Nigerian Aviation Handling Co. PlcNSENG: NAHCO

Quarter 1 - financial statement for 2026

Apr 30, 2026 at 3:55 PM UTC · Issued by Nigerian Aviation Handling Co. Plc

NIGERIAN AVIATION HANDLING COMPANY PLC

Lagos, Nigeria

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026

NIGERIAN AVIATION HANDLING COMPANY PLC CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2026

Contents	Page
Corporate Information	3
Consolidated and Separate Statements of Profit or Loss and Other Comprehensive Income	4
Consolidated and Separate Statements of Financial Position	5 to 6
Consolidated Statement of Changes in Equity	7
Separate Statement of Changes in Equity	8
Consolidated and Separate Statements of Cash flows	9 to 10
Nahco Free Float Status	11
Notes to the Consolidated and Separate Financial Statements	12 to 52

NIGERIAN AVIATION HANDLING COMPANY PLC CORPORATE INFORMATION RC No. 30954 Tax identification number 00209207-0001 DIRECTORS Chairman (Non Executive) Dr. Seinde Oladapo Fadeni Group Managing Director/CEO Mr. Olumuyiwa Olumekun Executive Directors Dr. Peter Olusola Obabori Prince Saheed Lasisi Non-Executive Directors Mr. Taofeeq Oluwatoyin Salman

Mr. Tajudeen Moyosola Shobayo Prof. Enyinna Ugwuchi Okpara Mr. Abdulhamid Aliyu

Rev. Olaiya Victor Abimbola

Independent Non- Executive Directors Mrs. Abimbola Adunola Adebakin

Mrs. Adebisi Oluwayemisi Bakare Mr. Akinwumi Godson Fanimokun

Registered Office NAHCO Aviance House

Murtala Muhammed International Airport Ikeja, Lagos

Registrars Cardinal Stone Registrars Limited

358, Herbert Macaulay Way Yaba, Lagos

P. O. Box 9117 Lagos, Nigeria

Company Secretary Dikko & Mahmoud (Solicitors & Advocates) No 10 Seguela Street, Wuse 2

F.C.T. Abuja

Auditor Ernst & Young

10th & 13th Floors, UBA House 57 Marina, Lagos.

Bankers Access Bank Plc

Citibank Nigeria Limited Ecobank Plc

Fidelity Bank Plc

First Bank of Nigeria Limited Globus Bank Limited Guaranty Trust Bank Plc Polaris Bank Limited Stanbic IBTC Bank Plc Union Bank Plc

Zenith Bank Plc

NIGERIAN AVIATION HANDLING COMPANY PLC CONSOLIDATED AND SEPERATE STATEMENTS OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2026

			Group	Company
		Mar 2026	Mar 2025	Mar 2026	Mar 2025
	Notes	N'000	N'000	N'000	N'000
Revenue	5	16,474,125	17,036,989	15,126,395	14,973,399
Operating costs	9a	(7,977,893)	(7,581,825)	(7,053,522)	(6,000,538)
Gross profit		8,496,232	9,455,164	8,072,873	8,972,861
Other income	6	173,796	85,735	172,443	85,735
Administrative expenses	9b	(2,407,471)	(3,375,343)	(2,236,381)	(3,210,038)
Expected credit losses	9c	-	-	-	-
Profit from operations		6,262,557	6,165,556	6,008,935	5,848,558
Finance costs	7	(466,663)	(556,652)	(436,352)	(493,791)
Finance income	7	402,411	168,849	372,195	164,897
Profit before tax		6,198,305	5,777,753	5,944,778	5,519,664
Income tax expense	8(a)	(1,678,083)	(1,425,761)	(1,657,992)	(1,379,916)
Profit for the period		4,520,222	4,351,992	4,286,786	4,139,748
Other comprehensive income		-	-	-	-
Total comprehensive income for the
year, net of tax		4,520,222	4,351,992	4,286,786	4,139,748
		=========	========	=========	========
Profit attributable to:
Equity holders of the parent		4,536,145	4,317,977	4,286,786	4,139,748
Non-controlling interest	26b	(15,923)	34,015	-	-
		4,520,222	4,351,992	4,286,786	4,139,748
		=========	========	=========	========
Earnings per share:
Basic/diluted earnings per share (Kobo)	10	233	222
		===	===

The accompanying notes form an integral part of these consolidated and separate financial statements

NIGERIAN AVIATION HANDLING COMPANY PLC CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2026

		Group					Company
		Mar 2026			Dec 2025	Mar 2026	Dec 2025
	Notes	N'000			N'000	N'000	N'000
Assets
Non-current assets
Property, plant and equipment	11		25,841,331	26,375,631		25,294,353		25,790,803
Intangible assets	14		1,020,328	1,046,071		923,856		949,481
Investment property	15		252,269	254,368		252,269		254,368
Right-of-use assets	12&13		2,174,556	2,202,466		2,174,556		2,202,467
Investment in subsidiaries	16		-	-		241,000		241,000
Total non-current assets			29,288,484	29,878,536		28,886,034		29,438,119
Current assets
Inventories	17		1,154,872	1,649,337		1,127,064		1,144,108
Trade and other receivables	19		12,704,364	11,134,303		11,662,990		9,838,017
Intercompany receivables	20		-	-		365,119		416,296
Intercompany loan	20b		-	-		325,159		325,159
Prepayments	18		3,663,179	1,250,943		3,160,681		605,738
Cash and Cash Equivalent	22		15,167,229	11,206,662		12,416,591		9,412,679
Total current assets			32,689,644	25,241,245		29,057,604		21,741,997
Total assets			61,978,128	55,119,781		57,943,638		51,180,116
			=========	=========		=========		=========
Equity and liabilities
Equity
Share capital	23		974,531	974,531		974,531		974,531
Share premium	24		1,752,336	1,752,336		1,752,336		1,752,336
Retained earnings	26		27,787,639	23,251,494		26,299,188		22,012,402
Total equity attributable to equity
holders of the Company			30,514,506	25,978,361		29,026,055		24,739,269
Non-controlling interests	26b		17,577	17,752		-		-
Total equity			30,532,083	25,996,113		29,026,055		24,739,269
Non-current liabilities
Lease liabilities	27		2,037,859	2,368,230		2,037,859		2,368,230
Deferred tax liabilities	8C		756,495	756,495		733,079		733,078
Interest-bearing loan and borrowings	28.2		2,982,807	1,208,507		2,982,807		1,208,507
Total non-current liabilities			5,777,161	4,333,232		5,753,745		4,309,815

NIGERIAN AVIATION HANDLING COMPANY PLC

CONS OLIDACEO ANO SEPARATE STATEMENTS OF FINAMCIA L POSITION - Continued AS AT 31 MARCH 2026

		Group			Company
Current liabilities	Notes	Mar 2026 bl'000	Dec 2025 N'000	Mar 2026 N'000	Dec 2025 N'000
Current tax liabilities	8b	8 116 089	6,615 803	7 948 164	6.467 970
Trade and other payables	28	44 1?9,485	11,764,867	13 300 494	11,353 845
Interest-bearing loan and borrowings	28 2	1820,227	4 26$,720	1.820 227	4 102553
Lease liabilities	27		103,278		103.278
Deferred income	Z9	1595,083	2.020,768	94 953	103.366
Total current liabilities		25,668 B84	24 790, 486	23. 153. 838	22. 1 3 ,032
Total liabilities		31,4^6 045	29 ' 23 666	28, 917 583	26 440 647
Total equity and liabilities		6 4 978 28	56-, 9 781	57 9<3.638	5 4 4 80. 1 46

The financial statements were approved by lhe Board of Directors on 29 Aprll 2026 and signed on its behaIf by

Group Managing Director

ERC/20 3/PR 0/1 0 DN/002i 0 000000 396 '

Chief Financial Officer

FRC/20 49/PR 0/ICAN/00 /000000 9B 4 S

The accompanying notes form an integral part of these consolidated and separa|e financial statements

Page 6 of 52

Group	Share capital	Share Retained premium earnings Total						Non- Controlling interest		Total equity
2026	N'000 N'000 N'000 N'000 N'000									N'000
At 1 January 2026	974,531	1,752,336		23,251,494		25,978,361		17,577		25,995,938
Profit for the period	-	-		4,536,145		4,536,145		(15,923)		4,520,222
Other comprehensive income net of tax	-	-		-		-		-		-
Total comprehensive income for the	-	-		4,536,145		4,536,145		(15,923)		4,520,222
year, net of tax
Investment by NCI	-		-		-		-		-	-
Dividend paid (Note 26c)	-		-		-		-		-	-
At 31 March 2026	974,531		1,752,336		27,787,639		30,514,506		1,654	30,516,160
	=======		========		=========		=========		======	=========
2025
At 1 January 2025	974,531		1,752,336		17,314,624		20,041,491		33,500	20,074,991
Profit for the year	-		-		17,514,298		17,514,298		(15,923)	17,498,375
Other comprehensive income net of tax	-		-		-		-		-	-
Total comprehensive income for the	-		-		17,514,298		17,514,298		(15,923)	17,498,375
year, net of tax
Investment by NCI	-		-		-		-		-		-
Dividend paid (Note 26c)	-		-		(11,577,428)		(11,577,428)		-		(11,577,428)
At 31 December 2025	974,531		1,752,336		23,251,494		25,978,361		17,577		25,995,938
	=======		========		========		=========		======		=========

The accompanying notes form an integral part of these consolidated and separate financial statements

