NAHCO's nine-month profit rises 19.2% to ₦16.04 billion as cargo handling grows
Key findings
- Revenue rose 16.51% to ₦55.64 billion from ₦47.76 billion in the nine months to September 2026, Leadership reported.
- Profit after tax rose 19.2% to ₦16.04 billion from ₦13.46 billion, and earnings per share to ₦7.20 from ₦6.04.
- Cargo handling grew about 31%, and free zone, logistics, ticketing and lounge revenue rose 47.17% to ₦2.91 billion.
- The gross margin fell to 50.63% from 54.38%, but lower finance costs and tighter overheads lifted operating profit 19.5%.
Nigerian Aviation Handling Company (NAHCO) Plc grew revenue by 16.51% to ₦55.64 billion in the nine months to 30 September 2026, from ₦47.76 billion a year earlier, according to its interim accounts filed with the Nigerian Exchange and reported by ThisDay and Leadership. Profit after tax rose 19.2% to ₦16.04 billion from ₦13.46 billion, and earnings per share rose to ₦7.20 from ₦6.04.
| ₦ billion | 2026 | 2025 |
|---|---|---|
| Revenue | 55.64 | 47.76 |
| Operating profit | 21.66 | 18.14 |
| Profit before tax | 21.24 | 17.94 |
| Profit after tax | 16.04 | 13.46 |
Aircraft handling remains the core of the business, but cargo handling was the stand-out, growing about 31% on stronger trade and e-commerce volumes, management said. Revenue from the free zone, transhipment, logistics, ticketing and lounge services rose 47.17% to ₦2.91 billion.
Costs rose faster than revenue at the gross level: the gross margin fell to 50.63% from 54.38%, which Leadership attributed to inflation. Lower administrative expenses and a fall in finance costs to ₦1.26 billion from ₦1.57 billion more than made up for it, and operating profit rose 19.5% to ₦21.66 billion. Profit before tax reached ₦21.24 billion, from ₦17.94 billion.
Why it matters
NAHCO's results are a read on activity at Nigeria's airports. Cargo growing faster than the business as a whole points to rising air freight and e-commerce volumes, and the company's ability to lift operating margins while gross margins narrow shows cost control doing much of the work this year.
What to watch
- Whether cargo keeps outgrowing aircraft handling in the fourth quarter.
- The full-year dividend; ThisDay noted the company has raised its payout in each of the past five years.
- Gross margins, if inflation in operating costs persists.
Methodology
All figures are from NAHCO's unaudited nine-month accounts as reported by Leadership and ThisDay on 9 November 2026. Growth rates are as the outlets reported them.