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NAHCO Plc records 68% decline in 2020 FY pre-tax profits

Nigerian Aviation Handling Company Plc (NAHCO) recorded a significant decline in its 2020 FY pre-tax profits, as total revenue declined.

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

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 report 

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

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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on

Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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