Company

capital N'000	premium N'000	earnings N'000	Total N'000
974,531	1,752,336	22,012,402	24,739,269
-	-	4,286,786	4,286,786
- - -	-	-	-
-	-	4,286,786	4,286,786
-	-	-	-
974,531 =======	1,752,336 ========	26,299,188 =========	29,026,055 ==========

2026 Share Share Retained

At 1 January 2026

Profit for the period

Other comprehensive income net of tax

Total comprehensive income for the year, net of tax

Dividend paid (Note 26c)

At 31 March 2026

2025	Share capital	Share premium		Retained earnings	Total
	N'000	N'000		N'000	N'000
At 1 January 2025	974,531	1,752,336		15,704,422	18,431,289
Profit for the year	-	-		17,885,408	17,885,408
Other comprehensive income net of tax	-	-		-	-
Total comprehensive income for the	-	-		17,885,408	17,885,408
year, net of tax
Dividend paid (Note 26c)	-		-	(11,577,428)	(11,577,428)
At 31 December 2025	974,531		1,752,336	22,012,402	24,739,269
	=======		========	========	=========

The accompanying notes form an integral part of these consolidated and separate financial statements

		Group						Company
		Mar 2026		Dec 2025		Mar 2026		Dec 2025
	Notes	N'000		N'000		N'000 N'000
Operating activities
Profit before tax		6,198,305		24,280,068		5,944,778		24,486,277
Adjustments to reconcile profit before
tax to net cash flows:
Depreciation of property, plant and equipment	9d	762,734		2,485,933		745,527		2,445,370
Depreciation of investment property	9d	2,099		10,537		2,099		10,537
Amortization of intangible asset	9d	25,743		22,972		25,625		22,571
Depreciation of right-of-use asset	9d	27,911		111,639		27,911		111,639
Dividend income from subsidiaries	6			-				(404,749)
Profit on disposal of property, plant and equipment	6		(528)		(5,940)		(448)		(2,940)
Loss on disposal of property, plant and equipment	9b		-		-		-		-
Bad debt written off	9b		-		-		-		-
Expected credit losses on account receivables	9c		-		617,735		-		616,525
Expected credit losses on intercompany	9c		-		-		-		-
Expected credit losses on intercompany loan	9c		-		-		-		(87,227)
Expected credit loss on short-term deposit	9c		-		(896)		-		103
Intercompany bad debt written-off	9b		-		-		-		-
Property, plant and equipment written off	9b		-		45,826		-		45,826
Deferred rent released to profit or loss	29		(894,451)		(149,667)		(55,947)		(149,667)
Finance cost	7		466,663		2,187,864		436,352		2,046,447
Finance income	7		(402,411)		(1,453,517)		(372,195)		(1,365,949)
Inventories written off	9b(i)				2,596				2,596
Unrealized exchange (gain)/loss	9		(43,251)		99,222		(78,244)		99,222
			6,142,814		28,254,372		6,675,458		27,876,581
Working capital adjustments:
(Increase)/Decrease in inventories			494,465		(756,295)		17,044		(463,574)
(Increase)/Decrease In trade and other receivables			(1,570,061)		472,494		(1,824,973)		(2,279,429)
(Increase)/ Decrease in intercompany receivables			-		-		51,177		(116,149)
(Increase)/Decrease in prepayments			1,231,571		200,134		1,405,207		523,233
(Decrease)/Increase in trade and other payables			2,397,869		(2,170,234)		2,024,893		(2,626,730)
			8,696,658		26,000,471		8,348,806		22,913,932
Taxation paid	8(b)		(177,799)		(3,970,324)		(177,798)		(3,864,206)
Net cash flows from operating activities			8,518,859		22,030,147		8,171,008		19,049,726

The accompanying notes form an integral part of these consolidated and separate financial statements

		Grou	p	Company
		Mar 2026	Dec 2025	Mar 2026 Dec 2025
	Notes	N'000	N'000	N'000 N'000
Investing activities
Purchase of property, plant and equipment	11	(228,434)	(5,567,653)	(249,077) (5,131,804)
Acquisition of intangible asset	14	-	(877,207)	- (876,532)
Investment in subsidiary	16	-	-		-	-
Proceeds from disposal of property, plant and equipment	6	-	23,083		-	19,867
Dividend received from subsidiaries	6					404,749
Rent received	29	466,766	1,972,904		47,514	240,447
Interest received	7	402,411	1,453,517		372,195	1,365,949
Net cash flows used in investing activities		640,743	(2,995,356)		170,632	(3,977,324)
Financing activities
Interest paid	28.2.1	(359,464)	(1,706,666)		(329,153)	(1,588,416)
Lease payment	27	(540,848)	(816,826)		(540,848)	(816,826)
Loan received from bank	28.2.1	-	50,000		-	-
Loan repayment	28.2.1	(2,491,420)	(1,745,015)		(2,328,253)	(1,745,015)
Intercompany loan	20b	-	-		(332,170)	(39,800)
Intercompany loan repayment	20b		-		-	3,210,000
Dividends paid to equity holders of the parent	26	-	(11,577,428)		-	(11,577,428)
Net cash flows used in financing activities		(3,391,731)	(15,795,935)		(3,530,424)	(12,557,485)
Net increase/ (decrease) in cash and cash equivalent		5,767,871	3,238,856		4,811,216	2,514,917
Cash and cash equivalents at 1 January		9,399,784	6,160,928		7,605,801	5,090,884
Cash and cash equivalents at 31 March	22	15,167,655	9,399,784		12,417,017	7,605,801
		========	========		========	========

The accompanying notes form an integral part of these consolidated and separate financial statements

NIGERIAN AVIATION HANDLING COMPANY PLC Shareholding Structure/Free Float Status

Description	31-Mar-26		31-Mar-25
Description	Units	Percentage (In relation to Issued Share Capital)	Units	Percentage (In relation to Issued Share Capital)
Issued Share Capital	1,949,062,500	100%	1,949,062,500	100%
Details of Substantial Shareholdings (5% and above)
[Name(s) of Shareholders]
Godsmart Nigeria Ltd	497,293,890	25.51%	532,278,312	27.31%
White Cowry Industries Limited	168,643,862	8.65%	168,643,862	8.65%
Awhua Resources Limited	138,945,487	7.13%	138,945,487	7.13%
Total Substantial Shareholdings	804,883,239	41.29%	839,867,661	43.09%
Details of Directors Shareholdings (direct and indirect), excluding directors' holding substantial interests
[Name(s) of Directors]
Dr. Seinde Fadeni Oladapo	-	0.00%	-	0.00%
Rev.Olaiya Victor A.	1,170,142	0.06%	671,110	0.03%
Mr. Indranil Gupta	-	0.00%	-	0.00%
Mrs. Bakare Adebisi Oluwayemisi	38,059	0.00%	38,059	0.00%
Mr. Akinwumi Godson Fanimokun (Direct)	7,031,932	0.36%	7,031,932	0.36%
Mr. Salman Taofeeq Oluwatoyin	54,000	0.00%	-	0.00%
Mr. Abdulhamid Aliyu	-	0.00%	-	0.00%
Mr. Tajudeen Moyosola Shobayo (Direct)	22,485,768	1.15%	19,508,768	1.00%
Prof. Enyinna Ugwuchi Okpara (Direct)	133,000	0.01%	39,600	0.00%
Dr. Peter Olusola Obabori	1,000,000	0.05%	-	0.00%
Mrs. Abimbola Adunola Adebakin	-	0.00%	-	0.00%
Mr. Olumekun Muyiwa	150,000	0.01%	-	0.00%
Prince Saheed Lasisi (Direct)	7,767,593	0.40%	7,551,999	0.39%
Total Directors' Shareholdings	39,830,494	2.04%	34,841,468	1.78%
Details of Other Influential shareholdings, if any (E.g. Government, Promoters)
[Name(s) of Entities/ Government]	-	-	-	-
Total of Other Influential Shareholdings	-	-	-	-
Free Float in Unit and Percentage	1,104,348,767	56.67%	1,074,353,371	55.13%
Free Float in Value	₦213,139,312,031.00		₦71,874,240,520

Declaration:

A) NAHCO Plc with a free float percentage of 56.66% as at March 31, 2026 is compliant with The Exchange's free float requirements for companies listed on

the Main Board.

B) NAHCO Plc with a free float percentage of 55.12% as at March 31, 2025 is compliant with The Exchange's free float requirements for companies listed on

the Main Board.

