National Wire About Nigerians, Nigerian Business and Other Stories
The Nigerian Aviation Handling Company Plc (NAHCO) said it has embarked on a business transformation project expected to grow its revenue to N35.055 billion in the next five years.
The company during its facts behind the figure presentation on the Nigerian Stock Exchange (NSE) in Lagos on Tuesday, said that it will diversify its revenue streams beyond aviation into land and sea logistics and other businesses.
The company will be growing its revenue from N3.85 billion in May 2019 to N13.269 in 2019 full year. From 2020 to 2023, the company’s revenue projections stood at N16.916 billion, N21.567 billion, N27.495 billion and N35.054 billion, respectively.
Also, profit after tax 2019 projection will be N1.810 billion from N127.053 million as at May, 2019, while 2019 dividend payment will not fall below 25 kobo per share.
Speaking at the event, the group managing director/chief executive officer of NAHCO, Mrs. Olatokunbo Fagbemi, said that the NAHCO Group has continued to invest in various businesses to expand and diversify the company’s revenue.
According to Fagbemi, we are building our new NAHCO hinged on five pillars of transformation to be delivered over the next five years, 2019 to 2023.
She noted that the transformation agenda became necessary after a review of NAHCO’s business process in December, 2018. Fagbemi, said the strategic pillars are operational excellence, digital transformation, people and culture transformation, organic and inorganic growth and diversification.
In addition, Fagbemi said the company is also working towards diversifying its operations so as it achieve its targets of higher revenue.
“One of the things we are looking at is that our business, if you take mainland cargo option for example, we are a logistics company and one of the first things that happen when I came is that since logistics is not just about the air, it is also about land and sea, our focus now is how do we diversify our business to begin to look at the other mode of transportation.
Aviation is just a part of the transport system,” she added.
She stated that “We expect the impact of our transformation agenda to start reflecting in our performance as from third quarter 2019.”
She added that company planned investment in procurement and renewal of Ground Support Equipment (GSE), saying that acquisition of N1.5 billion in GSE with delivery to be completed by July 2019 and N1.8 billion GSE procured and delivery to be completed before the end of 2019.’’
Photo Caption: From Left–Mr. Jude Chiemeka, Divisional Head, Trading Business, The Nigerian Stock Exchange (NSE); Mr. Olumide Bolumole, Divisional Head, Listing Business, NSE; Mrs. Olatokunbo Fagbem Group Managing Director/CEO, NAHCO Plc; Mr. Olumuyiwa Olumekun, Executive Director, NAHCO Plc and Mr. Adeoye Emiloju, Chief Finance Officer, NAHCO Plc during the Facts Behind the Figures presentation to the capital market stakeholders at the Exchange today in Lagos.
