BY OLAPEJU OLUBI
With its 44th Annual General Meeting scheduled for Friday, May 23, 2025, NAHCO’s shareholders have expressed strong approval of the company’s remarkable financial achievements.
The commendations follow the release of the audited FY 2024 results, which showed a profit before tax surge of 115.4 percent to N18.70 billion, compared to N8.68 billion in 2023.
Total revenue rose by 88.5 percent, from N28.40 billion to N53.54 billion, while gross profit more than doubled—up 120.53 percent to N33.08 billion from N15 billion the previous year.
Operating profit also increased substantially by 123.93 percent, rising from N8.86 billion to N19.84 billion, highlighting strong core business performance.
In light of these results, the board under the leadership of Dr. Seinde Fadeni has recommended a cash dividend payout of N11.58 billion for 2024, more than double the N4.95 billion distributed for 2023.
The Company’s Q1 2025 unaudited results submitted to the Nigerian Exchange (NGX) signal continued momentum, with revenues more than doubling compared to the same period in 2024.
A company statement noted that contract renewals with existing clients have reached a 95 percent success rate, alongside onboarding of new clients.
Additionally, new Ground Support Equipment arriving at Lagos Seaport is expected to further enhance service delivery.
These developments have garnered praise from shareholders, regulators, and stakeholders alike.
Mr. Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), lauded the board and management for delivering growing shareholder value:
“NAHCO has done fantastically well; it has outperformed investors’ expectations.
The present board and management are running the business very well.” He encouraged the company to sustain its growth by exploring emerging opportunities.
Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), described NAHCO’s 2024 financial performance as “unprecedented,” noting, “The dividend of N5.94 per share declared by the board is highly commendable.”
He added, “With the tremendous increase in the 2025 first quarter results, 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 for their dedication and commitment.”
Mr. Taiwo Oderinde, Chairman of the Proactive Shareholders Association, praised the company’s “awesome” profit growth since the arrival of new investors and urged the board and management not to relent. He also advocated for regular in-person AGMs to foster stronger shareholder engagement.
Mrs. Efunyemi Olatunde Obideyi, Chairman of the Ark of God Shareholders Association, expressed amazement at NAHCO’s performance, highlighting the remarkable share price increase from N4 to N85 per share.
She remarked, “NAHCO keeps surprising all of us with their performance. Any shareholder who knew it would be like this would have bought more shares.”
