Nigerian Aviation Handling Company (NAHCO) Plc has sustained its upward growth trajectory, posting a 22.2% increase in net profit for the first half of 2026. The financial performance strengthens the group's capacity to maintain strong dividend payouts to its shareholders.
According to the company's H1 2026 financial report released at the Nigerian Exchange (NGX), profit before tax improved by 21.8% to N14.37 billion, compared to N11.79 billion in the first half of 2025. After taxes, net profit rose to N10.85 billion from N8.88 billion in the corresponding period of 2025.
Revenue Growth Across Core Business Lines
NAHCO's gross revenue rose to N35.36 billion in the first half of 2026, up from N32.33 billion in the first half of 2025. The top-line expansion was driven by broad improvements across all core business segments, including aircraft, passenger, ground, and cargo handling.
Revenue from aircraft handling rose from N20.57 billion to N22.13 billion, while cargo handling turnover grew by 31% from N4.8 billion to N6.3 billion. Additionally, income from agricultural export products, such as natural sesame seeds, raw cashew nuts, crude palm oil, and tea, increased from N1.42 billion to N2.08 billion.
Operating profit for the period grew by 25.4%, rising from N11.637 billion in the first half of 2025 to N14.593 billion in the first half of 2026. Adjusted basic earnings per share improved from N4.55 to N4.87, despite an increase in outstanding shares due to bonus shares distributed for the 2025 business year.
Shareholder Returns and Capital Structure
At the annual general meeting in May, shareholders approved a combined dividend of cash and bonus shares. The company increased its cash dividend payout to N12.18 billion for the 2025 business year, up from N11.58 billion paid for the 2024 business year.
This translated to a dividend per share of N6.25 for the 2025 business year, compared to N5.94 paid in the previous year. Shareholders also received a bonus of one ordinary share of 50 kobo for every seven ordinary shares held, representing a 14.3% increase in holdings.
Following the bonus issue, NAHCO's outstanding paid-up shares increased from 1.949 billion ordinary shares of 50 kobo each to 2.228 billion ordinary shares of 50 kobo each.
Strategic Investments and Leadership Outlook
The Chairman of NAHCO Plc, Dr. Seinde Fadeni, stated that the first-half performance demonstrates the resilience of the group's operating structure and the benefits of investments in critical assets. He noted that investments in world-class warehouses, ground handling equipment, and human capital have strengthened the group's capacity to adapt to macroeconomic changes.
Dr. Fadeni added that the results confirm the sustainability of NAHCO's growth model, showing steady period-on-period expansion. He expressed confidence that the company is well-positioned to maintain its leadership through excellent services as the Nigerian aviation industry opens up to global opportunities.
The Group Managing Director, Mr. Olumuyiwa Olumekun, emphasized that the management remains focused on quality expansion, ensuring that growth translates into strong returns for shareholders. He highlighted ongoing investments in automation, human technical capabilities, and the expansion of nationwide storage and warehousing facilities.
Historical Performance and Balance Sheet Strength
The H1 2026 performance indicates that NAHCO is on track to surpass its full-year 2025 results. In the audited report for the year ended December 31, 2025, total revenue rose by 21.8% to N65.21 billion, up from N53.54 billion in 2024.
Gross profit for 2025 increased from N33.08 billion to N38.61 billion, while operating profit rose by 25% to N24.84 billion from N19.84 billion in 2024. Profit before tax jumped by 30% to N24.256 billion in 2025, compared to N18.702 billion in 2024, and profit after tax grew by 39.91% to N17.999 billion from N12.865 billion.
Furthermore, NAHCO's total assets increased from N46.95 billion in 2024 to N53.88 billion in 2025. Shareholders' funds also rose by 32% from N20.075 billion to N26.497 billion over the same period, reflecting a stronger balance sheet.
