Nigerian Aviation Company Invests N2bn On Ground Handling Equipment

The Nigerian Aviation Handling Company (NAHCO) Plc disclosed yesterday that it has spent N2bn to acquire ground handling equipment in the first phase of its investment plans.

The company also said that it had commenced the second phase of the exercise which according to it would entail the acquisition of more equipment to improve its operations and services to its clients.

The Group Managing Director of NAHCO, Mrs. Olatokunbo Fagbemi, told journalists that the first phase ended in July 2019 with the acquisition of equipment such as high loaders, bulk loaders, bowsers, Auxiliary Power Unit (APU), forklift, among others.

In the phase two of the exercise, Fagbemi stated that more ground handling equipment would be acquired, adding that some of the equipment would start arriving in the next two weeks.

She said: “The phase two of the exercise has commenced and we are expecting more in this phase. In fact, they will start to arrive in the next two weeks. Most of our equipment are to support aircraft handling. Those are the equipment we have bought in recent times.” Meanwhile, NAHCO posted a gross revenue of N7.38Billion for the nine – month period which ended September 30, 2019. The Company subsequently posted a Profit Before Tax of 973.1 million for the Q3 ended September 30, 2019.

The figure is 241.3million higher than the amount for the same period last year for Nigeria’s foremost ground handling company. This represents 32.96 percent increase over the same period last year.

Profit After Tax which stood at N782 million for the nine-month period compared favourably with the N601.31 Million recorded for the same period in 2018. This translates to a positive 30 percent increase. Earnings per share stood at 48kobo as at the end of the third quarter of 2019 compared to 37kobo as earnings per share as at the end of the third quarter of 2018.