Nigeria: NAHCO's shareholders applaud proposed $7mln dividend
The commendation came on the heels of the declaration of full-year 2024 audited results as profit before tax soared by 115.4 per cent to N18.70 billion in 2024 as against N8.68 billion in 2023.
Total revenue rose by 88.5 per cent from N28.40 billion in 2023 to N53.54 billion in 2024. With increased top-line efficiency, gross profit increased by 120.53 per cent to N33.08 billion in 2024 as against N15 billion in 2023.
Operating profit also jumped by 123.93 per cent from N8.86 billion to N19.84 billion, underscoring the fact that the groups performance was driven mainly by core business operations.
Based on this result, the Dr Seinde Fadeni-led board of directors has recommended distribution of N11.58 billion as cash dividends to shareholders for the 2024 business year, more than double of N4.95 billion distributed for the 2023 business year.
The Q1, 2025 unaudited results of the company submitted to the Nigerian Exchange (NGX), has also revealed that the Company is set to outperform the Q1, 2024 results with Q1, 2025 as revenue more than doubled the 2024 figure for the same period.
National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, commended the board and management of NAHCO for running the company in a way that delivers increasing values for the shareholders.
'NAHCO has done fantastically well, it has outperformed investors' expectations. The present board and management are running the business very well,' Igbrude said.
He urged the company to continue its commendable growth trajectory, by continuing to explore other emerging opportunities.
President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar said NAHCO has shown very impressive performance, citing the companys results for full-year 2024 and first quarter 2025.
According to him, in 2024 had a robust financial performance which was unprecedented.
He noted that the dividend of N5.94 per share declared by the board of directors is highly commendable.
'Looking at the 2025 first quarter result that witnessed a tremendous increase, 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 of the company for their dedication and commitment to the progress of the company,' Umar said.
Mr Taiwo Oderinde, Chairman, Proactive Shareholders Association, speaking on the exemplary performance of the Company said that the profit has been awesome.
According to Oderinde, Since the new investor came on board, the Company has been on the upward swing. The performance has been excellent.
He urged the Board and Management of the Company not to rest on their oars even as he made a case for regular in-person AGM in the near future.
In her own comments, the Chairman, Ark of God Shareholders Association, Mrs. Efunyemi Olatunde Obideyi said NAHCO has surprised all shareholders by its performance.
Mrs Obideyi said the jump in the share price from N4 per share to N85.00 was unimaginable. Declaring that any shareholder who knew it would be like this would have bought more shares, she said, NAHCO keep surprising all of us with their performance.
Contracts renewal with clients had been concluded at the rate of 95 per cent while new clients were onboarded during the period.
NAHCO is also taking delivery of new Ground Support Equipment just arriving the Lagos Seaport which will further help service delivery.
