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

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.

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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.

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