Note:

* Share Price as at March 31, 2026 ₦193.00

* Share Price as at March 31, 2025 ₦66.90

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

Reporting entity
Nigerian Aviation Handling Company PLC ("nahco aviance" or "the Company") is a company domiciled in Nigeria with its registered office at Murtala Muhammed International Airport, Ikeja, Lagos. The consolidated financial statements of the Group for the year ended 31 March 2026 comprise the Company and its subsidiaries (together referred to as the "Group" and indvidually as "Group entities"). The group is primarily involved in provision of services including aircraft handling, cargo handling, passenger handling, passenger profiling, crew transportation, energy and power distribution and leasing of ground handling equipment.
Basis of preparation
1. Statement of compliance
  The financial statements have been prepared in accordance with the IFRS Accounting Standards as issued by the International Accounting Standards Board, the provisions of the Companies and Allied Matters Act 2020 and in compliance with the Financial Reporting Council of Nigeria (Amendment) Act, 2023.
  The consolidated and separate financial statements were authorized for issue by the Directors on 29 April, 2026.
2. Functional and presentation currency
  These financial statements are presented in the Nigerian Naira, which is the Group's functional currency. Except as indicated, financial
  information presented in Naira has been rounded to the nearest thousands.
3. Basis of measurement
  These financial statements are prepared on the historical cost basis except where fair values are adopted and disclosed in the policy and notes to the consolidated and separate financial statements.
4. Composition of the financial Statement Financial statements consist of :
  1. Consolidated and separate statements of profit or loss and other comprehensive statement
  2. Consolidated and separate statements of the financial position
  3. Consolidated and separate statements of changes in equity
  4. Consolidated and separate statements of cash flows
  5. Notes to the consolidated and separate financial statements
5. Use of estimates and judgments

The preparation of the consolidated and separate financial statements is in conformity with the IFRSs requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

2 Basis of preparation - Continued

(e) Use of estimates and judgments - Continued Judgments

In the process of applying the Group's accounting policies, management has made the following judgments, which have the most

significant effect on the amounts recognised in the financial statements:

Determining the timing of satisfaction of Ground and Cargo Handling Services

Revenue from contract with customers is to be recognized over time because the customer simultaneously receives and consumes the benefits provided by the Company. The fact that another entity would not need to re-perform the service that the Company has provided to date demonstrates that the customer simultaneously receives and consumes the benefits of the Company's performance as it performs.

The company has determined that the input method is the best method in measuring progress of Ground and Cargo Handling

Operating lease commitments - Group as lessor

The group has entered into commercial property leases on its investment property portfolio. The group has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a major part of the economic life of the commercial property and the present value of the minimum lease payments not amounting to substantially all of the fair value of the commercial property, that it retains all the significant risks and rewards of ownership of these properties and accounts for the contracts as operating leases.

Going concern

The group's management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, the Management is not aware of any material uncertainties that may cast significant doubt upon the Group's ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur.

Discount rate used to determine the incremental borrowing rate

The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) as it relates to each specific subsidiary to measure lease liabilities. The IBR is the rate of interest that each entity in the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

The group estimates the IBR using the following steps:

Step 1: Reference rate: This is generally a government bond reflecting risk-free rate. Repayment profile was considered when aligning the term of the lease with the term for the source of the reference rate.

Step 2: Financing spread adjustment: Use credit spreads from debt with the appropriate term by considering Company's standalone credit rating or similar Company credit rating.

Step 3: Lease specific adjustment: Use of market yield for the leased assets, as an additional data point and to check the overall IBRs calculated.

Re-assessment of useful lives and residual values

The Group carries its PPE at cost less accumulated depreciation and impairment in the consolidated and separate statements of financial position. The annual review of the useful lives and residual value of PPE result in the use of significant management judgements.

Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on available data from binding sales transactions, conducted at arm's length for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset's performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes.

The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.

The group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Fair value of financial instruments

When the fair value of financial assets and financial liabilities recorded in the consolidated and separate statements of financial position cannot be derived from active markets, their fair value is determined using valuation techniques including the discounted cash flow model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. The judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

(e) Use of estimates and judgments - Continued

Provision for expected credit losses of trade receivable

The company uses a provision matrix to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e., by geography, product type, customer type and rating).

The provision matrix is initially based on the Group's historical observed default rates. The company will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in the manufacturing sector, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analyzed.

The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group's historical credit loss experience and forecast of economic conditions may also not be representative of customer's actual default in the future.

Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The group establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities.

3 Material accounting policies information

The material accounting policies information set out below have been applied consistently to all periods presented in these financial statements.

Basis of Consolidation
The consolidated and separate financial statements comprise the financial statements of the Group and its subsidiaries as at 31 December 2025. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:
- Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
- Exposure, or rights, to variable returns from its involvement with the investee
- The ability to use its power over the investee to affect its returns
  Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
- The contractual arrangement(s) with the other vote holders of the investee
- Rights arising from other contractual arrangements
- The group's voting rights and potential voting rights
  The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
  Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
  1. Basis of Consolidation - Continued
    A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
    If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognized at fair value.
  2. Foreign currency
    Foreign currency transactions
    Transactions in foreign currencies are translated into the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at each reporting date are retranslated to the functional currency at exchange rates as at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in the functional currency translated at the exchange rate at the end of the year. Differences arising on settlement or translation of monetary items are recognised in the profit or loss.
  3. Property, plant and equipment
  Recognition and measurement
  All property, plant and equipment are initially stated in the statement of financial position at cost .
  Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Items of property, plant and equipment under construction are disclosed as capital work-in-progress. The cost of construction recognized includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and borrowing costs on qualifying assets.
  An item of property, plant and equipment is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized in profit or loss.
  Subsequent costs
  The cost of replacing part of an item of property or plant is recognised in the carrying amount of the item if it is probable that future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably.
  The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property and equipment are recognised in the profit or loss as incurred.
  Depreciation
  Depreciation is recognised in the profit or loss on a straight-line basis to write down the cost of each asset, to their residual values over the estimated useful lives of each part of an item of property and equipment. Leased assets under finance lease are depreciated over the shorter of the lease term and their useful lives. Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in respect of internally constructed assets, from the date the asset is completed and available for use. Depreciation ceases at the earlier of the date that the asset is derecognised or classified as held for sale in accordance with IFRS 5. A non-current asset or disposal group is not depreciated while it is classified as held for sale.
  1. Property, plant and equipment - Continued
    The estimated useful lives for the current and comparative period are as follows:
    Leasehold land 50 years
    Leasehold building 50 years
    Buildings 50 years
    Computer equipment 3-10 years
    Furniture, and equipment 2-10 years
    Motor vehicles 4- 6 years
    Plant and machinery 6-15 years
    Capital work-in-progress Not depreciated
    Depreciation methods, useful lives and residual values are reviewed at each financial year- end and adjusted if appropriate. The assessment of the useful life during the year, has no significant impact on the financial statements.
    Capital work-in-progress are assets under construction which take substantial period of time before being ready for their intended use. These are recorded at the cost incurred to date less any impairment loss and no depreciation is charged on these amounts. Depreciation commences when the assets are ready for their intended use.
    De-recognition
    An item of property and equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset is included in profit or loss in the year the asset is derecognised.
  2. Intangible assets
    The group's intangible assets comprise software that are not integral part of the related hardware. The intangible assets have finite useful lives of between ten and thirty years (10-30 years) and are measured at cost less accumulated amortisation and accumulated impairment losses.
    Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in profit or loss as incurred.
    Intangible assets acquired separately
    Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
    Derecognition of intangible assets
    An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognised in the profit or loss when the asset is derecognised.
    Amortisation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.
  3. Inventories
    Inventories are shown at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. The cost includes direct cost and appropriate overheads and is determined on the first-in first-out method.
  4. Financial Instruments
    1. Financial assets Recognition
      Non-derivative financial instruments- recognition and measurement
      The Group recognizes a financial asset when it becomes a party to the contractual provisions of the instrument. The Group initially recognizes trade and other receivables on the date of transaction. Transaction cost of a financial asset measured at fair value through profit or loss is recognized as profit or loss.
      Trade and other receivables
      A receivable represents the Company's right to an amount of consideration that is unconditional (i.e., only the passage of time is
      required before payment of the consideration is due).
      Classification of non-derivative financial assets
      Classification and measurement model of non-derivative financial assets are summarized as follows. The Group classifies financial assets at initial recognition as financial assets measured at amortized cost, debt instruments measured at fair value through other comprehensive income,
      Initial recognition and measurement
      Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss.
      The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price.
      In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are 'solely payments of principal and interest (SPPI)' on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.
      The Group's business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling.
      Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.
      Subsequent measurement
      For purposes of subsequent measurement, financial assets are classified in four categories:
      - Financial assets at amortised cost (debt instruments)
      - Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
      - Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity
        instruments)
      - Financial assets at fair value through profit or loss equity instruments measured at fair value through other comprehensive
        income or financial assets measured at fair value through profit or loss.
        Financial assets measured at amortized cost
        A financial asset that meets both the following condition is classified as a financial asset measured at amortized cost.
      - The financial asset is held within the Group's business model whose objective is to hold assets in order to collect contractual
        cash flows.
      - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
        interest on the principal amount outstanding.
        A financial asset measured at amortized cost is initially recognized at fair value plus transaction cost directly attributable to the asset. After initial recognition, carrying amount of the financial asset measured at amortized cost is determined using the effective interest method, net of impairment loss, if necessary.
        Debt instruments measured at fair value through other comprehensive income
        A debt instrument that meets both the following condition is classified as a financial asset measured at fair value through other comprehensive income.
      - The financial asset is held within the Group's business model whose objective is achieved by both collecting contractual cash
        flows and selling financial assets.
      - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
      interest on the principal amount outstanding.
      A debt instrument measured at fair value through other comprehensive income is recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, the asset is measured at fair value with changes in fair value included as "financial asset at fair value through other comprehensive income" in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to profit or loss when debt instrument is derecognized.
      Trade and other payables
      Trade and other payables are stated at amortised cost using the effective interest method. Short-duration other payables with no stated interest rate are measured at original invoice amount unless the effect of imputing interest would be significant.
      Derecognition of financial assets
      The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred, or has assumed an obligation to pay those cashflows to one or more recipients, subject to certain criteria.
      Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability.
      ii. Non-derivative financial liabilities.
      Recognition and measurement of financial liabilities
      The Group recognizes financial debt when the Group becomes a party to the contractual provisions of the instruments. The measurement of financial debt is explained in (b) Classification of financial liabilities.
Classification of financial liabilities
A financial liability other than those measured at fair value through profit or loss is classified as a financial liability measured at amortized cost. A financial liability at amortized cost is initially measured at fair value less transaction cost directly attributable to the issuance of the financial liability. After initial recognition, the financial liability is measured at amortized cost based on the effective interest rate method.
Derecognition of financial liabilities

The Group derecognizes a financial liability when the financial liability is distinguished, i.e. when the contractual obligation is discharged or cancelled or expired.

