Investment in technology and human capital continued to pay off for Nigerian Aviation Handling Company (NAHCO) Plc in 2025, as the aviation services group delivered nearly 40 percent growth in profit, underpinned by stronger operational efficiency, disciplined cost management, and sustained expansion across its business lines.
West Africa’s largest aviation services group recorded robust performance across key indicators, with net profit rising by 39.91 per cent to N17.999 billion in the year ended December 31, 2025, from N12.865 billion in 2024. The unaudited full-year results released on the Nigerian Exchange (NGX) showed that NAHCO maintained steady revenue growth while leveraging technology and skills development to contain costs and boost shareholder value.
Total revenue grew by 21.8 per cent to N65.21 billion in 2025, up from N53.54 billion the previous year, while gross profit rose from N33.08 billion to N38.61 billion. Despite the prevailing inflationary pressures, administrative expenses remained largely flat at N13.89 billion, compared with N13.82 billion in 2024, reflecting the impact of increasing digitisation and improved business processes. As a result, operating profit climbed by 25 per cent to N24.84 billion from N19.84 billion.
Profit before tax increased by 29.7 per cent to N24.256 billion in 2025, compared with N18.702 billion in the prior year. After tax, earnings growth translated into a 40 per cent jump in earnings per share, which rose from N6.60 in 2024 to N9.24 in 2025.
The 2025 interim report highlighted NAHCO’s capacity to sustain market-leading returns to shareholders, even as it expands operationally. Despite a 134 per cent increase in dividend per share for the 2024 financial year, the group’s dividend cover improved to 1.56 times in 2025 from 1.11 times in 2024, pointing to stronger earnings retention and improved payout sustainability.
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The group’s balance sheet also strengthened over the period, reflecting internally funded investments in equipment and capacity expansion. Total assets increased to N53.88 billion from N46.95 billion, while shareholders’ funds jumped by 32 per cent to N26.497 billion from N20.075 billion, driven by higher retained earnings.
Further analysis of performance ratios underscored the quality of NAHCO’s growth. Operating profit margin improved to 38.08 per cent in 2025 from 37.05 per cent a year earlier, while pre-tax profit margin rose to 37.2 per cent from 34.9 percent.
Return on total assets increased to 45.02 percent from 34.93 percent, and return on equity strengthened to 67.93 percent from 64.08 percent.
NAHCO paid N11.58 billion as cash dividends for the 2024 business year, translating to a dividend per share of N5.94, compared with N4.95 billion paid for the 2023 financial year.
Commenting on the performance, Olumuyiwa Olumekun, group managing director of NAHCO Plc, said the results reflect the resilience of the company’s long-term growth strategy. He explained that sustained investments in technology and human capital have kept NAHCO at the forefront of the regional aviation services industry.
Olumekun noted that the company’s expanding investments in export processing facilities and warehouses across the country position it to play a critical role in Nigeria’s drive toward a $1 trillion economy, while continuing to create long-term value for shareholders. He added that NAHCO remains focused on sustained growth pillars, including equipment re-fleeting, digitisation, and environmental, social, and governance initiatives, to support improved performance in the coming years.
“Our 2025 results show that we remain firmly on track,” Olumekun said. “We have invested significantly in recent years in upgrading our equipment and building human capacity, and this is clearly reflected in the quality of our services and the results we are delivering. We remain committed to sustaining our leadership as the most preferred total logistics group, supporting national economic growth while ensuring improving returns for our shareholders.”
