Nigerian Aviation Handling Company Plc (NAHCO) reported stronger earnings for the first nine months of 2026, with pre-tax profit rising 18.39% to N21.24 billion from N17.94 billion in the corresponding period of 2025.
The unaudited results for the nine months to September 30, 2026 show revenue expanding by 16.51% to N55.64 billion from N47.76 billion. Profit after tax climbed 19.21% to N16.04 billion from N13.46 billion, while earnings per share improved to 720 kobo from 604 kobo. In the third quarter alone, pre-tax profit rose 11.76% to N6.87 billion from N6.15 billion.
Aircraft handling remained the largest revenue contributor at N34.22 billion, up 10.93% from N30.85 billion and accounting for 61.50% of total revenue. Import cargo handling grew 43.19% to N8.63 billion, export cargo handling rose 43.47% to N1.51 billion, and agricultural produce revenue jumped 176.56% to N3.93 billion from N1.42 billion. Revenue from free zone, transhipment, logistics, ticketing and lounge services increased 47.17% to N2.91 billion, while equipment rental and maintenance contributed N4.45 billion, up from N4.29 billion.
Cost pressures tempered gross profit growth. Direct operating costs increased 26.07% to N27.47 billion from N21.79 billion, outpacing revenue. Operational payroll rose to N12.28 billion from N10.36 billion, while operational depreciation climbed to N2.40 billion from N1.62 billion. Gross profit therefore grew at a slower 8.49% to N28.17 billion from N25.97 billion.
Administrative expenses provided some relief, declining 18.27% to N6.68 billion from N8.18 billion. Administrative payroll fell to N2.15 billion from N2.43 billion and board expenses dropped to N595.06 million from N895.08 million. Other income increased to N778.41 million from N352.44 million.
The group recognised N600 million in expected credit losses on trade receivables, compared with no equivalent charge a year earlier. Operating profit nonetheless rose 19.43% to N21.67 billion from N18.14 billion.
Finance costs declined 19.65% to N1.26 billion from N1.57 billion, but finance income fell 39.09% to N834.10 million from N1.37 billion, leaving a net finance expense of N429.68 million against N203.59 million in 2025. After an income tax charge of N5.20 billion, profit after tax reached N16.04 billion.
