Dislocations in costs of operation, arising from a most challenging operating environment, has impacted negatively on the fortunes of Nigerian Aviation Handling Company, (NAHCO), the Chairman, Dr. Seinde Oladapo Fadeni, has lamented.
Addressing shareholders, at the 38th Annual General Meeting of the Aviation firm, held in Kano, yesterday, the Chairman, said for the company to remain afloat, it undertook a paradigm shift by adopting a SWOT analysis and evolved a new business strategy, which in the long will reshape the structure of cargo handling.
According to him, ”we are addressing our cost structure and we are realigning our products and interface with customers and other stakeholders.”
The Chairman, said : ”I am happy to report that, as the year ended, 31st December 2018, we have been able to evolve a new Five-year (2019-2023) strategy and transformation plan, which will ensure growth, service improvement, improved profitability, as well as ensure that NAHCO, maintain its leadership in the competitive landscape.”
Despite the difficult operating environment, the chairman said (NAHCO) Group, has, at the year ended December 31st 2018, a total revenue of N9.83 Billion, representing an increase of about N1.9 billion, against 24 per cent of 2017 revenue figures.
He said:” Our Profit Before Tax (PBT) dipped year on year by 16 percent and closed at N503.2 million. Profit after Tax (PAT) dropped significantly from N775.8 million in 2017 to N196.8 million in 2018.
Following the lean profit margin, the company approved a dividend of N406 million, at 25 kobo per ordinary Share of 50 kobo each less withholding tax for the financial year under review.
In an interview, the Group Managing Director/Chief Executive Officer, Olatokunbo Fagbemi, reiterated that :” Our ”New NAHCO”, is built on our core values; Safety, integrity, Innovation, Reliability, Respect and Empathy (SIIRRE) and driving our five-year transformation plan, with a financial goal of four times 2018 revenue in the next five years (2019-2023).”
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Mrs. Fagbemi, said we chose Kano on a purpose because we see the future of Cargo in Kano because the Airport is one of the first Airport in Nigeria as we have entered partnership, with Kano Government, where we will grow agric export, as well as grow imports into Kano, including General business around the Aviation Industry.
She said, presently, the Federal Government is developing Kano Terminal, which are both for cargo and passengers, so, we want to seize that opportunity to boost our cargo handling business, that is why we are in Kano, as such, Kano is a good place and location for us to do business.
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