NAHCO Gains 22% as Earnings Expectation Boosts Investors Sentiment
Nigerian Aviation Handling Company, NAHCO Plc’s market value increased by about 22% due to increased demand for Transportation Services Company’s stock in the equities market.
According to trading data from the Nigerian Exchange (NGX), Ticker: NAHCO market price increased by exactly 21.6% to N46.1 over five trading sessions ended on Friday in the local bourse, from the opening price of N37.9.
The aviation handling company share gained traction in the equities market for four out of five trading sessions due to strong volumes transacted by alpha seekers. The four days rally shot NAHCO market value to N89.851 billion on Friday ahead of its fourth quarter 2024 earnings announcement.
Market analysts anticipate the Transcorp Company’s earnings would come strong in the final quarter of the year because of seasonal advantage. The group’s profit after tax expanded by about 85% year on year to N9.175 billion at the end of nine months results for financial year 2024, from N4.963 billion in the comparable period in 2023.
The significant yearly growth was boosted by hefty revenue print during the period; NAHCO’s revenue increased to N33.947 billion at the end of nine months of financial year 2024. This translated to 10% year-on-year growth above its previous revenue record of N18.535 billion in the comparable period in 2023. NAHCO has three major shareholders with a combined stake of 43.04$ in the aviation handling company.
Godsmart Nigeria Limited, which controls 26.9% of total shares outstanding on NGX owns the lion share in the transport services company. At distance, White Cowry Industries Limited controls 8.96% of the company’s 1,949,062,500.00 shares outstanding as of Sept. 2024. Awhua Resources Limited also has 7.13% of the group shares at the same period.
Total director shareholdings in NAHCO settled at 1.77%, while free float at the end of the period was 55.19%, which is fully compliant with The Exchange’s free float requirements for companies listed on the Main Board. #NAHCO Gains 22% as Earnings Expectation Boosts Investors Sentiment NGX Index Dips Intraday as Investors Book Profit in ARADEL, NB
