Dr Seinde Fadeni, Chairman, Board of Directors, NAHCO Plc
*** NAHCO Plc share price took off from N4.00k per share and now cruises at N85.00k, yet with a large
prospect of further climbing
*** The board of directors has recommended that N11.58 billion be distributed as cash dividends
*** Profit before tax soared to N18.70 billion in 2024 as against N8.68 billion in 2023. An increase of 115.4
per cent
Ahead of the 44th Annual General Meeting of NAHCO Plc, scheduled for Friday, 23rd May 2025, shareholders have started commending the management for the company’s unprecedented performance in the 2023/2024 trading year.
The commendation came on the heels of the declaration for the year (FY) 2024 audited results. Profit before tax soared by 115.4 per cent to N18.70 billion in 2024, as against N8.68 billion in 2023.
Total revenue rose by 88.5 per cent from N28.40 billion in 2023 to N53.54 billion in 2024. With increased top-line efficiency, gross profit increased by 120.53 per cent to N33.08 billion in 2024 against N15 billion in 2023.
Operating profit also took flight by 123.93 per cent, from N8.86 billion to N19.84 billion, underscoring the fact that the group’s performance was driven mainly by core business operations.
Based on this result, the Dr Seinde Fadeni-led board of directors has recommended the distribution of N11.58 billion as cash dividends to shareholders for the 2024 business year, more than double of N4.95 billion distributed for the 2023 business year.
The Q1, 2025 unaudited results of the company submitted to the Nigerian Exchange (NGX) have also revealed that the company is set to outperform the Q1, 2024 results, with Q1, 2025 revenue more than doubling the 2024 figure for the same period.
A statement by NAHCO pointed out that the contracts renewed with clients have been concluded at the rate of 95 per cent, while new clients have been onboarded.
NAHCO is also taking delivery of new Ground Support Equipment now berthed a the Lagos Seaport. The equipment will further impact positively, the company’s total ground handling service delivery.
These developments have earned the commendation of shareholders, regulators and other stakeholders.
National Coordinator, Independent Shareholders Association of Nigeria, (ISAN), Mr Moses Igbrude, commended the board and management of NAHCO for running the company in a way that delivers increasing value for the shareholders.
Igbrude enthused, “NAHCO has done fantastically well, it has outperormed investors’ expectations. The present board and management are running the business very well” .
He urged the company to continue its commendable growth trajectory by progressively exploring other emerging opportunities.
President, Association for the Advancement of Rights of Nigerian Shareholders, (AARNS), Dr Faruk Umarr, said NAHCO has shown very impressive performance, citing the company’s results for the full-year of 2024 and first quarter of 2025.
According to him, in 2024, the Company had a robust financial performance, which was unprecedented.
He noted that the dividend of N5.94 per share declared by the board of directors is highly commendable.
“Looking at the 2025 first quarter result that witnessed a tremendous increase, we believe this year will be very impressive for shareholders.
“We commend the board chairman for his effective leadership, as well as the management and staff of the company for their dedication and commitment to the progress of the company, Umar said.
Mr. Taiwo Oderinde, Chairman, Proactive Shareholders Association, speaking on the exemplary performance of the Company, said that the profit was awesome.
According to Oderinde, since the new investor came on board, the Company has been on the upward swing. He said the performance has been excellent. He urged the Board and Management not to rest on their oars. He advocated for a regular in-person AGM in the near future.
In her own comments, the Chairman, Ark of God Shareholders Association, Mrs. Efunyemi Olatunde Obideyi, said NAHCO has surprised all its shareholders by its performance. Mrs. Obideyi said the jump in the share price from N4 per share to N85.00 was unimaginable. Declaring that any shareholder who knew it would be like this would have bought more shares.
She concluded thus, “NAHCO keeps surprising all of us with their performance, this is shareholders delight”, she acknowledged.
About Post Author
