Skyway Aviation Handling Company (SAHCO) has reported a revenue of N11.1 billion for the year ending December 2022, representing a 28 percent increase compared to the previous year. This growth resulted in higher earnings than the N8.6 billion recorded in the previous year. The company’s board and management have approved a dividend payment of 16.50k per ordinary share of 50k to its shareholders, totaling N223 million, which is the same dividend paid in the 2021 financial year.
During the year under review, SAHCO achieved a gross profit of N4.37 billion, a significant increase from N3.81 billion in 2021. The company’s total assets also grew to N29.22 billion in 2022, compared to N24.61 billion in the previous year. These financial highlights were presented in the Annual Report and Accounts 2022 during SAHCO’s 13th Annual General Meeting (AGM) held in Lagos over the weekend.
Dr. Taiwo Afolabi, Chairman of SAHCO, announced during the AGM that the company plans to increase dividends to shareholders in the 2023 financial year. He highlighted SAHCO’s substantial investments in the acquisition of modern equipment, provision of new facilities, and capacity development for staff and board members, aimed at enhancing the company’s service delivery to its clients. Dr. Afolabi also shared that the company’s Q1 2023 financial report indicated a positive growth trajectory.
While addressing journalists at the AGM, Dr. Afolabi expressed confidence in SAHCO’s future performance, stating, “I can tell you that our first-quarter financial year result has shown that we are making more money. So, we will surprise them by next year and may be double whatever we are giving them this year.” He emphasized SAHCO’s role as a leading cargo handler in the Nigerian aviation industry and reaffirmed the company’s commitment to providing world-class ground handling services to its clients.
Dr. Afolabi further noted that as SAHCO’s clientele continues to grow, the company will acquire more modern equipment to meet their needs. He highlighted the company’s existing state-of-the-art ground handling equipment, equipped with the latest technology, and expressed the intention to procure additional equipment to support business expansion and provide top-notch services.
The annual report identified SAHCO’s primary sources of revenue generation as foreign and domestic handling, cargo handling, equipment rental, and rental income from investment properties. The report also highlighted that the revenue from contracts with customers is segmented by major service lines and timing of revenue recognition, with foreign handling and domestic handling being the top service lines for the year.
SAHCO’s positive financial results and plans for future growth reflect its commitment to maintaining a strong position in the industry and delivering value to its shareholders.
