Nigerian Aviation Handling Company Plc (NAHCO) has launched its unaudited monetary outcomes for the 9 months ended September 30, 2026, reporting a pre-tax profit of N21.24 billion, representing an 18.39% enhance from N17.94 billion within the corresponding interval of 2025.
The nine-month income elevated by 16.51% to N55.64 billion from N47.76 billion, lifting profit after tax by 19.21% to N16.04 billion from N13.46 billion. Earnings per share additionally elevated to 720 kobo from 604 kobo.
In Q3 2026, pre-tax profit elevated by 11.76% to N6.87 billion from N6.15 billion in Q3 2025, supported by greater income from the corporate’s aviation dealing with and associated companies.
Key Highlights
- Revenue: N55.64 billion (Up 16.51% YoY from N47.76 billion).
- Gross profit: N28.17 billion (Up 8.49% YoY from N25.97 billion).
- Operating profit: N21.67 billion (Up 19.43% YoY from N18.14 billion).
- EPS: 720 kobo (Up 19.21% YoY from 604 kobo).
- Operating prices: N27.47 billion (Up 26.07% YoY from N21.79 billion).
- Administrative bills: N6.68 billion (Down 18.27% YoY from N8.18 billion).
- Finance prices: N1.26 billion (Down 19.65% YoY from N1.57 billion).
- Total belongings: N58.85 billion (Up 6.77% from N55.12 billion at December 2025).
- Cash and money equivalents: N9.52 billion (Down 15.03% from N11.21 billion).
- Shareholders’ fairness: N29.86 billion (Up 14.85% from N26.00 billion).
Driving the numbers
NAHCO’s nine-month earnings development was pushed by greater income from plane dealing with, cargo operations, agricultural produce and logistics companies, supported by decrease administrative bills and finance prices.
- Revenue elevated by 16.51% to N55.64 billion, with plane dealing with remaining the most important contributor.
- Aircraft dealing with income elevated by 10.93% to N34.22 billion from N30.85 billion, accounting for 61.50% of whole income.
- Import cargo dealing with income elevated by 43.19% to N8.63 billion, contributing 15.50%, whereas export cargo dealing with income rose by 43.47% to N1.51 billion, representing 2.72% of income.
- Agricultural produce income elevated by 176.56% to N3.93 billion from N1.42 billion, accounting for 7.06% of income.
- Revenue from free zone, transhipment, logistics, ticketing and lounge companies additionally elevated by 47.17% to N2.91 billion, whereas tools rental and upkeep generated N4.45 billion, up from N4.29 billion.
However, income growth was accompanied by sooner development in direct working prices.
- Operating prices elevated by 26.07% to N27.47 billion from N21.79 billion, outpacing income development and putting strain on gross profitability.
- The value enhance included greater operational payroll and depreciation bills. Payroll prices allotted to operations rose to N12.28 billion from N10.36 billion, whereas operational depreciation elevated to N2.40 billion from N1.62 billion.
Consequently, gross profit elevated at a slower price of 8.49% to N28.17 billion from N25.97 billion.
Below the gross profit line, administrative bills declined by 18.27% to N6.68 billion from N8.18 billion.
- This discount helped offset the rise in direct working prices. Administrative payroll bills declined to N2.15 billion from N2.43 billion, whereas board bills fell to N595.06 million from N895.08 million.
Other revenue elevated to N778.41 million from N352.44 million, offering additional help to profitability.
However, the Group recognised N600 million in anticipated credit score losses on commerce receivables, in contrast with no corresponding cost within the prior-year interval.
- Despite this impairment cost, working profit elevated by 19.43% to N21.67 billion from N18.14 billion.
- On the financing facet, finance prices declined by 19.65% to N1.26 billion from N1.57 billion, lowering the burden of borrowing and lease-related obligations.
- Finance revenue, nevertheless, declined by 39.09% to N834.10 million from N1.37 billion.
- These actions resulted in a internet finance expense of N429.68 million, in contrast with N203.59 million within the corresponding interval of 2025.
Nevertheless, greater working profit supported an 18.39% enhance in pre-tax profit to N21.24 billion.
After revenue tax bills of N5.20 billion, profit after tax elevated by 19.21% to N16.04 billion, whereas earnings per share rose to 720 kobo.
Balance sheet
Total belongings elevated by 6.77% to N58.85 billion as of September 2026, from N55.12 billion at December 2025, supported partly by greater commerce receivables and prepayments.
- Trade and different receivables elevated by 32.58% to N14.76 billion from N11.13 billion, whereas prepayments rose to N3.56 billion from N1.25 billion.
- However, money and money equivalents declined by 15.03% to N9.52 billion from N11.21 billion.
- Shareholders’ fairness elevated by 14.85% to N29.86 billion from N26.00 billion, supported by retained earnings.
Net money generated from working actions declined by 11.29% to N14.90 billion from N16.79 billion, reflecting working capital actions and better tax funds.
Market response
NAHCO shares closed at N151.20 on Friday, October 30, 2026, unchanged from the earlier buying and selling session.
The inventory has gained 40% year-to-date from its opening worth of N108.00.
On a month-to-date foundation, the inventory gained 0.80% from its September closing worth of N150.00.
