From left: Mr. Babatunde Afolabi Executive Director SAHCO, Dr. Oluropo Owolabi Non-Executive Directors; Managing Director Mrs. Adenike Aboderin and the Chairman Board of Directors, Dr. Taiwo Afolabi flanked by Compnay Secretary, Jesuyemisi Odeyemi and Mrs. Boma Ukwunna, Executive Director SAHCO at Skyway Aviation Handling Company Plc’s Annual General Meeting held at the Marriotts Hotel, Ikeja
By Sade Williams
The Skyway Aviation Handling Company (SAHCO) PLC has announced a significant growth in revenue with a 49 percent increase from N11.1 billion in 2022 to N16.5 billion in 2023.
The company’s board, as announced by the chairman, Dr. Taiwo Afolabi, at the 14th Annual General Meeting held in Lagos on Thursday, also approved N406,74,00 million dividend, representing 30k per ordinary share to shareholders,
This is also a significant increase from Ñ223 million paid in the 2022 financial year.
SAHCO’S total assets stood at N34 billion during the period under review compared to N29.22 billion in 2022..
Speaking at the AGM, Dr. Afolabi, said SAHCO made massive investments in 2023, including investing in eco-friendly Ground Support Equipment (GSE), a new trend in the industry which he said has kept the company at par with other renowned international ground handling and aviation cargo companies.
“Regardless of the challenges we faced during the year in review, we were able to record some positive points in our performance. Our total assets base currently stands at N34 billion, a massive leap from the N29.2 billion we recorded in 2022.”
He revealed also that the company’s massive investments in training for capacity enhancement also contributed to the growth and profitability of the company.
“We also improved our stakeholders’ engagement strategy as we forged partnerships and relationships with regulators, customers and, agents and unions.
“We won’t relent in investing in state-of-the-art equipment to help meet our customers ‘ needs. That has been one of our unique selling points over the years and 2024 will not be any different “, Afolabi said.
Also speaking, immediate past managing director of SAHCO, Mr. Basil Agboarumi, noted in the annual report that the recorded growth was achieved as a result of the company’s staff and resolve to always offer best aviation ground handling services to the client across all the commercially operated airports in Nigeria.
“We have also gone green by acquiring more eco-friendly electric powered baggage Tow Tractors, Forklifts, among others. I am happy to report that we have sustained that trajectory by investing N2.282 billion in equipment in 2023”, he said.
Some of the shareholders commended the company for giving out dividends despite operating in a turbulent environment.
Meanwhile, Afolabi disclosed that clients are indebted to SAHCO to the tune of N6 billion adding that there is hope of recovering all debts in the next three months.
While also revealling that the proposed new handling rates would soon be approved, he said: ‘Our airlines and clients are owing us about N6 billion. We have to set up a committee for that because we know our clients like to owe and for that not to affect out profitability, we just have to set up a committee for that and they doing wonderfully well and they are recovering them, we believe that within the next three months, we will recover all the debts fully.
“We have already gone far on the new rates, what we did was that all ground handling companies held a meeting successfully so we are waiting for the airlines to subscribe to the new plan and very soon you will hear from us that the rates have been approved.”, he added.