Impairment of financial asset

The Group recognizes 12-month expected credit loss as loss allowance when there is no significant increase in the credit risk since initial recognition. When there is a significant increase in credit risk since initial recognition, expected credit losses for the remaining life of the financial assets are recognized as loss allowance. Whether credit risk is significantly increased or not is determined based on the changes in default risk. To determine if there is a change in default risk, following factors are considered. However, the Group always measures loss allowance for trade receivables at an amount equal to lifetime expected credit losses.

External credit rating of the financial asset
Downgrade of internal credit rating
and increase in leverage.

Financial assets at amortised cost (debt instruments)

Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognized, modified or impaired.

The Group's financial assets at amortised cost includes trade receivables.

Trade and other receivables

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, less allowance for impairment. The carrying amount of trade receivable is reduced through the use of an allowance account. When trade receivables are uncollectible, it is written off as 'administrative expenses' in the profit or loss. Subsequent recoveries of amounts previously written off are included in other operating income.

Cash and short-term deposits

Cash and cash equivalents comprise of cash, bank balances and call deposits with original maturities of three months or less. There is no significant loss of value on conversion.

For the purpose of the consolidated and separate statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group's cash management.

Share Capital
Ordinary Shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as deductions from equity, net of any tax effects.
Dividend on ordinary shares
Dividends on the Group's ordinary shares are recognised in equity in the period in which they are paid or, if earlier, approved by the Group's shareholders.
Taxation

Income tax on the profit or loss for the year comprises current tax. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the reporting date and any adjustment required for prior period.

Deferred tax is recognised in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Deferred tax is not recognised for the temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss. Currently enacted tax rates are used to determine deferred tax. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

3 Material accounting policies information - Continued

(f) Financial Instruments - Continued

(j) Employee benefits

Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contribution into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in the profit or loss when they are due. In accordance with the Pension reform Act 2014, employees contribute 8% from their salary while the company contributes 10% on behalf of each employee. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available.

Short-term benefits
Short-term employee benefit obligations including salaries, allowances, and bonuses are measured on an undiscounted basis and are expensed as the related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Termination benefits
Termination benefits are expensed at the earlier of when the Company can no longer withdraw the offer of those benefits and when the Company recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the end of the reporting period, then they are discounted.
Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can be measured reliably.
Revenue from contract with customers

The group is involved in aviation cargo, aircraft handling, crew and passenger transportation service delivery and power distribution. Revenue from contract with customer is recognized when controls of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in an exchange for those goods and services.

Passenger and Aircraft Handling services

The performance obligation is satisfied upon completion and acceptance by the customers.

Cargo Handling services

These are contracts with customers with respect to cargo handling services and the performance is satisfied overtime and payment is generally due upon completion and acceptance of the customers.

Finance income and expense
Finance income comprise of interest on funds invested. Finance costs comprise interest expense on borrowings, exchange differences on financial instruments and bank charges.
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in the profit and loss using the effective interest method. Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position except for foreign currency translation differences recorded in other comprehensive income.
3 Material accounting policies information - Continued
Investment property
Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production of goods and services or for administrative purposes. Investment property is measured at cost less accumulated depreciation and impairment loss. Cost includes expenditure that is directly attributable to the acquisition of the investment property. Investment property held by the Group is depreciated over the estimated useful life of 50 years on a straight- line basis. Fair values are determined at the end of the reporting period and disclosed.
Earnings per share
The group presents basic earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during the period.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares. The Group did not have diluted shares, hence there was not calculation of diluted EPS.
Fair value measurement
The group measures financial instruments and non-financial assets such as investment properties, at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability
  Or
- In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most
  advantageous market must be accessible by the Group.
  The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
  A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
  The group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
  All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
- Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
- Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
  indirectly observable
- Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
  For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Current versus non-current classification
The group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:
- Expected to be realised or intended to be sold or consumed in the normal operating cycle
- Held primarily for the purpose of trading
- Expected to be realised within twelve months after the reporting period
  Or
- Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the
  reporting period.
  All other assets are classified as non-current. A liability is current when:
- It is expected to be settled in the normal operating cycle
- It is held primarily for the purpose of trading
- It is due to be settled within twelve months after the reporting period
  Or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
  The Group classifies all other liabilities as non-current.
  Deferred tax assets and liabilities are classified as non-current assets and liabilities.
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Group as a lease
The Group applies a single recognition and measurement approach for all leases. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
1. Right of use of assets
  The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, plus any accrued lease liabilities or prepayments. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
  - Office building 15-20 years
  - Leasehold land 50 years

If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

The right-of-use assets are also subject to impairment. Refer to the accounting policies in section (2) Impairment of non-financial assets.

Material accounting policies information - Continued
(q) Leases - Continued
1. Lease Liabilities
  At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include only fixed payments.
  In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
2. Short term leases
The Group applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in other income in the statement of profit or loss due to its nature. Initial direct costs incurred in negotiating and arranging an
Group as a lessee
The Group has lease contracts for various land and buildings used in its operations. Leases of land and buildings generally have lease terms between 15 to 20 years.The Group's obligations under its leases are secured by the lessor's title to the leased assets. Most of these lease contracts contain extension and termination options which have been considered in the non-cancellabe period of the lease. All lease arrangements below N50,000 are expensed in the year they are incurred.
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the period that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.
When the Group receives grants of non-monetary assets, the asset and the grant are recorded at fair value amounts and released to the profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset by equal annual instalments. When loans or similar assistance are provided by governments or related institutions, with an interest rate below the current applicable market rate, the effect of this favourable interest is regarded as a government grant. The loan or assistance is initially recognised and measured at fair value and the government grant is measured as the difference between the initial carrying value of the loan and the proceeds received.
4 Changes in accounting policies and disclosures
4a. Standards and interpretations effective in the current year
In the current year, the Company has applied a number of amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) that are effective for an annual period that begins on or after 1 January 2024.
As it is imperative for reporting entities to consider the impact of the new standards/amendments and ensure that the financial statements include necessary disclosures required on the initial application of an IFRS/amendments and in accordance with IAS 8.28.
Lease liability in a Sale and Leaseback - Amendments to IFRS 16
In September 2022, the Board issued Lease Liability in a Sale and Leaseback (amendments to IFRS 16). The amendment to IFRS 16 specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains.
The amendment is effective for annual reporting periods beginning on or after 1 January 2024 and applies to seller lessee. A sellerlessee applies the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application (i.e., the amendment does not apply to sale and leaseback transactions entered into prior to the date of initial application).
The date of initial application is the beginning of the annual reporting period in which an entity first applied IFRS 16. Earlier
application is permitted, and that fact must be disclosed. The amendments had no impact on the Group's financial statements.
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
- What is meant by a right to defer settlement
- That a right to defer must exist at the end of the reporting period
- That classification is unaffected by the likelihood that an entity will exercise its deferral right
  That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact
- its classification
The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively. The amendments had no impact on the Group's financial statements.
Disclosures: Supplier Finance Arrangements -Amendments to IAS 7 and IFRS 7
In May 2023, the Board issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments:
The amendments clarify the characteristics of supplier finance arrangements. In these arrangements, one or more finance providers pay amounts an entity owes to its suppliers. The entity agrees to settle those amounts with the finance providers according to the terms and conditions of the arrangements, either at the same date or at a later date than that on which the finance providers pay the entity's suppliers.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2024. The amendments had no impact on the Group's financial statements.
Changes in accounting policies and disclosures - Continued 4b. Standards and interpretations issued not yet effective

The Group has chosen not to early adopt the following standards and interpretations, which have been published but not yet effective. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.

Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7

In May 2024, the Board issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), which:

The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Early adoption is permitted, but will need to be disclosed. The Company will continue to monitor its operations and adopt requirement where applicable.

Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

If a parent loses control of a subsidiary which does not contain a business, as a result of a transaction with an associate or joint venture, then the gain or loss on the loss of control is recognised in the parents' profit or loss only to the extent of the unrelated investors' interest in the associate or joint venture. The remaining gain or loss is eliminated against the carrying amount of the investment in the associate or joint venture. The same treatment is followed for the measurement to fair value of any remaining investment which is itself an associate or joint venture. If the remaining investment is accounted for in terms of IFRS 9, then the measurement to fair value of that interest is recognised in full in the parents' profit or loss.

The effective date of the amendment is to be determined by the IASB.

It is unlikely that the amendment will have a material impact on the Group's audited financial statements.

Lack of exchangeability - Amendments to IAS 21

The amendment to IAS 21 specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A currency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations.

If a currency is not exchangeable into another currency, an entity is required to estimate the spot exchange rate at the measurement date. An entity's objective in estimating the spot exchange rate is to reflect the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions. The amendments note that an entity can use an observable exchange rate without adjustment or another estimation technique.

The amendments will be effective for annual reporting periods beginning on or after 1 January 2025. Early adoption is permitted, but will need to be disclosed.

