The Nigerian Aviation Handling Company Plc (NAHCO) declared it has started on a business transmutation plan required to result in a “quantum leap” in its earnings in the next five years.
The organisation stated digitalisation would perform an important role in reaching the target.
The Group Managing Director, Nacho Aviance, Mrs Olatokunbo Fagbemi, stated this during a media briefing in Lagos at the weekend.
According to her, the transformation agenda became necessary after a review of NAHCO’s business process by KPMG, last December.
She also assured shareholders of the company which is listed on the Nigerian Stock Exchange of returns on their investments.
She explained: “Three key things came out from the review process with KPMG – one was we are going to take a quantum leap and then in the next five years we are going to double our revenue by five times, which will be roughly four times what we have in 2018.”
Fagbemi, said as part of the transformation process, one of the decisions that were taken was that the company should operate a group structure.
This, she stressed was expected to drive efficiency in the company’s operations and enhance its revenue.
“We also have our plan to build our people and also on culture transformation. There is a perception both within and without that this is a government entity and that can affect the way things are done. So, one of the things we are doing is a complete transformation of our culture and building our culture on safety, quality and security – the key pillars of aviation – because everything about aviation is safety.
“For us, digital transformation is about how we use the digital platforms and system, to enhance the business and how we will be more efficient. That is part of our five-year transformation plan.”
In addition, Fagbemi said the company is also working towards diversifying its operations so as it achieves its targets of higher revenue.
“One of the things we are looking at is that our business, if you take mainland cargo option, for example, we are a logistics company and one of the first things that happen when I came is that since logistics is not just about the air, it is also about land and sea, our focus now is how do we diversify our business to begin to look at the other mode of transportation. Aviation is just a part of the transport system,” she added.
Fagbemi, however, bemoaned the poor state of infrastructure in the sector, which according to her was a burden on the company, in terms of the high transaction cost.