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Tag: Nahco

  • NAHCO inks deal with domestic, international carriers

    Nigerian Aviation Handling Company (NAHCO) Aviance Plc has signed series of new contracts with some domestic and international carriers.

    Manager, Communication and Corporate Services, Tayo Ajakaye who disclosed this at the weekend, said the new signings by the ground handling company covers services to Max Air, Medview Airlines, FlyNas Airlines, Air Peace, Aero World and Rwand Air.

    According to him, the service to Max Air by NAHCO Aviance covers ground operations for smooth domestic flights from Lagos and Kano.

    NAHCO Aviance, he said, is providing handling of Hajj operations to Medview Airlines.

    Besides the signing of new business contracts, the ground handling company also released results for half year, posting a turnover of N4.64 billion against the N3.71 billion  posted same period last year.

    The results showed a 25 percent increase over the same period in 2017.

    According to Ajakaye, Profit before tax stood at N500.97 million as against N203.08 million as at half year 2017, a 147 percent increase over last year.

    Speaking on the strides by the company, the Managing Director/Chief Executive, Idris Yakubu, said it is a result of growing faith in the new management that has superintended its affairs.

    Yakubu further stated shareholders should look forward to sustained profit performance at year end on the back of the strong showing of the first half of 2018.

     

  • NAHCO records N4.6bn half year turnover

    The Nigerian Aviation Handling Company (NAHCO) Plc has recorded N4.64 billion as its 2018 half year turnover.

    The General Manager, Communications and Corporate Services of NAHCO, Mr. Tayo Ajakaye, stated this on Saturday in Lagos.

    He said this was against the N3.71 billion recorded in the same period last year, adding that it showed an improved financial performance by the agency.

    He said NAHCO’s 2018 half year results showed a 125.07 per cent increase.

    Ajakaye said the profit before tax (PBT) stood at N500.97 million compared to N203.08 million recorded last year.

    The Managing Director of NAHCO, Mr Idris Yakubu, said the achievement was due to the growing faith in the new management of the company.

    He said: “We are pleased with the progress made by your company (NAHCO) in sustaining earnings, profit and operating performance in our business during the year.

    “We are pleased with the patronage of our valued clients; the airlines, the agents, as well as the contributions of dedicated staff to this very positive result.

    “Management is committed to staff welfare and will continue the negotiation on the staff condition of service and conclude before the current booklet expires in September 2018.”

    NAN

     

     

  • NAHCO assures higher return on business diversification drive

    Nigerian Aviation Handling Company (Nahco) Plc would take advantage of Nigerian economic diversification and government policies to boost its business diversification and increase returns to shareholders.

    Addressing shareholders at the annual general meeting in Abuja, Chairman, Nigerian Aviation Handling Company (Nahco) Plc, Arc. Usman Bello said the company would take advantage of expected higher agricultural yield to boost its cargo export division.

    He assured shareholders that the company’s business diversification ventures were on track noting that NAHCO Free Trade Zone has moved to the second phase of its development.

    He noted that despite the tough operating environment, the company has been able to improve on its profitability, which enables it to increase dividend to shareholders.

    He pointed out that the company started the current business year on a strong footing citing the first quarter 2018 results which showed improvements in key indicators.

    Managing Director, Nigerian Aviation Handling Company (Nahco) Plc, Mr. Idris Yakubu, who was appointed in 2017, said the company remained strong and more focused in 2018.

    According to him, besides new acquisitions and the facility upgrade undertaken in the export warehouse to facilitate export of perishables and other goods, there has been huge improvement in the services of the company across the country to the delight of the airlines.

    He assured shareholders that the company’s subsidiaries should begin to contribute significantly to the company’s performance in 2018 and beyond.

    Yakubu added that the launching of the Nigeria Air will provide an opportunity to increase the revenue of Nahco, noting that the group’s diversification and pan-Africanisation plans would be revisited later in the year.

    The meeting confirmed the appointment of Engr Mohammed Umar and Mr Akinwunmi Fanimokun as non-executive directors of the company.  The two new non-executive directors represent the interest of, Godsmart Nigeria Limited, which recently purchased 16.7 per cent equity stake in the company through acquisition of shares from some divesting shareholders through the NSE. With 16.7 per cent equity stake, Godsmart Nigeria Limited is the single largest shareholder in the ground handling company.

    Shareholders who spoke at the meeting commended the increase in dividend payout noting that Nahco has shown resilience despite macroeconomic challenges.

