Nigeria's Airport Handlers Face Profit Squeeze Despite Revenue Growth

In 2026, Nigeria's two listed airport ground-handling companies, Skyway Aviation Handling Company Plc (SAHCO) and Nigerian Aviation Handling Company Plc (NAHCO), reported a combined revenue of N58.36 billion, a significant increase from N12.16 billion in 2022, marking a 380 percent growth. Despite this revenue surge, profitability has been affected by rising costs.

Combined profit after tax rose from N1.28 billion in 2022 to N17.01 billion in 2025 but fell to N14.70 billion in 2026. The combined cost of sales increased from N19.75 billion in 2025 to N27.60 billion in 2026, a nearly 40 percent rise.

SAHCO's revenue grew from N21.06 billion to N23.01 billion, but its profit after tax dropped from N8.14 billion to N3.85 billion. In contrast, NAHCO managed to increase its profit after tax by 22.2 percent to N10.85 billion.

The overall asset base of both companies rose from N45.01 billion in 2022 to N138.44 billion in 2026, yet cash and cash equivalents decreased from N7.63 billion to N6.04 billion.