LAGOS, Nigeria — Nigerian Aviation Handling Company Plc (NAHCO) reported a 19.2% rise in net profit for the nine months ended September 30, 2026, as revenue growth and lower finance costs lifted earnings. Earnings per share rose by the same proportion.
The interim report and accounts, released on the Nigerian Exchange, show that total revenue rose 16.51% over the period. Operating profit increased 19.5%, and pre-tax profit rose 18.39%. A 19.7% fall in finance costs offset a 39.1% drop in finance income.
In the third quarter alone, total revenue rose to ₦55.64 billion from ₦47.76 billion a year earlier. Gross profit increased 8.5%, from ₦25.97 billion to ₦28.17 billion. Operating profit improved from ₦18.14 billion to ₦21.66 billion. Finance costs fell from ₦1.57 billion to ₦1.26 billion, while finance income fell from ₦1.37 billion to ₦834 million.
Pre-tax profit for the third quarter rose to ₦21.24 billion from ₦17.94 billion. Net profit increased from ₦13.46 billion to ₦16.04 billion, and earnings per share reached ₦7.20, compared with ₦6.04 a year earlier.
Management attributed the growth to improvements across the business. Cargo handling grew by about 31%, which the company linked to higher trade and e-commerce volumes. Revenue from free zone, transhipment, logistics, ticketing and lounge services rose 47.17% to ₦2.91 billion, and equipment rental and maintenance generated ₦4.45 billion.
Gross margin narrowed to 50.63% from 54.38%, which the company linked to the inflationary environment. Operating profit margin improved to 38.9% from 37.98%, and pre-tax profit margin rose to 38.17% from 37.56%. Return on equity rose to 53.72% from 51.77%, and return on total assets increased to 27.26% from 24.42%.
Total assets rose to ₦58.85 billion at September 30, 2026, from ₦55.12 billion at December 2025. Shareholders’ funds increased to ₦29.86 billion from ₦26 billion.
The company’s shareholders approved a combined cash and bonus dividend at the annual general meeting in May 2026. The cash dividend for the 2025 financial year was ₦12.18 billion, up from ₦11.58 billion for 2024, and the dividend per share was ₦6.25, compared with ₦5.94. Shareholders also received one bonus share for every seven shares held, increasing the number of outstanding shares by 14.3%, from 1.949 billion to 2.228 billion. The company said third-quarter dividend cover was 1.15 times, against 0.97 times a year earlier.
Doctor Seinde Fadeni, Chairman of NAHCO, said the results reflected the company’s leadership in aviation services and the resilience of its strategy. Olumuyiwa Olumekun, Group Managing Director, said the performance reflected management’s focus on quality growth, cost control and returns.