    Representative of the Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude noted that within a short period, the chairman and the new managing director have been able to stabilise the company and place it on the diversification trajectory.

    President, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, urged the board and management of the company to renew the company’s diversification drive as well as strengthening its subsidiaries to further boost performance.

    President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar commended the new managing director for his efforts on the free trade zone diversification.

    Shareholders at the meeting approved 13.6 per cent increase in dividend payout to N406 million, representing a dividend per share of 25 kobo for the 2017 business year as against 22 kobo paid for the previous year.

    Key extracts of the audited report and accounts of Nahco for the year ended December 31, 2017 showed that the company improved its margins, despite a lull in the top-line. Turnover stood at N7.926 billion in 2017 compared with N7.956 billion in 2016. Finance cost reduced from N545 million in 2016 to N213 million in 2017. Profit after tax increased by 33.6 per cent to N776 million in 2017 as against N581 million in 2016. Earnings per share improved from 36 kobo to 48 kobo.

  • Nahco confirms new major investors own 16.7% stake

    The board of directors of Nigerian Aviation Handling Company (Nahco) Plc yesterday confirmed that a new major investor has acquired 16.7 per cent equity stake in the ground handling company, confirming an exclusive report by The Nation.

    In a regulatory filing at the Nigerian Stock Exchange (NSE), the board of Nahco stated that Godsmart Nigeria Limited had recently purchased 16.7 per cent equity stake in the company through acquisition of shares from some divesting shareholders through the NSE.

    With 16.7 per cent equity stake, Godsmart Nigeria Limited is the single largest shareholder in the ground handling company. Consequent upon the consummation of the transaction, the directors representing the divesting shareholders-Mr Femi Olubanwo and Mr Christopher Oshiafi have tendered their resignation from the board while the new investor has nominated Engr Mohammed Umar and Mr Akinwumi Fanimokun for appointment as non-executive directors.

    The board of directors will hold an emergency meeting today, July 19, 2018, to consider the resignations and appointments.

    “The board wishes to assure the shareholders that the share transfer and related board changes will not adversely affect the company. The board and management will continue improving on the growth and profitability of the company,” the board stated.

    The Nation had reported that three deals were struck penultimate weekend to complete major transfers that started with a cross deal earlier on Thursday, bringing total transactions through the negotiated window of the NSE to 271.848 million shares valued at N1.787 billion in four deals.

    All the deals were cross deals and were consummated through the negotiated window of the Exchange. Penultimate weekend, a total of 119.92 million shares valued at N875.42 million were swapped at N7.30 per share. Also, a total of 5.62 million shares valued at N33.73 million were also crossed at N6 while another 22.69 million shares worth N136.134 million were exchanged in a deal at N6 per share. A deal had been struck for 123.64 million shares valued at N741.83 million at N6 per share earlier on Thursday.

    As off-market, negotiated cross deals, it means that the deals were not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the NSE.

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

     

  • New major investors acquire 16.75% stake in Nahco

    Investors have concluded transfer of about 16.75 per cent equity stakes in Nigerian Aviation Handling Company (Nahco) Plc, raising  possibility of changes in the shareholding structure of the ground handling company.

    Three deals were struck to complete major transfers that started with a cross deal on Thursday, bringing total transactions through the negotiated window of the Nigerian Stock Exchange (NSE) to 271.848 million shares valued at N1.787 billion in four deals.

    All the deals were cross deals and were consummated through the negotiated window of the Exchange. On Friday, a total of 119.92 million shares valued at N875.42 million were swapped at N7.30 per share. Also, a total of 5.62 million shares valued at N33.73 million were also crossed at N6 while another 22.69 million shares worth N136.134 million were exchanged in a deal at N6 per share.

    A deal had been struck for 123.64 million shares valued at N741.83 million at N6 per share on Thursday.

    As off-market, negotiated cross deals, it means that the deals were not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the NSE.

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

    Interim report and accounts of Nahco for the first quarter ended March 31, 2018 had indicated that the company started the 2018 business year on a strong footing. Turnover rose to N2.188 billion in first quarter 2018 as against N1.786 billion in the corresponding period of 2017. Finance income improved from N30.916 million to N64.495 million while the company was able to reduce finance cost to N44.536 million as against N55.715 million in first quarter 2017. With these, profit before tax jumped to N117.405 million in first quarter 2018 compared with N1.026 million in first quarter 2017 while profit after tax leapt from N1.026 million in first quarter 2017 to N97.566 million in first quarter 2018.

