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Business News

NAHCO to pay N0.25 dividend; set for N3.6 billion expansion

All things being equal, shareholders of the Nigerian Aviation Handling Company (NAHCO) will get a dividend of 25 kobo per share by 26th July, 2019.

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NAHCO Plc's shareholders approve dividend payment, NAHCO's 9-month results indicate 30% profit growth 

All things being equal, every shareholder of the Nigerian Aviation Handling Company (NAHCO) will get a dividend of 25 kobo per share by the 26th of July 2019.

The Board of Directors of the cargo and logistics company disclosed this in a statement signed by the Company Secretary, Bello A. Abdullahi, and published today on the Nigerian Stock Exchange (NSE).

NAHCO

The dividend payout is subject to shareholders’ approval at the forthcoming Annual General Meeting (AGM) of NAHCO which will be held on 26th July 2019 at Bristol Palace Hotel, Kano. NAHCO’s shareholders whose names appear on the company’s register by 8th July 2019 will receive the dividend payment if approved.

In the meantime, the closure of the company’s register of members has been scheduled to hold between 9th and 11th July 2019. To this end, shareholders who have completed the e-dividend mandate forms will have their accounts credited appropriately.

[ALSO READ: CAP Plc will use its entire profit after tax to pay dividends]

What you should know: Going by NAHCO’s dividend history, the company has consistently paid dividends to shareholders over the past ten years without fail. The company’s dividend yield currently stands at 7.81% according to Bloomberg.

Asides the consistency, the value of the dividends declared fluctuated in some years, notably in 2009 and 2010 when the company paid dividends twice. The winning factor for investors, however, is NAHCO’s ability to pay dividends despite harsh economic conditions over the years. That NAHCO has managed to keep afloat of turbulent times has surely sustained investor’s confidence in the firm.

NAHCO

Tokunbo Fagbemi, Group Managing Director/Chief Executive Officer, NAHCO

Company Invests N3.6bn in Machinery: NAHCO has announced its intention to commit a staggering N3.6 billion to new export machinery. The expansion is particularly aimed at leveraging the enormous potential in the agricultural export business which will guarantee improved customer service and operational efficiency.

[READ ALSO: FY 2018: NAHCO’s shareholders to get N406 million dividend]

Mrs Tokunbo Fagbemi, the Group Managing Director/Chief Executive Officer of NAHCO, unraveled the details of the proposed expansion at a media briefing in Lagos on Sunday. Specifically, the fund will be invested in developing the company’s processing area, build an ultramodern warehouse and ultimately enhance its relationship management.

The two phases of expansion: Fagbemi went further to say that the first phase of the delivery of the Ground Support Equipment (GSE) will be completed this month. The final phase is expected to be launched before the end of this year.

What this means: The news is a cheering one for investors as the proposed digitalisation is expected to translate to a good return on investment in the long run. The agricultural export expansion will diversify NAHCO’s key strategic business units while enlarging its streams of income.

To buttress this, Mrs Fagbemi affirmed that, “Three key things came out from the review process with KPMG – one was, we are going to take a quantum leap and then in the next five years we are going to double our revenue by five times, which will be roughly four times what we have in 2018.”

Jaiz bank

Ronald Adamolekun is a creative writer with proficiency in journalism, financial reporting, financial analysis and imaginative writing. However, his core competency lies in fiction and short story writing as well as feature writing. He is a graduate of English and Literature from Covenant University, Ota, Nigeria.

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Real Estate

FG to unveil dedicated portal for sale of houses to Nigerians

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

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Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.

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Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

Bottom line

Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

Jaiz bank

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Coronavirus

Covid-19: Nigeria committed to procuring 29 million J&J vaccines

The Nigerian Government is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative. 

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AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

The Nigerian Government says it is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative.

This was disclosed Mrs Zainab Ahmed, Minister of Finance at the recent ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar.

What the Minister said

“Therefore, the supplementary budget for COVID-19 vaccines will cover the cost of additional vaccines over and above those provided by COVAX, as well as the full cost of operations and logistics for delivering the vaccines around the country.

Already, the sum of N29.1 billion has been released from the Routine Immunization budgetary provision (Service Wide Vote) to the National Primary Healthcare Development Agency (NPHCDA) as an advance for the operational cost of deployment of the COVID-19 vaccines. The N29.1 billion represents about 52 percent of the amount required over 2021-22,” she said.

She added that FG plans to vaccinate 70 percent of eligible (18 years and above) Nigerians over the 2021 and 2022 fiscal years, with the COVAX agreement willing to cover 43.1 million of the eligible population.

In case you missed it

The World Health Organization (WHO)  announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.

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