These series of developments have earned the commendation of shareholders, regulators and other stakeholders.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
11 hours ago
- Zawya
Ambassador Gao Wenqi Attends the Working Meeting between Leaders of Export-Import Bank of China and Ministry of Finance and Economic Planning of Rwanda
AFRICA On July 31, Ambassador Gao Wenqi attended the working meeting betweenYang Dongning, Vice Governor of Export-Import Bank of China and Hon. Yusuf MURANGWA, Minister of Finance and Economic Planning of Rwanda. Both sides exchanged views on promoting the trade, economic and financial cooperation between China and Rwanda. Distributed by APO Group on behalf of Embassy of the People's Republic of China in the Republic of Rwanda. Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk. To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages. © ZAWYA 2025
Zawya
11 hours ago
- Zawya
South Africa: Cooperative Governance and Traditional Affairs (COGTA) Chairperson Concerned by Closure of Emfuleni Local Municipality Client Service Centre
The Chairperson of the Select Committee on Cooperative Governance and Public Administration (Traditional Affairs, Human Settlements and Water&Sanitation), Mr Mxolisi Kaunda, is concerned by reports of the closure of the Emfuleni Local Municipality client service centre due to unpaid rent. 'The closure of the client service centre negatively impacts the ability of the municipality to collect rates and taxes, a key driver of municipal revenue. The inability to collect revenue will have an unintended negative impact on the ability to deliver quality services to the people,' Mr Kaunda said. The 6th Parliament select committee visited the municipality and criticised the lack of progress in resolving material risks of governance and financial control within the municipality, which exacerbate the already dire state of poor service delivery. Furthermore, the continued attachment of the municipality's bank accounts by service providers, such as Eskom and Rand Water, due to non-payment for services requires a focused and deadline-driven approach. 'While it is not sustainable that the accounts of the municipality are attached, it is also unsustainable that the municipality does not pay for services. The residents of the municipality deserve better basic services in line with the objects of municipalities as envisioned in Section 152 of the Constitution,' Mr Kaunda suggested. The Chairperson also highlighted the importance of government departments paying the municipality for services to improve cash flow management and enable the municipality to provide services. The Chairperson called on the municipality and the provincial executive to find a workable solution to ensure that the client service centre is reopened and that service providers are paid on time. Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
Zawya
11 hours ago
- Zawya
Seychelles: President Ramkalawan Attends Foundation Stone laying Ceremony for Orchid Village Affordable Housing Development Phases II & III
President Wavel Ramkalawan, accompanied by First Lady Mrs. Linda Ramkalawan and Vice President Ahmed Afif, attended the foundation stone laying ceremony for the second and third phases of the Orchid Village affordable housing development at Grand Anse Mahé on Friday morning. The comprehensive housing initiative encompasses 80 affordable residential units, comprising 32 two-bedroom and 48 three-bedroom accommodations. Ascent Project Limited will execute the construction over a 24-month timeline,with the project generously funded by the United Arab Emirates government at an investment of approximately USD 7.3 million. President Ramkalawan, alongside His Excellency Mr. Ahmed Saeed Alneyadi, Chargé d'Affaires of the UAE Embassy, and Minister for Land and Housing Billy Rangasamy, unveiled the commemorative plaque and laid the foundation stone, marking the project's commencement. The delegation also participated in a symbolic tree-planting ceremony. In his address, Minister Rangasamy expressed profound gratitude to the UAE government for their substantial investment in Seychelles' housing sector. The Minister announced the concurrent development of regional sewage treatment plants to service multiple housing estates, including this project, aligning with the nation's comprehensive infrastructure agenda for sustainable development. His Excellency Mr. Ahmed Saeed Alneyadi emphasized that the project "represents a significant milestone in the United Arab Emirates' commitment to providing quality housing for Seychellois citizens and fostering community growth. This grant transcends mere financial investment, it exemplifies the enduring friendship and solidarity between Seychelles and the UAE." President Ramkalawan conveyed his appreciation and satisfaction with the project's progress, noting it as one of three generous initiatives from the UAE government, alongside the English River rehabilitation project and the Anse Royale Sports Complex. "Let this village become a source of pride and cultivate a sense of community that enables our people to flourish," the President declared. National Assembly Member for Grand Anse Mahé District, Mr. Waven William, urged prospective beneficiaries to maintain consistent payment schedules to secure housing allocation. He encouraged current residents to preserve their properties through proper maintenance and foster harmonious neighborhood relations. William advocated for revised housing agreements reflecting contemporary realities, permitting homeowners to undertake repairs while preserving structural integrity, and called for proactive enforcement measures to maintain community standards. The ceremony was attended by Minister of Foreign Affairs and Tourism Mr. Sylvestre Radegonde, Minister of Health Mrs. Peggy Vidot, Principal Secretaries, Chief Executive Officers, National Assembly members, Grand Anse Mahé District Administrator Mrs. Retania Leon, Ministry of Land and Housing personnel, district residents, and distinguished guests. Distributed by APO Group on behalf of State House Seychelles.
