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Newrest ASL Nigeria, the country’s leading airline catering company, has reported that its revenue rose by 15.65 percent during the 2017 first quarter ended on March 31st. The company said its revenue rose to N1.34 billion in Q1, 2017 compared to N1.13 billion reported in a similar period of last year.

The revenue growth was driven mainly by a significant increase in the company’s Kigali (Rwanda) inflight catering services.

Newrest ASL Nigeria said its oil and gas catering services as well as its Lagos airport operations – which include lounges, duty free shops, and restaurants – boosted revenues during the period under review.

Notwithstanding the strong top-line growth, the company said after-tax profit fell 28 percent to N131 million compared to N167.77 million in a similar quarter in 2016. The decline in profit was caused by an uptick in finance costs.

Newrest ASL Nigeria said its cash and cash equivalents rose 121 percent to N2.04 billion in Q1, 2017 as against N923.71 million in Q1, 2016, as the company recorded increased cash receipts from customers.

Founded in 1996, Newrest ASL Nigeria provides catering and related services to international airlines within the Nigerian aviation industry, employing 510 staff and catering to 600 flight handlings per month. The company operates international standard inflight catering facilities, lounges and restaurants at the Lagos and Abuja airports.

In 2014, Newrest ASL Nigeria established ASL Rwanda, in partnership with Air Rwanda, to provide in-flight catering facilities and VIP Lounges at the Kigali International Airport, Rwanda. ASL Oil and Gas Logistics – a Newrest ASL Nigeria subsidiary – was also established in 2013 to provide catering and logistics services to the oil and gas industry in Africa’s largest economy. Swiss-based Newrest AG is the controlling shareholder of Newrest ASL Nigeria, with a 50.65 percent stake.

Newrest ASL Nigeria’s stock rose 4.91 percent to close at N4.27 per share at the Lagos bourse on Wednesday.