NAHCO Tax Payments Hit N1.38 Billion in Q3 Report

Nigerian Aviation Handling Company (NAHCO) has seen improvements in its tax payments for the first nine months of 2023, also known as Q3 2023.

According to the firm's financial statements, NAHCO tax payments rose by 125% to N1.4 billion in the first nine months of 2023, which is far different from the corresponding year, which settled at N622.95 in 2022.

An overview of the total tax payments reveals that tax generated the highest revenue with N1.38 billion, followed by prior year under-provision (N11.3 million). NASENI fund expenses were recorded at N8.14 million, and education tax was N3.35 million.

NAHCO Q3 Report in Details

NAHCO revenue rose to N18.5 billion in the first nine months from N11.2 billion in the same period last year.

NAHCO’s other income increased to N277.52 million from N241.3 million.

NAHCO rental income from investment property declined to N152.21 million from N156.26 million.

NAHCO realized foreign exchange gain amounted to N78.5 million from a loss of N49.4 million. 

NAHCO's sundry income dipped to N22.3 million from N123.7 million.

NAHCO's income from training services increased to N3.73 million from N1.48 million.

NAHCO's profit after tax rose to N4.96 billion from N2.11 billion. 

NAHCO’s administrative costs increased to N3.41 billion from N2.43 billion. 

NAHCO's net finance costs stood at N145.01 million, up from N57.38 million. 

NAHCO spent N26.4 million on clearing charges from N26.47 million.

NAHCO consulting fees increased to N99.4 million from N23.88 million. 

NAHCO's registrar’s fees rose to N11.36 million from N9.54 million, while the firm's legal fees dropped to N9.52 million from N20.9 million.

NAHCO depreciation increased to N120.3 million from N54.3 million in the same period of 2022. 

NAHCO inventories amounted to N620.7 million, and the growth can be attributed to spare parts worth N272.7 million, diesel and lub worth N200.5 million, and general and medical worth N147.5 million. 

NAHCO’s earnings per share stood at N2.53, up from N1.29.

At the beginning of the year, NAHCO Aviation Academy, a wholly–owned subsidiary of the Nigerian Aviation Handling Company Plc, was accredited as an Approved Training Organization by the Nigeria Civil Aviation Authority (NCAA).