4b. Standards and interpretations issued not yet effective - Continued IFRS 18 Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.

IFRS 18 also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified 'roles' of the primary financial statements (PFS) and the notes.

In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from 'profit or loss' to 'operating profit or loss' and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards.

IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.

The group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements.

IFRS 19 Subsidiaries without Public Accountability: Disclosures

In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards.

Contracts Referencing Nature-dependent Electricity (previously Power Purchase Agreements) (Amendments to IFRS 9 and IFRS 7)

On 18 December 2024, the IASB issued amendments to enhance the reporting of financial effects from naturedependent electricity contracts, commonly structured as power purchase agreements (PPAs).

The amendments take effect for annual reporting periods beginning on or after 1 January 2026, with early adoption permitted.

The amendments is not expected to have an impact on the Company's financial statements.

5 Revenue

The Group's revenue represents the amount invoiced to customers for passenger handling, ground handling and cargo less trade discounts and exclude value added tax.

Revenue	Group		Company
	Mar-26	Mar-25	Mar-26			Mar-25
	N'000	N'000	N'000			N'000
Aircraft handling	11,155,231	12,101,950		10,848,988	10,657,004
Cargo handling (Import Cargo)	2,819,781	2,578,691		2,325,061	1,960,047
Cargo handling (Export Cargo)	373,302	302,180		373,302	302,180
Natural sesame seeds & Raw cashew nuts & Tea	546,767
	14,895,081	14,982,821		13,547,351	12,919,231
Revenue ( others ) Disinfection and other services	25,530	629,074		25,530	629,074
Equipment rental and maintenance	1,553,514	1,425,094		1,553,514	1,425,094
	1,579,044	2,054,168		1,579,044	2,054,168
Total revenue	16,474,125	17,036,989		15,126,395	14,973,399
	=========	=========		=========	=========
Timing of revenue recognition
Services transferred at a point in time	14,895,081	14,982,821		13,547,351	12,919,231
Services transferred over time	1,579,044	2,054,168		1,579,044	2,054,168
Total	16,474,125	17,036,989		15,126,395	14,973,399
	=========	=========		=========	=========
*The reported revenue in Q1 2026 was impacted by the Middle East crisis.

Aircraft handling: Income from airport handling includes invoices raised for check in formalities, passenger profiling, security, and baggage handling (loading and offloading).

Cargo Handling: These include invoices raised for; cargo documentation services for airlines, import and export cargo facilitation through Nigeria's biggest network of customs bonded warehouses in Lagos, Kano, Abuja, Port-Harcourt and Enugu, using Galaxy computerisation system, which ensures safe storage and easy retrieval of cargoes.

Equipment rental and maintenance: The group leases its equipment to airlines for services that are not covered in the Standard Ground Handling Agreement.

b. Ten major customers contributed N9.7 billion for the period ended 31 March 2026 (2025: N10.2 billion) towards the revenue of the Group.

6	Other income	Group		Company
		Mar-26	Mar-25	Mar-26	Mar-25
		N'000	N'000	N'000	N'000
	Rental income from investment property (Note 29)	55,947	57,364	55,947	57,364
	Sundry income*	114,789	27,242	113,516	27,242
	Profit on disposal of property, plant and equipment	528	-	448	-
	Income from training services	2,532	1,129	2,532	1,129
		173,796 =======	85,735 =======	172,443 =======	85,735 =======

* Sundry income relates to commission received on third party collections such as Agents welfare Fees and ANLCA dues, agents'

registration fees and interest received on accounts.

Finance income and expense calculated using effective interest method Group Company

Finance costs:	Mar-26 N'000	Mar-25 N'000	Mar-26 N'000	Mar-25 N'000
Interest on lease liabilities (Note 27)	(107,199)	(134,763)	(107,199)	(134,763)
Interest on loans and borrowings (Note 28.2.1)	(359,464)	(421,889)	(329,153)	(359,028)
	(466,663)	(556,652)	(436,352)	(493,791)
Finance income:
Interest income on fixed and bank deposits	402,411	168,849	372,195	164,897
	402,411	168,849	372,195	164,897
	-----------	-----------	-----------	-----------
Net finance costs	(64,252)	(387,803)	(64,157)	(328,894)
	=========	=======	=========	========

The above finance income and expenses relate to transactions on financial assets and liabilities through statement of profit or loss.

Taxation
1. The tax charge for the period comprises: Group Company Mar-26 Mar-25 Mar-26 Mar-25
  N'000 N'000 N'000 N'000
  Company income tax 1,506,286 1,422,860 1,486,195 1,379,916
  Police Trust Fund - -
  NASENI Fund - -
  Education tax (3%) - 2,901 -
  Prior year under provision* 171,797 171,797
  1,678,083 1,425,761 1,657,992 1,379,916
  Deferred tax (Note 8c) - - - -
  1,678,083 1,425,761 1,657,992 1,379,916
  ======== ======= ======== =======
  *Under provision relates to provision for additional tax liability as a result of the tax audit exercise carried out by the federal tax authority.
  8 Taxation- continued
2. The movement on the current tax payable account during the year was as follows:

Group					Company
Mar-26				Dec-25	Mar-26	Dec-25
N'000				N'000	N'000	N'000
	At 1 January	6,615,803	5,905,413	6,467,970	5,802,747
	Charge for the year (Note 8a)	1,678,084	6,484,871	1,657,992	6,333,586
	Payments made during the year	(177,798)	(3,970,324)	(177,798)	(3,864,206)
	Witholding tax offset	-	(1,804,157)		(1,804,157)
	At 31 March	8,116,089	6,615,803	7,948,164	6,467,970
		=========	=========	=========	=========
(c)	The movement on the deferred tax liability during the year was as follows:

Group Company

	Mar-26 N'000	Dec-25 N'000	Mar-26 N'000	Dec-25 N'000
At 1 January	756,495	459,848	733,079	465,795
Tax (credit)/expense recognised in profit or loss (Note 8a)	-	296,647	-	267,284
At 31 March	756,495 ========	756,495 =======	733,079 ========	733,079 =======

9a. Operating costs Group				Company
Mar-26			Mar-25	Mar-26	Mar-25
N'000			N'000	N'000	N'000
Payroll cost (Note 9e)		3,958,386	3,614,124	3,909,232	3,565,014
Natural sesame seeds,Raw cashew nuts & Tea & Lounge catering		679,046	1,018,863
Local travels		664	1,511	95	1,372
Depreciation, amortization (Note 9d)		790,422	452,984	777,706	446,741
Diesel		239,829	227,499	239,829	227,499
Oil, motor repairs & maintenance		30,153	52,310	30,020	52,310
Trainings (internal and external)		60,295	41,227	59,827	39,232
Outstation and estacode allowances		3,242	6,328	2,477	4,788
Air ticket (local and foreign)		2,510	14,870	2,510	14,870
Other security expenses***		14,039	8,623	8,951	8,623
Machineries and equipment spares		236,431	224,589	236,431	224,589
Boots, helmets, ear muff etc.		19,133	12,289	19,133	12,289
Computer consumables and network expense		69,999	26,238	69,471	25,113
Electricity		86,719	22,877	83,705	21,610
Insurance		78,769	65,259	76,821	63,928
Printing and stationeries		18,340	13,786	17,766	12,854
Subscriptions		365	1,681	-	1,681
Relocation expenses (staff & equipment)		85,947	30,232	85,186	30,232
Office and warehouse maintenance		81,804	111,944	77,963	111,328
Aircraft Disinfectant costs		727	2,200	727	2,200
Concession expenses*		825,977	762,131	805,631	743,762
Short term lease		190,609	109,441	113,447	101,234
Other operating costs (Note 9ai)		504,487	760,819	436,594	289,269
		7,977,893 =========	7,581,825 =========	7,053,522 =========	6,000,538 =========
		Group		Company
9ai	Other Operating Costs:	Mar-26	Mar-25	Mar-26	Mar-25
		N'000	N'000	N'000	N'000
	Clearing charges	506	10,677	-	10,677
	Office plant, equipment, fittings and Value-added service expense	7,283	2,548	7,283	2,451
	Office Rent	4,440	44,184	4,440	44,184
	Hotel accommodation	1,923	4,036	1,070	4,036
	Motor running expenses and vehicles license	2,680	4,412	2,641	2,323
	Consumables	19,017	15,013	15,514	14,798
	Fuel expenses	18,111	26,756	17,562	26,054
	Operational Cost - Inland Freights	58,684	393,378	-	-
	Maintenance/Operations repairs & Maintenance	5,690	23,579	5,690	23,579
	Year-end gifts	34,671	38,452	32,748	36,252
	License renewals	131,226	972	130,155	-
	Long service award	60,475	-	60,475	-
	Hajj Expenses	-	11,579	-	11,579
	Consulting	140,739	78,507	140,079	78,507
	Others**	19,002 ------------- 504,487 ========	106,414 ------------ 760,819 =======	18,897 ------------- 436,594 ========	34,517 ------------ 289,269 =======

* Concession expenses is a percentage of revenue based on concession agreement reached with Federal Airport Authority of Nigeria (FAAN), Bi-courtney aviation and IBOM Airport.

** Others consist of water, utilities- others, network, damaged/loss cargo and airlines surcharge expenses.

*** Other security expenses relates to amount paid to Federal Airport Authority of Nigeria (FAAN) for all security access to airports in Nigeria.

