Board members of Nigerian Aviation Handling Company Plc (NAHCO) will meet on the 27th and 28th of March to consider/approve the company’s audited financial statements for full-year 2018. Other company issues will also be discussed during the meetings.
A Closed Period declared
Meanwhile, ahead of the release of the 2018 results, the company has announced a Closed Period on its stock. According to a statement that was signed by the Company’s Secretary and issued to the Nigerian Stock Exchange, the Closed Period will last from March 13 until 24 hours after the audited financial statement must have been released.
What is a closed period?
A closed period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.
A look at NAHCO’s financial performance
Based on the Q3 2018 result so far released by the company, there are strong indications that the company’s overall FY 2018 audited financial report might also show increased growth. The company’s revenue grew from N5.79 billion in 2017 to N7.25 billion, marking a 20% increase year on year.
Profit before tax jumped from N336 million in 2017 to N731 million in 2018, representing a 54% increase year on year. In the same vein, profit after tax increased from N287 million in 2017 to N601 million in 2018. This represents a 52.2% increase year on year.
A look at the market
Presently, there are only two aviation handling companies in Nigeria – NAHCO and Skyway Aviation Handling Company PLC (SAHCO). SAHCO had signed a partnership with the Bayelsa State Government to be the sole ground handling provider at the Bayelsa International Airport, and this is not good for NAHCO. NAHCO currently serves about 35 airlines and present in 7 Airports across Nigeria.
NAHCO also announced its intention to disburse N3.6 billion to upgrade its state-of-the-art equipment and technology before the end of this year, 2019. This is coming after an initial disbursement of N1.9 billion also for equipment upgrade.
NAHCO is currently trading at N3.39 on the floor of the NSE. Year to date, the stock is down 7.12%.
