The Nigerian Aviation Handling Company PLC (NAHCo) has released its un-audited first quarter results for the period ended March 31, 2008. The results show a 43 per cent growth in turnover from N852.7million during the corresponding period in 2007 to N1.218billion in 2008.

In the same vein, Profit Before Tax rose from N167.6million to N306.7 miillion, reflecting an increase of 83 per cent over the figures for the previous year. Similarly, Profit After Tax rose from N114 million in the first quarter of 2007 to N208.5 million in 2008.

The Board of Directors of the Company is confident that barring unforeseen circumstances, this trend will be sustained in the remaining period of the financial year.

Meanwhile, NAHCo will hold its 2007 Annual General Meeting on Friday, May 9, 2008 in Enugu, Enugu State. At the meeting, which is the first after the Company's successful re-capitalisation in 2007, shareholders will be expected to approve Board resolutions on the payment† 30k dividend for every 50k share held and a bonus issue of one for every 8 units of shares that a shareholder currently holds.

Operating results for the financial year ended 31 December, 2007 announced by the Company show an increase of 13 per cent in turnover from N3.245billion in 2006 to N3.681billion, while Profit before Tax grew by 41.38 per cent from N555.9million in 2006 to N786million. Similarly, Profit after Tax (PAT) increased from N434.1million to N589.9million, showing an impressive growth of 36 per cent over 2006 figures.

Mr. Bates Sarki Sule, NAHCo's Managing Director/Chief Executive Officer, said he was happy that the company's operating results in the year under review witnessed general improvements in all areas and that all the indices of growth moved upward. According to him, NAHCo has become the typical success story of the Federal Government's privatization programme. He added that the Company has witnessed a significant turnaround since 2005 when it was privatized with a new Management in place.

He disclosed that the Company has invested over US$7million in equipment acquisition, service automation, and managerial capacity building in the last two years.

Ambassador Patrick Dele-Cole, NAHCo Chairman, said despite the challenging Nigerian operating environment, NAHCo remains a force to reckon with in the ground handling business. His words: "The future of our Company is indeed bright.

The Board will continue to support Management in its bid to fully re-position NAHCo. We will continue to invest and pursue opportunities in areas that will improve our profitability and revenue base to create superior value for our shareholders, customers and our employees. The Company is being restructured and repositioned for emerging challenges arising from the direct and indirect arrival of new ground handling Companies on the scene."