9b.	Administrative expenses:	Group		Company
		Mar-26	Mar-25	Mar-26	Mar-25
		N'000	N'000	N'000	N'000
Payroll costs (Note 9e)		839,876	1,071,944	789,033	1,025,064
Directors' remuneration		46,180	31,500	45,800	31,500
Board expenses		134,328	422,418	104,987	374,425
Depreciation/amortization (Note 9d)		28,065	59,622	23,456	56,179
Trainings (internal and external)		49,360	18,016	48,883	15,133
Outstation and estacode allowances		27,378	75,472	26,228	67,013
Hotel accommodation & AGM expenses		127,090	45,003	122,323	45,003
Air ticket (local and foreign)		14,066	101,732	13,300	101,048
Outsourced security		38,145	26,900	38,145	26,900
Other security expenses*		39,977	84,928	37,480	84,557
Computer consumables		95,596	50,006	95,442	49,557
Electricity		31,387	88,189	28,798	84,800
Insurance		18,634	23,859	16,273	21,949
Printing and stationeries		12,525	31,939	10,808	30,563
Audit fees		19,051	21,975	14,513	17,738
Office and warehouse maintenance		14,547	22,677	8,907	20,181
Advertisement		3,092	-	3,092	-
Corporate social responsibility		645	500	645	500
Corporate gifts & year end gifts		75,167	45,367	73,924	41,422
Business development, Business promotion & Public relations		130,707	533,973	127,715	513,887
Subscriptions		3,705	27,389	2,062	25,826
Foreign exchange difference ***		(43,251)	37,375	(78,244)	43,301
Professional fees (Note 9bii)		144,271	124,532	143,466	123,032
Other administrative expenses (Note 9bi)		556,930	430,027	539,345	410,460
		2,407,471	3,375,343	2,236,381	3,210,038
		=========	========	=========	========
*Other security expenses consist of FAAN securities and access fees

*** Foreign exchange difference consist of realized exchange diference on purchases and importation of Ground Support Equipment (GSE) and unrealized exchange difference on financial assets and liabilities.

9b (i). Other administrative expenses:	Group		Company
	Mar-26	Mar-25	Mar-26	Mar-25
	N'000	N'000	N'000	N'000
Cleaning & Fumigation	34,435	35,525	34,435	35,525
Other Motor Running Expenses	2,845	5,834	893	3,331
Office Plant, Equipment & Fittings	2,457	2,958	2,133	2,526
Telephone	10,573	10,292	9,154	9,429
Bad debt written-off	-	2,374	-	-
Staff Uniform & Overall	44	22,378	44	2,374
Entertainment	15,960	326	15,546	21,615
Postages, Telex, Newspaper & Periodicals	316	4,405	316	319
Consumables	6,003	37,429	5,698	4,114
Bank charges	31,609	10,677	26,424	30,015
Loss on disposal of property, plant and equipment	-	1,645	-	-
Write-off of property, plant and equipment	-	21,558	-	-
Clearing Charges	-	-	-	10,677
Donations	3,550	2,822	3,550	1,645
Prior year taxes	383,286	108,745	382,434	108,074
Fuel expenses	19,404	-	18,384	20,366
Network expenses	4,832	-	4,511	2,822
Long Service Award	4,200	50	4,100	50
Others**	37,416	163,009	31,723	157,578
	556,930 =========	430,027 =======	539,345 =========	410,460 =======

** Other expenses consist of Airline surcharge, water, lease rental, filing & company secretary fee and visa, travelling and logistics,stamp duty etc.

9b (ii) Professional fees are analyzed as follows.		Group Mar-26 N'000		Mar-25 N'000	Company Mar-26 N'000	Mar-25 N'000
Consulting fees		136,722		118,670	135,917	117,170
Registrar's fees		7,549		-	7,549	-
Legal fees		-		5,862	-	5,863
		144,271		124,532	143,466	123,033
		=======		=======	=======	=======
		Group			Company
9c. Expected credit losses		Mar-26		Mar-25	Mar-26	Mar-25
		N'000		N'000	N'000	N'000
Expected credit losses on trade receivables (Note 30a)		-			-
Expected credit (write-back)/losses on intercompany (Note 20a)		-			-
Expected credit (write-back)/losses on short term deposit (Note
22a)		-			-
Expected credit losses on intercompany loan (Note 20c)		-			-
		-		-	-	-
		=======		=======	=======	=======
		Group			Company
		Mar-26	Mar-25		Mar-26	Mar-25
9d.	Depreciation and Amortization	N'000	N'000		N'000	N'000
	Depreciation of property, plant and equipment (Note 11)	762,734	488,180		745,527	479,689
	Amortisation of intangible assets (Note 14)	25,743	3,496		25,625	3,412
	Depreciation of investment property (Note 15)	2,099	2,813		2,099	2,813
	Depreciation of right-of-use asset (Note 12&13)	27,911	18,117		27,911	17,005
		818,487	512,606		801,162	502,919
		========	========		======== ========
	Depreciation and amortization allocation:
	Operating Costs (Note 9a)	790,422	452,984		777,706	446,741
	Administrative expenses (Note 9b)	28,065	59,622		23,456	56,178
		818,487	512,606		801,162	502,919
		======== Group	========		======== ======== Company
9e.	Payroll cost	Mar-26	Mar-25		Mar-26	Mar-25
		N'000	N'000		N'000	N'000
	Payroll costs allocation:
	Operating costs (Note 9a)	3,958,386	4,632,987		3,909,232 3,565,014
	Administrative expenses (Note 9b)	839,876	1,071,944		789,033 1,025,064
		4,798,262	5,704,931		4,698,265 4,590,078
		=========	========		========= ========
10.	Basic/diluted earnings per share

The calculation of basic earnings per share at 31 March 2026 was based on the earnings attributable to ordinary shareholders of Group of N4.54 billion (2025: N4.32 billion) (Company: 2026: N4.29 billion and 2025: N4.14 billion) and on ordinary shares of 1,949,062,500 (2025: 1,949,062,500) of 50k each being the average number of ordinary shares in issue during the year.

	Group		Company
	Mar-26	Mar-25	Mar-26	Mar-25
	N'000	N'000	N'000	N'000
Profit attributable to
ordinary shareholders	4,536,145	4,317,977	4,286,786	4,139,748
	========	========	========	========
Average number of ordinary shares	1,949,063	1,949,063	1,949,063	1,949,063
Basic/ diluted earnings per share (Kobo)	233 ===	222 ===	220 ===	212 ===

NIGERIAN AVIATION HANDLING COMPANY PLC

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

11 Property, Plant and Equipment (PPE) - Group Building Plant &						Moto		r Compute			r Furniture &		Capital
			Machinery Vehicles Equipmen								t Equipmen		t WIP	Total
GROUP COST: At 1 January 2026		N'000 N'000 N'000 N'000 N'000 N'000 4,349,929 26,313,993 2,171,693 2,092,585 972,646 4,183,232												N'000 40,084,078
Additions		-	-			-		- - - -
Write-off		-	-			-		- - - -
Disposals		-	-			-		-			-		-	-
Reclassification		758	(223			) (1		) (57,874			) (2,587		) 1	(59,926)
At 31st January 2026	4,350,687			26,313,770			2,171,692		2,034,711			970,059	4,183,233		40,024,152
Additions/(Transfer) 10,038 2,245,763 - 29,585											106,302		(2,163,254)	228,434
Disposals		-			-		-			-		-	- -
Write-off		-			-		-			-		-	- -
Reclassification		-			-		-			-		-	- -
At 31 March 2026		4,360,725			28,559,533		2,171,692			2,064,296		1,076,361	2,019,979 40,252,586
DEPRECIATION: At 1 January 2026		1,021,717			9,101,613		1,139,792			1,742,415		702,910	- 13,708,447

Reclassifications	1		3,194	437			(60,045) (3,513)			-			(59,926)
Disposals	-		-	-			-	-		-			-
At 31st January 2026	1,021,718		9,104,807	1,140,229			1,682,370	699,397		-			13,648,521
Charge for the year	35,324		558,651	101,430			33,585	33,744		-			762,734
Disposals	-		-	-			-	-		-			-
Transfer	-		-	-			-	-		-			-
At 31 March 2026	1,057,042		9,663,458	1,241,659			1,715,955	733,141		-			14,411,255
	=======		========	=======			========	=======		======			========
NET BOOK VALUE:										-
At 31 March 2026	3,303,683		18,896,075	930,033			348,341	343,220		2,019,979			25,841,331
	========		========	======			=======	======		========= =========
At 31 December 2025	3,328,212		17,212,380	1,031,901			350,170	269,736		4,183,232			26,375,631
	========		======== ======				======= ======			======			========
Property, plant and equipment (PPE) - Company Building Plant & Motor Computer Furniture & Capital
			Machinery Vehicles				Equipment Equipment			WIP			Total
COST:	N'000		N'000	N'000			N'000	N'000		N'000			N'000
At 1 January 2026	4,261,814		25,500,568	2,078,173			2,026,174	854,976		3,788,933			38,510,638
Additions	-		-	-			- - - -
Write-off	-		-	-			- - - -
Disposals	-		-	-			-		-		-		-
Reclassification	758		(223	) (1)			(57,874)		(2,587)		1		(59,926)
At 31st January 2026	4,262,572		25,500,345	2,078,172			1,968,300		852,389		3,788,934		38,450,712
Additions/(Transfer) 10,038 2,245,763 - 27,882								2,945		(2,037,551		) 249,077
Disposals - - - -								-		-		-
Write-off	-	-		-			-	-		-		-
Reclassification	-	-		-			-	-		-		-
At 31 March 2026	4,272,610		27,746,108		2,078,172		1,996,182		855,334	1,751,383 38,699,789
DEPRECIATION: At 1 January 2026	1,004,266		8,287,408		1,083,395		1,705,434		639,332	- 12,719,835
Reclassification	1	3,194		437		(60,045) (3,513)				- (59,926)
Disposals	-			-		-		-		- -
At 31st January 2026	1,004,267		8,290,602		1,083,832		1,645,389		635,819		-		12,659,909
Charge for the year Disposals Transfer	34,884 -		558,161 -		98,051 -		30,509 -		23,922 -		-		745,527 - -
At 31 March 2026	1,039,151		8,848,763		1,181,883	1,675,898		659,741 - 13,405,436
NET BOOK VALUE: At 31 March 2026	3,233,459		18,897,345		896,289		320,284		195,593	1,751,383			25,294,353
	========		========		=======		=======		======	========= =========
At 31 December 2025	3,257,548		17,213,160		994,778		320,740		215,644	3,788,933			25,790,803
	========		========		=======		=======		======	======			========

