NAHCO’s Annual Profit Drops by N210m

• NAHCO’s Annual Profit Drops by N210m

The Nigerian Aviation Handling Company Plc has recorded a 41.1 per cent decline in its annual profit as its profit before tax dropped by N210m from N509.6m in 2017 to N299.8m in 2018.

The company’s financial statement for the year ended December 31, 2018, which was made available to the Nigerian Stock Exchange on Wednesday, showed that the group’s profit declined by 16.13 per cent from N600m in 2017 to N503.2m in 2018.

The company’s profit after tax declined by N678.2m from N687.9m in 2017 to N9.7m in 2018, while that of the group dropped from N775.8m in 2017 to N196.8m in 2018.

It also recorded an income tax expense of N290m compared to an income tax credit of N178.3m in the previous year.

The group’s revenue increased to N9.8bn from N7.9bn in 2017 while its operating costs increased to N6.7bn from N5.6bn in 2017.

The company’s revenue increased to N9.2bn in 2018 from N7.6bn in 2017 while its operating costs increased to N6.4bn from N5.5bn in 2017.

A breakdown of the group’s revenue showed that N5.4bn was made from passenger/aircraft handling, N277m from leasing, N3.8bn from cargo handling and N387.6m from equipment rental and maintenance.

It added that 10 major customers contributed N3.8bn in 2018 and N3.5bn in 2017 towards the revenue of the group.

The statement read in part, “The effect of the adoption of the International Financial Reporting Standards 9 wiped off N237.2m off the company’s retained earnings and N435,000 off its non-controlling interest.”