    Key extracts of the audited report and accounts of Nahco for the year ended December 31, 2017 had shown improved margins, despite a lull in the top-line. Turnover stood at N7.926 billion in 2017 compared with N7.956 billion in 2016. Finance cost reduced from N545 million in 2016 to N213 million in 2017. Profit after tax increased by 33.6 per cent to N776 million in 2017 as against N581 million in 2016. Earnings per share improved from 36 kobo to 48 kobo.

    The first quarter of the year results were the first full-quarter results produced by Mr Idris Yakubu, who took over as the Managing Director of the company last November.

    The company had its dividend payout by 13.6 per cent to N406 million. Shareholders received a dividend per share of 25 kobo for the 2017 business year as against 22 kobo paid for the previous year.

     

     

  • Nestle, Unilever, Nigerian Breweries dominate bears on NSE

    Activities on the Nigerian Stock Exchange (NSE) for the third consecutive day on Wednesday closed on a negative trend, with Nestle leading the laggards’ table.

    Nestle, one of the highly capitalised equity, topped the losers’ chart with a loss of N10 per share to close at N1,500 per share.

    Unilever trailed with a loss of N3.75 to close at N51.25, while Nigerian Breweries lost N2.90 to close at N111 per share.

    Forte Oil was down by N2.90 to close at N26.10, while Conoil dropped by N2.50 to close at N27.50 per share.

    Consequently, the All-Share Index which opened at 37,499.07 shed 106.05 points or 0.28 per cent to close at 37,605.12.

    Also, the market capitalisation lost N38 billion or 0.28 per cent to close at N13.584 trillion compared to N13.622 trillion recorded on Tuesday.

    On the other hand, Eterna Oil led the gainers’ table for the day, increasing by 50k to close at N7 per share.

    Guaranty Trust Bank followed with a gain of 40k to close at N40, while Zenith International Bank added 30k to close at N24.30 per share.

    Read Also: NSE indicators rebound by 0.17%

    FCMB Group advanced by 20k to close at N2.28, while Dangote Cement Industries also grew by 20k to close at N223 per share.

    However, the volume of shares traded rose by 96.49 per cent, while the value increased by 18.11 per cent.

    Specifically, investors bought and sold 505.74 million shares valued at N3.13 billion exchanged in 3,354 deals, as against 257.39 million shares worth N2.65 billion in 3,932 deals on Tuesday,

    Multiverse was the most active stock for the day, trading 200.04 million shares worth N40.01 million.

    NAHCO followed with an account of 125.09 million shares valued at N747.33 million, while Guaranty Trust Bank traded 28.42 million shares worth N1.13 billion.

    Access Bank sold 18.91 million shares worth N195.44 million, while FCMB Group exchanged 13.91 million shares valued at N30.83 million.

    NAN

  • Nahco increases dividend payout to N406m

    The Nigerian Aviation Handling Company Plc (Nahco) Board of Directors has increased dividend payout to shareholders by 13.6 per cent to N406 million. Shareholders of the aviation handling company will receive a dividend per share of 25 kobo for the 2017 business year as against 22 kobo paid the previous year.

    Key extracts of Nahco‘s audited report and accounts for the year ended December 31, 2017 showed that the company improved its margins, despite a lull in the top-line. Turnover stood at N7.926 billion in 2017 compared to N7.956 billion in 2016. Finance cost reduced from N545 million in 2016 to N213 million in 2017. Profit after tax increased by 33.6 per cent to N776 million in 2017 as against N581 million in 2016. Earnings per share improved from 36 kobo to 48 kobo.

    Also, the interim report and accounts of the company for the first quarter ended March 31, 2018 indicated that the company started the 2018 business year on a strong footing. Turnover rose to N2.188 billion in first quarter 2018 as against N1.786 billion in the corresponding period of 2017. Finance income improved from N30.916 million to N64.495 million while the company was able to reduce finance cost to N44.536 million as against N55.715 million in first quarter 2017. With these, profit before tax jumped to N117.405 million in first quarter 2018 compared with N1.026 million in first quarter 2017 while profit after tax leapt from N1.026 million in first quarter 2017 to N97.566 million in first quarter 2018.

    The first quarter 2018 results are the first set of results produced by Mr Idris Yakubu, who took over as the company’s Managing Director  in November 2017.

    Market analysts said with the first quarter 2018 performance,  Yakubu, a former banker, who  has an extensive experience in delivering agreed strategic business imperatives, is bringing his experience to bear on the company to the delight of all stakeholders.

