023. With rising earnings and expanding contracts, there appears to be significant headroom for sustained dividend growth.
Balance Sheet Remains Solid
• Total assets increased to ₦48.64 billion by September 2025
• Shareholders’ funds rose to ₦21.92 billion
This strong balance sheet provides support for future expansion and capital investment.
Big Picture Takeaway
The combination of long-term airline contracts, robust earnings growth, operational efficiency, and strong dividend history places NAHCO in a solid position as it enters traditionally busier aviation months.
For investors watching the aviation and services sector, NAHCO’s fundamentals suggest sustained growth, income stability, and improving shareholder value. ✈️
Nigerian Aviation Handling Company Plc (NAHCO Aviance) has signed multiple new and renewed airline handling contracts, significantly boosting its earnings visibility and reinforcing its position as West Africa’s leading ground handling company.
These contracts cover total aviation handling services and span both international and regional airlines, providing NAHCO with stable, multi-year revenue streams.
Key Airline Partnerships Driving Growth
NAHCO renewed long-standing contracts with major European and African carriers, including:
• Air France
• KLM
• Virgin Atlantic
• RwandAir
Each of these renewal agreements runs for three years, with the RwandAir contract becoming effective from October 1, 2025.
In addition, NAHCO secured fresh contracts with:
• United Nigeria – Regional operations (five-year contract, effective August 1, 2025)
• Bellagio Air (three-year contract)
• Malaikair (five-year contract)
These longer-dated contracts enhance revenue certainty and reduce earnings volatility.
Experience, Equipment, and Execution
According to Prince Saheed Lasisi, Group Executive Director, Commercial & Business Development, NAHCO’s 46+ years of consistent service excellence continues to set it apart in the aviation handling space. He reaffirmed the company’s commitment to exceeding customer expectations across all service lines.
Group Managing Director Mr. Olumuyiwa Olumekun also highlighted that NAHCO’s new fleet of modern handling equipment will further improve operational efficiency and service quality.
Strong Financial Performance Supports the Outlook
The new contracts come on the back of an already impressive financial performance:
• Revenue grew by 40.7% to ₦47.76 billion in Q3 2025
• Gross profit rose by 37.1% to ₦28.43 billion
• Operating profit increased by 40.8% to ₦18.14 billion
• Profit before tax climbed by 46% to ₦17.94 billion
• Net profit surged by 46.6% to ₦13.46 billion
Earnings per share rose to ₦6.91, up 46.7% year-on-year, pointing to strong operational leverage.
Dividend Strength Remains a Major Highlight
NAHCO increased its dividend payout by 134% for the 2024 financial year, distributing ₦11.58 billion (₦5.94 per share), compared with ₦4.95 billion in 2023. With rising earnings and expanding contracts, there appears to be significant headroom for sustained dividend growth.
Balance Sheet Remains Solid
• Total assets increased to ₦48.64 billion by September 2025
• Shareholders’ funds rose to ₦21.92 billion
This strong balance sheet provides support for future expansion and capital investment.
Big Picture Takeaway
The combination of long-term airline contracts, robust earnings growth, operational efficiency, and strong dividend history places NAHCO in a solid position as it enters traditionally busier aviation months.
For investors watching the aviation and services sector, NAHCO’s fundamentals suggest sustained growth, income stability, and improving shareholder value. ✈️