NAHCO suffers 68% profit drop as COVID-19 hits air travel

The Nigerian Aviation Handling Company Plc has posted a 68 percent decline in its profit before tax for the 2020 financial year.

NAHCO’s pretax profit fell to N428.59 million last year from N1.34 billion in 2019 while profit after tax dipped to N171.31 million from N717.19 million, according to its unaudited financial statements obtained by Markets Reporters showed.

Its revenue dropped to N7.33 billion from N9.99 billion as COVID-19-induced steep fall in air travels reduced the demand for ground handling services at airports.