Nigeria’s two listed airport ground-handling companies have grown dramatically over the past five years, with combined revenue nearly quintupling since 2022. But the latest figures point to a new issue, the businesses are generating more sales and building much larger asset bases, yet rising costs and weaker cash positions are beginning to squeeze profitability.
Skyway Aviation Handling Company Plc (SAHCO) and Nigerian Aviation Handling Company Plc (NAHCO) generated combined revenue of N58.36 billion in 2026, up from N12.16 billion in 2022, an increase of 380 percent.
The growth has been accompanied by an expansion in profits over the longer term. Combined profit after tax rose from just N1.28 billion in 2022 to N17.01 billion in 2025, before falling to N14.70 billion in 2026.
Revenue increased by N4.97 billion, 9.3 percent, between 2025 and 2026, but combined profit before tax fell 7.2 percent from N21.75 billion to N20.19 billion. Profit after tax declined even more sharply, dropping 13.6 percent.
The pressure is coming largely from the cost side. Combined cost of sales jumped from N19.75 billion in 2025 to N27.60 billion in 2026, an increase of almost 40 percent, far outpacing revenue growth.