11b Property, plant and equipment - Continued

None of the items of PPE has been pledged as securities for liabilities during the year. (2025; Nil)
Capital work-in-progress represents cost incurred on the construction of Lagos export center as at 31 March 2026.
Write off: This represents costs that have been capitalized as part of capital work in progress over a long period of time which could not be associated with any item of property, plant and equipment.
Transfers: This represents Ground handling equipments that are reclassified/transfered from asset clearing account (Deposit for property, plant and equipment) to capital work-in-progress.

12 Right-of-use assets - Group

Cost;	Leasehold building N'000	L	easehold land N'000	Total N'000
At 1 January 2026	2,604,833		50,219	2,655,052
Addition	-		-	-
At 31 Jan 2026	2,604,833		50,219	2,655,052
Addition At 31 March 2026	-2,604,833		-50,219	-2,655,052
Depreciation At 1 January 2026	438,672		13,913	452,585
Charge for the year	-		-	-
At 31 Jan 2026	438,672		13,913	452,585
Charge for the year	27,660		251	27,911
At 31 March 2026 Net Book Value	466,332 ======		14,164 ======	480,496 =======
At 31 March 2026	2,138,501 ======		36,055 ======	2,174,556 =======
31-Dec-25	2,166,161		36,306	2,202,467
	=======		======	=======

Right-of-use asset- Company

Cost;		Leasehold building N'000	Leasehold land N'000		Total N'000
At 1 January 2026 Addition		2,604,833 -		50,219 -	2,655,052 -
At 31 Jan 2026 Addition		2,604,833 -		50,219 -	2,655,052 -
At 31 March 2026		2,604,833		50,219	2,655,052
Depreciation: At 1 January 2026		438,672		13,913	452,585
Charge for the year Transfer from property, plant and equipment		- -		- -	- -
At 31 Jan 2026		438,672		13,913	452,585
Charge for the year		27,660		251	27,911
At 31 March 2026 Net Book Value		466,332 ======		14,164 ======	480,496 =======
At 31 March 2026 31-Dec-25		2,138,501 ====== 2,166,161 =======		36,055 ====== 36,306 ======	2,174,556 ======= 2,202,467 =======
14 Intangible assets	Group			Company
	Mar-26	Dec-25		Mar-26	Dec-25
Cost:	N'000	N'000		N'000	N'000
At 1 January	1,431,700	565,818		1,334,053	468,846
Addition	0	877,207		0	876,532
Write off		(11,325)			(11,325)
At 31 March 2026	1,431,700	1,431,700		1,334,053	1,334,053
Amortization: At 1 January	385,629	373,982		384,572	373,326
Amortization for the year	25,743	22,972		25,625	22,571
Write off		-11,325			-11,325
At 31 March 2026	411,372	385,629		410,197	384,572
Carrying amount: At 31 March 2026	1,020,328	1,046,071		923,856	949,481
	=======	=======		======	======

None of the items of Intangible asset was pledged as securities for liabilities during the period (2025; Nil).
Intangible asset consist of Oracle ERP, Hemes, IBM Lotus, Windows and Galaxy applications

15	Investment property	Group		Company
		Mar-26	Dec-25	Mar-26	Dec-25
	Cost:	N'000	N'000	N'000	N'000
	At 1 January Additions	419,722 -	419,722 -	419,722 -	419,722 -
	At 31 December 2025	419,722	419,722	419,722	419,722
	Depreciation: At 1 January	165,354	154,817	165,354	154,817
	Charge for the year	2,099	10,537	2,099	10,537
	At 31 December 2025 Carrying amounts	167,453 ======	165,354 ======	167,453 ======	165,354 ======
	At 31 December 2025	252,269 =======	254,368 =======	252,269 =======	254,368 =======

The fair value of the investment property at 31 March 202 was N854.1 million (2025: N854.1 million). Total rental revenue from the investment property for the period ended 31 March 2026 was N55.947 million (2025: N57.364 million). The fair value of the properties are based on valuation performed by JIDE TAIWO & Co . Estate Surveyors & Valuers accredited independent valuers. (FRC/2012/00000000311) with their staff lead valuer in person of Adejobi Adetunji (FRC/2023/PRO/NIESV/004/101262) is a renowned specialist in valuing this types of investment properties.

Company Mar-26 Mar-25

N'000 N'000

Total Rental income from investment properties** 55,947 57,364

Direct operating expenses (including repairs and maintenance) generating rental income (included in operating cost)

(2,099) (2,812)

Profit arising from investment properties 53,848 54,552

======= =======

**The group has no restrictions on the realizability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

Fair value hierarchy disclosures for investment properties are in Note	34.
16 Investment in subsidiaries		Company
Shares in subsidiaries:	Percenntage holding	Mar-26 N'000	Percenntage holding	Dec-25 N'000
Nahco FTZ Limited	100	10,000	100	10,000
Nahco Energy and Infrastructure Limited	100	125,500	100	125,500
NAHCO Logistics Services Limited (Formerly Mainland Carg	100	4,000	100	4,000
NAHCO Management Services Limited	51	25,500	51	25,500
NAHCO Travels and Hospitality Limited	100	30,000	100	30,000
NAHCO Foods and Beverages Limited	100	10,000	100	10,000
NAHCO Commodities Limited	70	21,000	70	21,000
NAHCO Academy Limited	100	5,000	100	5,000
NAHCO Power Solutions Limited	100	10,000	100	10,000
		241,000 =======		241,000 ======
Movement in investment in subsidiaries At 1 January		241,000		241,000
Acquisition of subsidiaries Acquisition of Non-controlling interest		- -		- -
At 31 March		241,000 =======		241,000 =======

Details of the Group's subsidiaries at the end of the reporting date are as follows:

NAHCO FTZ Limited
The company holds N10million ordinary shares of N1 each in this subsidiary, representing 100% of the issued share capital. The principal activity of this subsidiary is the management and operation of Free Trade Zone which includes leasing of plant and equipment, logistics, warehousing, transhipment, manufacturing and provision of related services. NAHCO FTZ was granted approval to operate at the Murtala Mohammed International Airport, Lagos as NFZ by the Nigerian Export Processing Zone Authority (NEPZA) in February 2014 and the applicable fees have been paid. The company has since commenced activities towards making the zone operational.
NAHCO Energy and Infrastructure Limited
NAHCO Plc previously hold 63% shareholding in NAHCO Energy and Infrastructure Limited, however, on 1 January 2023, the Company acquired the Non-controlling interest 37% shareholding (15 million shares of N1 each) for N100 million. With this acquisition NAHCO Plc has increased its shareholding to 100% in NAHCO Energy & Infrastructure Limited. The company intends to carry out energy and power distribution in Nigeria.
Intercompany balances between the holding company and its subsidiaries have been eliminated on consolidation.
NAHOC Logistics Limited (Formerly Mainland Cargo Options Limited)
The company holds 4million ordinary shares in the subsidiary representing 40% of the issued share capital of N10 Million. The remaining 60% are owned by Nahco Energy and Infrastructure Limited, a fully owned subsidiary of NAHCO Plc. Consequently, the Group has 100% interest in NAHCO Logistics Services Limited (Formerly Mainland Cargo Options Limited). In addition, the business strategy, operations and the board of the Company are under the control of Nigerian Aviation Handling Company Plc. The company is into cargo logistics and started operations in 2015. The company changed its name to NAHCO Logistics Services Limited from Mainland Cargo Options Limited in 2024
NAHCO Management Services Limited
The company holds 25.5 million shares in the subsidiary representing 51% of the registered share capital of N50 million. The company intend to carry on the business of Airport operations services to include Aircraft maintenance, Airport maintenance, Airport facility maintenance and management. The company is yet to commence operations as at 31 March 2026.
NAHCO Travels and Hospitality Limited
The company holds 30 million shares in the subsidiary representing 100% of the registered share capital of N30 million. The company intend to carry on the business of Travel, tour and hospitality. The company commenced operations during the year ended 31 December 2024.
NAHCO Foods and Beverages Limited
The company holds 100% interest in the subsidiary. The company is yet to commence operations as at 31 March 2026.
NAHCO Commodities Limited
The company holds 21 million shares in the subsidiary representing 70% of the registered share capital of N30 million. The company intend to carry on the business of Agriculture in its entirety including the growing, processig and packaging of agricultural products, ago and agro Allied produce, sales, supply, import and export of agricultural products and agricultural products aggregation. it also carry on the business of general contracts. The company commenced operations during the year ended 31 December 2024.
NAHCO Academy Limited
The company holds 5 million shares in the subsidiary representing 100% of the registered share capital of N5 million. The company intend to carry on the business of manpower development and training both local and internationalthrough in-house courses, open program, professional development and personal development for the aviation industry and all other sectors that will benefit from trainings provided. The company is yet to commence operation as at 31 March 2026.
NAHCO Power Solutions Limited

The company holds 10 million shares in the subsidiary representing 100% of the registered share capital of N10 million. The company intend to carry on the business of provision of Energy. The company is yet to commence operation as at 31 March 2026.

