Shareholders of Nigerian Aviation Handling Company (NAHCO) Plc have earned nearly three times as much as average investors in the Nigerian equities market.
NAHCO’s shares have remained toasts of the stock market on the back of the release of the latest audited report and accounts of the West Africa’s leading aviation handling and logistics group.
The results showed sustained positive trajectory, with remarkable growths across key performance indicators.
The All Share Index (ASI) of the Nigerian Exchange (NGX) opened this week with average year-to-date return of 45.05 per cent, the second highest return globally. NAHCO is one of the major drivers of the top-chart return at the NGX with the company recording average year-to-date return of 124.07 per cent. NAHCO’s return is more than three times of the 35.06 per cent average return on the main board of the market, where the company is listed, and nearly three times of average return by the market’s 30 largest companies.
This implies that investors in NAHCO have, in barely four months, seen more than a double in the value of their shareholdings. Simply, an investor with market value of N100,000 at the beginning of this year, now has some N224,070 and another with N1 million portfolio value now has about N2.241 million. This places NAHCO among the best-performing stocks in nominal terms, and when adjusted for inflation and cost of capital.
The continuing bullish performance highlighted investors’ perception about NAHCO. NAHCO’s share price had doubled from N46.05 in 2024 to N108 per share in 2025. Stocks like NAHCO underscore the inclusive wealth-creation potential of the capital market, providing investors across the entire strata of large, high networth, institutional investors to individual and retail investors with reliable preservation and growth.
With a free float of 56.68 per cent, which indicates that more than half of NAHCO’s shares are in the hands of the general investing public, NAHCO’s performance directly and indirectly contributes to the nation’s wealth distribution and wellbeing. Minority individual retail investors account for more than one-thirds of transactions at the Nigerian equities market, underlining the significant relationship between the market and the ordinary Nigerians. More than 1.1 billion ordinary shares of NAHCO are in the hands of individual retail investors, one of the largest inclusive spread among quoted companies. The large free float also makes NAHCO’s share pricing trend to be most reflective of the general investors’ sentiment, as the extent of free float has subtle influence on price discovery of a stock.
NAHCO’s technical market performance is underpinned by strong operational fundamentals. Audited report and accounts of NAHCO for the year ended December 31, 2025 showed that total revenue rose by 21.8 per cent from N53.54 billion in 2024 to N65.21 billion in 2025. Gross profit increased from N33.08 billion to N38.61 billion. Operating profit rose by 25 per cent from N19.84 billion in 2024 to N24.84 billion in 2025.
The report also showed that profit before tax jumped by 30 per cent to N24.256 billion in 2025 as against N18.702 billion in 2024. Profit after tax grew by 39.91 per cent from N12.865 billion in 2024 to N17.999 billion in 2025. Earnings per share rose by 40 per cent from N6.60 in 2024 to N9.24 in 2025.
Besides, the group’s balance sheet also emerged stronger with total assets increasing from N46.95 billion in 2024 to N53.88 billion in 2025. Shareholders’ funds rose by 32 per cent from N20.075 billion to N26.497 billion.
Financial ratios generally indicated that the company’s performance was driven by steady market growth and disciplined cost management, despite the inflationary operating environment. Operating profit margin improved from 37.06 per cent in 2024 to 38.09 per cent in 2025. Pre-tax profit margin increased from 34.93 per cent to 37.2 per cent. Return on total assets improved by more than five percentage points from 39.83 per cent to 45.02 per cent
With its strong fundamentals, the Dr Seinde Fadeni-led board of NAHCO has recommended distribution of combined dividend of cash and bonus shares to shareholders of the company, sustaining a tradition that has seen the leading aviation handling and logistics group as one of the highest and most consistent dividend-paying companies in Nigeria.
The board of directors of NAHCO has recommended payment of increased cash dividend of N12.18 billion for the 2025 business year as against N11.58 billion paid for the 2024 business year. Shareholders will receive a dividend per share of N6.25 for the 2025 business year compared with N5.94 paid for the previous year.
The board has also recommended a bonus issue of one ordinary share of 50 kobo each for every seven ordinary shares held, automatically increasing the number of shares held by each shareholder by 14.3 per cent. This means that a shareholder currently with 1,000 shares will receive additional bonus shares of about 143 shares, increasing total shareholding to 1,143 shares.
The qualification date for the cash and scrip dividends is Friday, May 1, 2026 while the cash dividends will be directly credited to shareholders’ bank accounts on Friday, May 15, 2026, after approval at the company’s annual general meeting.
Chairman, Nigerian Aviation Handling Company (NAHCO) Plc, Dr Seinde Fadeni, said the company has consistently demonstrated its commitment to value creation for shareholders and all its stakeholders as shown in its growth trend.
He said: “Our operational excellence continues to show in every financial results. In 2025, NAHCO recorded impressive growths across key performance indicators, combining a strong push for market share with disciplined cost management. The resultant effect is double-digit growths in revenues and profitability”.
He pointed out that the continuing impressive performance means that the company can sustain its track record of remarkable dividend payment every year, noting that despite 134 per cent increase in dividend per share for the 2024 business year, the group’s dividend cover improved to 1.56 times in 2025 as against 1.11 times in 2024, underlining the significant headroom for the group to continue its impressive dividend payment record.
“We are committed to translating corporate growth to improved returns to our shareholders, through increased payout and sustainable management of the group. It’s important to note that beyond dividend payout, the value the company has built for its shareholders is seen in investors’ perception and valuation of its shares, which has remained one of the all-time best performers at the Nigerian stock market,” Fadeni said.
Group Managing Director, Nigerian Aviation Handling Company (NAHCO) Plc, Mr Olumuyiwa Olumekun said the group’s impressive performance was driven by operational growth and business efficiency.
He outlined that the ongoing strategic initiatives, including extensive retooling of equipment and human capacity, as well as investments in expansive warehouses and storage processing would continue to support future growth.
“We are not only driving sales and expanding market share, we are doing that with extremely impressive efficiency. Despite the inflationary environment and challenges in the operating economy, our operating profit margin improved from 37.05 per cent in 2024 to 38.08 per cent in 2025. We remain focused in sustaining this, while exploring emerging opportunities,” Olumekun said.
The NAHCO Group is a well-diversified conglomerate with interests in aviation ground handling, airport management, aviation training, free trade zone, commodities export, and energy solutions. In addition to its main ground handling business and cargo handling business, other subsidiaries included Mainland Cargo Options Limited, Nahco Free Trade Zone Limited, NAHCO Power Solutions Limited, NAHCO Management Services, NAHCO Travels & Hospitality Limited, NAHCO Aviation Academy and NAHCO Commodities Limited.
