Nahco Aviance Share Price Update:
Price as at:
22 Mar 2017
Price: 2.09
Change: 0.09
% Change: 4.50
 
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AN UNCOMMON AGM  [28/07/16]

This year’s edition of the Annual General Meeting (AGM) of Nigerian Aviation Handling Company Plc, held at the Shehu Musa Yar’Adua Centre, Abuja. It was a coming together of owners, Directors and Management of the Company to discuss the performance of the company in the year 2015 and to chart the way forward for the next year.

Before the Annual General Meeting (AGM) proper on Tuesday, July 26th, 2016, Shareholders and other stakeholders were hosted to an evening of fun at a cocktail held at the Hilton Hotel, Abuja. The turn- out was a foreclosure of what to be expected the following day. And true to expectation, as early as 9am, the Shehu Musa Yar’Adua Centre venue of the Annual General Meeting (AGM) began to witness the inflow of visitors. The well- structured security arrangement put in place by the organisers made the exercise a seamless one. Everyone had an identification tag, the screening helped in preventing unauthorized access to the venue. In turn, it brought sanity and unrivalled sense of security to all present.

And a few minutes to the commencement of the event proper, the Board members arrived in a convoy and were screened and ushered to the venue to a rousing ovation from shareholders.

The interaction proper began as scheduled and all went smoothly. It turned out to be the best AGM in recent times as all decisions were unanimously carried, no dissenting voice, it was indeed a joyful event.

Shareholders took turn to commend the Board and Management of the Company for declaring dividend and profit for the 2015 financial year, even while most companies were reporting losses.


The company’s turnover increased from N8.1 billion in 2014 to N8.5 billion in 2015, while Profit Before Tax (PBT) increased from N769.5 million in 2014 to N796.8 million in 2015.

The shareholders also approved dividend payouts of N324.8 million at 20 kobo per ordinary share of 50 kobo less withholding tax for the financial year ended December 31, 2015.

Commending Board and Management for a job well done, the National Coordinator of the Independent Shareholders Association of Nigeria, Sir Sunny Nwosu, said: “Today we have seen the usefulness of right thinking and focus by the Chairman and the Board. We are happy with the 20 kobo dividend. We will collect this 20 kobo, keep in our pockets and ask for more”. He encouraged the Board and Management not to be deterred.

Mr. Mukhtar Mukhtar, Chairman of the Shareholders’ Trustees Association of Nigeria, Sir Shola Abodunrin from Ibadan and Mr. Taiwo Aderinde among others, spoke glowingly about the Board’s and Management’s achievement

The Chairman, Mallam Suleiman Yahyah, his Vice, Mr. Denis Hasteudenteufel and Mr. Chris Oshiafi were all re-elected, while the appointment of Mrs. Folashade Ode as a Director was confirmed.
 
In his address, the Chairman said the Nahco Free Zone; one of the Company’s subsidiaries has already started attracting high quality international customers to its facilities, which is under development based on the phase one of the master plan.


“Our operating and management partners of the NFZ, International Development of Ireland (IDI), are fully in charge of the operations and management of the zone. The IDI has an international track record of establishing the first trade zone in the world at Shannon, Ireland,” he said.
 

Also, the NAHCO Agri-Project in partnership with Dube Trade Port of South Africa will be involved in the value chain addition and processing of Nigerian produced fruits and vegetables for local Nigerian market and exports to the rest of the world.
 

“These steps will improve our efficiency and consolidate on our diversification strategy started five years ago so that your company will stay on a strategic growth path in the near term to mitigate the head wind we foresee,” he declared.
 

The Chairman also answered questions from the Shareholders before proceeding to the appointment of a new External Auditor, Ernst & Young, following the expiration of the contract of the former, Horwath Dafinone Chartered Accountants. The Audit Committee’s election also held and all members were equally returned.