Disclosure of Entity with Non-Controlling Interest within the Group

16a NAHCO Commodities Limited

Summary of financial position

NAHCO Commodities Limited as at 31 March 2026 is as shown below:

Proportion of equity interests held by non-controlling interests	"Country of incorporation and Operation"	30%	30%
		Mar-26	Dec-25
NAHCO Commodities Limited	Nigeria	N'000	N'000
Non-current assets		2,238	713
Current assets		394,312	871,409
Total assets Total equity		396,550 ======= -75,571	872,122 ======= (22,494)
Non-current liabilities		140,000	-
Current liabilities		332,121	894,616
Total equity and liabilities Equity attributable to:		396,550 =======	872,122 ======
Equity holder of the parent		-52,900	(15,746)
Non-controlling interest		-22,671	(6,748)
		-75,571 ======	(22,494) ======

16b NAHCO Management Services Limited

Summary of financial position

NAHCO Management Services Limited as at 31 March 2026 is as shown below:

Proportion of equity interests held by non-controlling interests	"Country of incorporation and Operation"	49%	49%
		Mar-26	Dec-25
NAHCO Management Services Limited	Nigeria	N'000	N'000
Non-current assets		-	-
Current assets		50,000	50,000
Total assets		50,000 =========	50,000 =========
Total equity		50,000	50,000
Non-current liabilities		0	-
Current liabilities		0	0
Total equity and liabilities		50,000	50,000
		========	=========
Equity attributable to:
Equity holder of the parent		25,500	25,500
Non-controlling interest		24,500	24,500
		50,000	50,000
		======	======

17	Inventories	Group		Company
		Mar-26	Dec-25	Mar-26	Dec-25
		N'000	N'000	N'000	N'000
	Spare parts	640,582	614,066	640,582	614,066
	Stationeries/medical	212,614	346,583	212,614	346,583
	Diesel	233,183	141,505	233,183	141,505
	Oil & Lubricants	40,685	41,954	40,685	41,954
	Natural sesame seeds ,Raw cashew nuts & Tea & Catering	27,808	505,229	-	-
		1,154,872	1,649,337	1,127,064	1,144,108
		=======	=======	=======	=======

Inventories recognized as an expense during the period ended 31 March 2026 amount to N506.413 million (2025: N904.427 million). This is disclosed as part of operating cost in the statement of profit or loss and other comprehensive income. No Inventory write down for the Company and Group as expense during the year (2025: N2.596).

The company did not pledge any of its inventories as securities for liabilities during the period ended 31 March 2026 (2025: Nil).

18	Prepayments	Group		Company
		Mar-26	Dec-25	Mar-26	Dec-25
	Prepayments comprise:	N'000	N'000	N'000	N'000
	Prepaid insurance	281,735	365,935	274,546	361,285
	Prepaid Vendor**	1,428,690	198,284	1,303,666	198,284
	Prepaid Employees	8,778	-	471	-
	Short-term lease	8,013	274,650
	Prepaid charges	3,700	257,176
	Others***	1,932,263	154,898	1,581,998	46,169
		3,663,179 =========	1,250,943 =========	3,160,681 =========	605,738 =========

**This represents advance payment for spare parts and consumable items that are yet to be delivered, as at end of the year.

*** others: this include advance payment for services that yet to be enjoyed by the entity as at year-end such as HMO, annual dues, etc.

19 Trade and other receivables Group Company

	Mar-26 N'000	Dec-25 N'000	Mar-26 N'000	Dec-25 N'000
Trade and other receivables comprise:
Trade receivables (Note 30)	12,169,226	11,157,274	11,119,936	9,786,093
Less Allowance for expected credit losses (Note30)	(2,297,655)	(2,297,655)	(2,151,798)	(2,151,798)
	9,871,571	8,859,619	8,968,138	7,634,295
Withholding tax receivable **	2,105,223	2,124,793	2,066,968	2,088,864
Other receivables	727,570	149,891	627,884	114,858
	12,704,364	11,134,303	11,662,990	9,838,017
	=========	=========	=========	========

Trade receivables are invoices on ground handling services issued to customers net of taxes and allowance for expected credit losses on the debts. The group's credit policy allows a 30-day credit period for all its customers.

Other receivables consist of rent advance, fund advance, recoverable deposit and staff advance for routine services to be carried out. This is to be retired within fourteen (14) days or on the completion of projects.

19.1 Summary of financial and non-financial assets:	Mar-26 N'000	Dec-25 N'000	Mar-26 N'000	Dec-25 N'000
Financial assets	10,599,141	9,009,510	9,596,022	7,749,153
Non-financial asset	2,105,223	2,124,793	2,066,968	2,088,864
	12,704,364 =========	11,134,303 ========	11,662,990 ========	9,838,017 ========

20	Intercompany receivables	Company
		Mar-26	Dec-25
		N'000	N'000
	Nahco FTZ Limited	41,410	41,426
	NAHCO Logistics Services Limited	1,106	46,616
	NAHCO Travel and Hospitality Limited	244,435	267,494
	NAHCO Commodities Limited	78,599	61,191
		365,550	416,727
	Less allowance for expected credit loss (Note 20a)	(431)	(431)
		365,119 =======	416,296 =======

20a.	Allowance for expected credit losses of Intercompany receivables
	At 1 January	Mar-26 N'000 431	Dec-25 N'000 431
	Expected credit (write-back)/losses (Note 9c)	-	-
	At 31 March. 2026	431 ====	431 =====

Intercompany receivables are funding assistance provided to subsidiaries to finance operations. The fund is repayable on demand and attracts no interest. Intercompany receivables are eliminated in the consolidated financial statements of the Group.

Company

20b	Intercompany loan	Mar-26	Dec-25
		N'000	N'000
	NAHCO Travels and Hospitaliy Limited	122,170	122,170
	NAHCO Commodities Limited	210,000	210,000
		332,170	332,170
	Less allowance for expected credit loss (Note 20c)	(7,011)	(7,011)
		325,159	325,159
		========	========
	Movement in intercompany loans as shown below:	Mar-26	Dec-25
		N'000	N'000
	At 1 January	332,170	3,502,370
	Addition during the year		39,800
	Repayment		(3,210,000)
	At 31 March	332,170 =========	332,170 =========

The Group granted a loan of N210 million to NAHCO Commodities Limited and N122.17 million to NAHCO Travels and Hospitality Limited for the purpose of working capital support. The loan is repayable on demand.

20c.	Allowance for expected credit losses of Intercompany loan
		Mar-26	Dec-25
		N'000	N'000
	At 1 January	7,011	94,238
	Expected credit loss expenses (Note 9c)	-	(87,227)
	At 31 March	7,011 ======	7,011 =====

21 Related party transactions

The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:

		Related party loan	Payments on behalf of related parties	Rent/ service charge	Amounts due from/ (to) related parties
		N'000	N'000	N'000	N'000
NAHCO FTZ Limited	2026	-	38,410	3,000	41,410
	2025	-	29,426	12,000	41,426
NAHCO Energy and Infrastructure Limited	2026	-	(125,500)	-	(125,500)
	2025	-	(125,500)	-	(125,500)
NAHCO Logistics Services Limited	2026	-	1,106	-	1,106
	2025	-	46,616	-	46,616
NAHCO Management Services Limited	2026	-	(25,500)		(25,500)
	2025	-	(25,500)	-	(25,500)
NAHCO Travels and Hospitality Limited	2026	122,170	214,435	-	214,435
	2025	122,170	267,494		267,494
NAHCO Foods and Beverages Limited	2026	-	-	-	(10,000)
	2025	-	-	-	(10,000)
NAHCO Commodities Limited	2026	210,000	78,599	-	78,599
	2025	210,000	61,191	-	61,191
NAHCO Academy Limited	2026	-	-	-	(5,000)
	2025	-	-	-	(5,000)
NAHCO Power and Solutions Limited	2025	-	-	-	(10,000)
	2024	-	-	-	(10,000)

Nature of related party transactions

Intercompany receivables are payments made on behalf of the subsidiaries. The subsidiaries have been informed and the company expects to get value from the subsidiaries.

Intercompany receivables are eliminated in the consolidated financial statements.

Parent

The ultimate controlling party of the Group is Nigerian Aviation Handling Company Plc (nahco aviance). The company owns a 100% stake in a Subsidiary, NAHCO FTZ 100%, NAHCO Travels and Hospitality Limited 100%, NAHCO Foods and Beverages Limited 100%, NAHCO Academy Limited 100% and 100% stake in NAHCO Energy and Infrastructure and NAHCO Logistics Services Limited respectively. Nahcoaviance also, owns 70% stake in Nahco commodities Ltd and 51% in Nahco Management Services Ltd.

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