NACHO to hold its annual general meeting May 9 2008 in Enugu, this would be the first meeting since its successful capitalization in 2007, shareholders expect payment of 30kobo dividend on every 50kobo share held and a bonus issue of every 8 units of shares that a shareholder currently holds.
Result shows that an increase of 13 % in turnover from 3.245 billion in 2006 to 3.681 billion, while profit before tax grew by 41.38% from 555.9 million in 2006 to 786 million, also profit after tax increased from 434.1 million to 589.9 million showing an impressive growth of 36% over 2006 figures. NAHCO’s public offer floated in September 2007 was subscribed by 678% meaning the company got almost 10 times more money than it wanted, the excess has been returned to investors with interest. It was indeed a successful 2007 for NAHCO as the company won the presidents Merit award for the Nigeria Stock Exchange and was admitted into Aviance, the first international alliance of airport service providers.
NACHO public offer records over 678% subscription as they record profit. Managing Director Mr Bates Sark, Identified several key challenges facing ground handling companies and banks need to urgently tackle to achieve a mutual rewarding business, and also saluted the recent development whereby financial institutions were beginning to take an interest in financing ground handling operations.
Since its listing on the floor of Stock Exchange in November 2006, NACHO has remained investors choice with the steady rise in the price of the stock from a listing price of N5.50k in 2006, the stock rose to N70.00 in May 2007, then in September, stock appreciated from an offer price of N17,50k to N31,90 as at the close of trading on Thursday April 10 2008.
My rating – 7/10 a good buy.