NAHCO Pays Dividend of N295 Million for Year 2014
Left, Mrs. Folasade Ode, Company Secretary; Mallam Suleiman Yahyah, Chairman; and Mr. Norbert Bielderman, all of Nahco Aviance, during the 34th Annual General Meeting
The shareholders of the Nigerian Aviation Handling Company Plc (NAHCO Aviance) have approved a total dividend of N295 million to be paid to its over 74,000 shareholders for the year ended 31st December, 2014.
NAHCO Aviance also paid a Bonus of 1 share for every 10 shares held giving a gross monetized yield of 150% increase to shareholders
The approval was given at the company’s 34th Annual General Meeting (AGM) held Thursday June 11, 2015 in Abuja.
The shareholders received the audited financial statement for the year ended 2014 along with the reports of Directors , Auditors and audit committee which indicated a prof before tax of N769 million and a profit after tax of N568 million
NAHCO which is incorporated as a limited liability company in 1979 has 75% public ownership and offers business services to more than 30 airline at seven airports across the country
The chairman of NAHCO, Mr Suleiman Yahyah in his remark at the AGM said: “the company has grown from a very small handler to the largest ground handler in sub-Sahara Africa. we recorded marginal increase in turnover from N8.09 to N8.133 billion in 2014
“Total flight inward and outward handled by NAHCO increased by 12% from 31,000 to 34,000 in spite of the 149 flight cancellation”
He added that in consideration of the companies plan to continue investment in its diversification programme, the free trade zone and the agri-zone business, the board recommended a gross dividend of 20 kobo on every ordinary share for every 10 shares held
Mr Suleiman said: “in aggregate and yield terms, the board proposal represents a monetized increase of 150% return on shareholder investment compared to 2013”
Shareholders at the AGM called on the management to cut down on expense to improve the profit margin of the company. They also decried th amount of unclaimed dividend which stands at N353 million
Suleiman Yahyah is also the chairman of Rosehill Group and Asokoro Island Limited.