Nigerian Aviation Handling Company Posts N16B Nine-Month Profit

An aircraft being handled by ground staff at an airport, with NAHCO branding visible.

AFRICAN STOCKS AND FINANCENovember 10, 2026 at 1:57 PM UTC

TLDR

Nigerian Aviation Handling Company Plc reported a N16.04 billion net profit for the nine months ended September 30, 2026.
Total revenue increased by 16.51% to N55.64 billion, driven by growth in cargo handling and ancillary services.
The strong performance positions NAHCO to continue its trend of increasing dividends for shareholders.

Nigerian Aviation Handling Company Plc (NAHCO) reported robust financial results for the nine-month period ended September 30, 2026. Its interim report, released at the Nigerian Exchange, showed sustained double-digit growth across key performance indices. This highlights continuous brand preference and operational efficiency for West Africa’s leading aviation handling and logistics group.

Total revenue for NAHCO rose 16.51% to N55.64 billion, up from N47.76 billion recorded in 2025. Higher operating margins helped expand operating profit by 19.5%, increasing it from N18.14 billion to N21.66 billion. Gross profit also improved by 8.5%, growing from N25.97 billion to N28.17 billion, driven by broad-based improvements across core operations and ancillary services.

A 19.7% decline in finance costs helped moderate a 39.1% drop in finance income, leading to profit before tax climbing 18.39% to N21.24 billion from N17.94 billion. Net profit after tax expanded 19.2% to N16.04 billion from N13.46 billion, pushing earnings per share up by 19.2% to N7.20 from N6.04. The balance sheet strengthened, with total assets rising from N55.12 billion in December 2025 to N58.85 billion by September 2026, and shareholders’ funds increasing to N29.86 billion.

This robust performance places NAHCO on a firm path to maintain its consecutive dividend increases over the past five years. The third quarter 2026 dividend cover stood at 1.15 times, up from 0.97 times, offering significant headroom for higher payouts despite an increase in outstanding shares. Chairman Dr. Seinde Fadeni stated the results demonstrate the group’s leadership and the resilience of its business strategy, noting continuous investment in capabilities.

Shareholders approved a total cash dividend of N12.18 billion, or N6.25 per share, alongside a one-for-seven bonus issue at their Annual General Meeting in May 2026. This bonus issue elevated total outstanding paid-up shares from 1.949 billion to 2.228 billion units. Group Managing Director Mr. Olumuyiwa Olumekun attributed the revenue growth to broad-based improvements, including a 31% increase in cargo handling revenue and a 47.17% surge in ancillary services to N2.91 billion.

Key Takeaways

NAHCO's robust nine-month performance for 2026 solidifies its position as West Africa's leading aviation handling and logistics group, demonstrating the resilience of its business strategy and continuous brand preference. Chairman Dr. Seinde Fadeni highlighted the group's leadership, underpinned by ongoing investments in human, technical, and infrastructural capabilities, ensuring its sustained competitive edge. This strategic focus is reflected in broad-based revenue growth, with cargo handling revenue increasing by approximately 31% due to rising trade and e-commerce volumes, and ancillary services surging 47.17% to N2.91 billion. Group Managing Director Mr. Olumuyiwa Olumekun attributed these gains to disciplined cost management alongside operational improvements, which helped improve operating profit margin to 38.9% and pre-tax profit margin to 38.17%. For investors, the strong financial trajectory, including a 1.15 times dividend cover for Q3 2026, signals the company's commitment to maintaining its five-year streak of consecutive dividend increases and potentially higher payouts, even after a bonus issue increased outstanding shares. Return on equity also increased to 53.72% from 51.77%. NAHCO's confidence in the aviation industry's outlook and its strategic plan for sustainability and diversification are key factors driving its exploration of further growth opportunities and delivery of competitive returns to stakeholders.