The Nigerian Aviation Handling Company Plc (NAHCO) recorded a significant decline in its 2020 FY pre-tax profits, as total revenue also declined.
The ground handling service provider reported pre-tax profits of N428.59 million in 2020 FY compared to N1.34 billion recorded in 2019 – a 68.03% decline.
READ: CCNN grows profit after tax by 118.5% according to latest earnings reportÂ
Key highlights for 2020 FY
- Revenue declined to N7.33 billion, -26.66% YoY.
- Revenue from passenger/aircraft handling declined to N2.56 billion, -52.16% YoY.
- Revenue from leasing increased to N351.21 million, +33.93% YoY.
- Revenue generated from cargo handling (import cargo) increased to N3.65 billion, +1.18% YoY.
- Revenue from cargo handling (export cargo) increased to N397.48 million, +14.01% YoY.
- Revenue from equipment rental and maintenance declined to N370.39 million, – 12.83% YoY.
- Other income increased to N468.36 million, +91.14% YoY.
- Cost of sales declined to N5.04 billion, -23.14% YoY.
- Finance income declined to N84.22 million, -51.34% YoY.
- Administrative expenses declined to N2.37 billion, -6.40%YoY.
- Finance costs declined to N38.96 million, -87.03% YoY.
- Pre-tax profits declined to N428.59 million, -68.03% YoY.
- Earnings Per Share declined to 10 kobo, -77.27% YoY.
READ: Berger Paints Nigeria Plc records 8.96% increase in 2020 9M revenues
