NAHCO Launches Three-Phased GSE Replacement Plan, Records N28 Billion Revenue 2023
In a strategic move to reinforce its leadership in the ground handling service sector across West Africa, NAHCO Aviance has unveiled an ambitious Ground Support Equipment (GSE) Replacement Plan to be completed in three phases.
The Board of Directors announced this groundbreaking plan during the commissioning of the first batch of new GSE at the company’s headquarters in Lagos, Nigeria, marking the commencement of Phase 1 of the GSE Replacement Plan. This initiative aims to modernize the company’s fleet with state-of-the-art equipment over the next two years, enhancing service quality and operational efficiency for all airline customers.
Dr. Seinde Oladapo Fadeni, Chairman of the Board, stated, “By 2026, we will have acquired all the necessary equipment to fully upgrade our fleet. This initial delivery marks the beginning of significant advancements for NAHCO and our operational practices. Despite unforeseen delays from manufacturers and port authorities, we have now initiated a consistent delivery schedule. This milestone signals the start of numerous positive transformations across various aspects of our business, including our workforce, facilities, and equipment.”
Mr. Indranil Gupta, Group Managing Director/CEO, outlined the phased implementation of the GSE Replacement Plan, which consists of three phases scheduled for completion by 2026. The current batch of equipment is part of Phase 1, with additional batches expected in the coming months. Orders for Phase 2 will commence shortly, while Phase 3 is slated to begin in 2025.
Gupta highlighted the strategic importance of the new acquisitions. “Our focus on acquiring modern GSE to replace our aging fleet is critical for improving operational safety and efficiency. With the Board’s support, we are committed to delighting our customers and providing superior service to our client airlines. This initiative aligns perfectly with our mission statement to deliver exceptional services through professional teams, cutting-edge technology, and leading practices,” Mr. Gupta explained.
Dr. Olusola Obabori, Group Executive Director of International Business and Corporate Services, reiterated the company’s commitment to excellence. “This acquisition heralds a new era for NAHCO. We are profoundly grateful to our dedicated staff and confident that the future holds even greater achievements,” Dr. Obabori added.
Comrade Prince Nnochiri, Chairman of the National Union of Air Transport Employees (NUATE), praised the company’s leadership for its timely reinvestment. He highlighted the significant positive impact the new equipment will have on operational efficiency and service excellence.
NAHCO’s robust financial performance underscores its growth trajectory. In 2023, the company reported a revenue of N28 billion, a 70% increase from the previous year’s N16.7 billion. The company also recorded a 126% increase in Profit Before Tax (PBT) compared to the previous year.