  • Nahco gets award

    Nigerian Aviation Handling Company Plc (Nahco Aviance) has clinched the Airport Ground Handling Special Achievement Award at the 2017 Nigeria Aviation (NIGAV) Awards.

    Nahco Aviance emerged the winner from 44 categories.

    The awards, one of the nation’s most prestigious in the air transport sector, is organised yearly by FCI International Limited.

    NAHC Managing Director/Chief Executive Officer, Idris Yakubu, said it was heart-warming to see efforts put in place by the company being appreciated.

    He thanked the organisers for the award, adding that it would only inspire the company to greater heights.

    On the choice of Nahco Aviance, FCI Chairman, Mr. Fortune Idu, said it has consistently demonstrated excellence in the industry.

    According to him, the company’s choice had never been disputed since its culture of excellence sets it apart from other operators.

    Nahco aviance has won several NIGAV awards. These include  Ground Handling Operator in 2009, Best Passenger Facilitation Company  in 2010 and Handling Company of the Year award for 2012 and 2013. This latest award made it the company’s fifth NIGAV award from inception.

    Recently, nahco aviance won the African Corporate Leadership Excellence Prize organised by the African Institute for Leadership Excellence.

  • NAHCO lauds board on corporate governance rating

    NAHCO lauds board on corporate governance rating

    The Managing Director of Nigerian Aviation Handling Company ( NAHCO) Plc Mr Idris Yakubu has commended seven current and past members of its board who were certified by the Corporate Governance Rating System (CGRS).

    Describing their certification as highly remarkable, Yakubu said it has confirmed the high corporate governance principles on which the operations of the ground handling firm is based.

    The CGRS, a joint initiative between the Nigerian Stock Exchange (NSE) and the Convention on Business Integrity (CBi) was developed to rate the corporate governance and integrity practices of all companies listed on the Nigerian Stock Exchange.

    NAHCO’s current and former Directors who were awarded certificates on the night were the Chairman, Arc.Usman Arabi  Bello; Directors Tijjani Ahmed Uwais   and Ms. Hadiza Aliko – Mohammed. Others were former Managing Director and Chief Executive Officer,  KayodeOluwasegun – Ojo; and Directors, Gordon Gofwan, Ike Nwachukwu and Alhaji  Faru k Umar.

    Mr. Yakubu, who assumed leadership of NAHCO in November 2017,  commended the solid corporate governance principles embedded  in the Company said the certification only confirmed what was already well known.

    According to him, “This did not come to us as a surprise. NAHCO is one of the few publicly listed companies in the aviation sector whose processes, procedures, and practices remain a benchmark for the entire industry.”

  • Nahco directors get recognition

    Seven directors of Nigerian Aviation Handling Company (Nahco) Plc, including their former counterparts, have been adjudged to meet the corporate governance standards set by the Corporate Governance Rating System (CGRS).

    The CGRS is an initiative between the Nigerian Stock Exchange (NSE) and the Convention on Business Integrity (CBi). It was designed to rate quoted companies and their directors on corporate governance practices.

    Nahco’s directors, who were awarded the CGRS certificates included the company’s Chairman, Usman Arabi Bello and two other directors – Tijjani Ahmed Uwais and Ms. Hadiza Aliko-Mohammed.

    The former directors included former Managing Director, Kayode Oluwasegun-Ojo; Gordon Gofwan, Ike Nwachukwu and Alhaji Faruk Umar.

    Nahco Plc Managing Director, Mr. Idris Yakubu, said the certification confirmed the high corporate governance principles on which the operations of the company are based.

    Yakubu, who assumed leadership of Nahco in November 2013, praised the corporate governance principles embedded in the company.

    “This did not come to us as a surprise. Nahco is one of the few publicly listed companies in the aviation sector whose processes, procedures, and practices remain a benchmark for the entire industry,” Yakubu said.

    He noted that the company’s board provides strategic leadership that inspires investors’ confidence in the company and ensures it continues to deliver superior value to all its stakeholders.

    He assured that the company would use the CGRS certification as a stepping to stone to achieve greater things.

    To be certified, the CGRS rates quoted companies through three processes, including independent verification; self-assessment by the company; certification of director awareness of their fiduciary duties; and a corporate integrity assessment where perceptions of actual company behaviour are sought from internal and external stakeholders.  A score of 70 percent and above for both the company and individual directors is required for certification.