L-R: Executive Director, Skyway Aviation Handling Company (SAHCO) PLC,Mr Abiodun Adegbesan; Managing Director/CEO, SAHCO, Mrs Adenike Aboderin; Chairman, SIFAX Group/ SAHCO, Dr Barr Taiwo Afolabi (CON); Executive Director, SAHCO, Mrs Boma Ukwunna; Executive Director, SAHCO, Dr Babatunde Afolabi; Company Secretary,SAHCO, Ms. Jesuyemisi Odeyemi at the SAHCO PLC 15th Annual General Meeting.
The Skyway Aviation Handling Company PLC (SAHCO) has reported a profit before tax of N6,486,469 for the 2024 financial year just as it recorded a 74.8 percent increase in its revenue for the same year.
The company’s total assets also grew to ₦41.79 billion from ₦34.07 billion, reflecting a robust financial position.
The ground handling company disclosed this at its Annual General Meeting (AGM) held at the Marriotts Hotel in Ikeja, Lagos on Thursday.
The company’s board of directors also proposed a dividend of 60 kobo per share for its shareholders just as it said it secured major contracts with global carriers in the year under review.
Speaking at the AGM, its Chairman, Dr. Taiwo Afolabi said that despite the challenges in economic environment, SAHCO demonstrated remarkable resilience and strategic agility in its businesses.
According to Afolabi, the company posted a profit before income tax expenses of N6,486,469 in 2024 as against N2,630,287 in 2023.
“I am pleased to report that SAHCO achieved a 74.8% increase in revenue for the year.ending December 2024 compared to the previous year, driven by new contracts and operational efficiency” , he said.
Although, Afolabi lamented the challenges beleaguering the aviation sector as having impact on ground handling operations, he noted that “Nigeria remains one of Africa’s largest aviation markets, with rising passenger demand and expanding international routes, however, operational costs, infrastructure gaps, and forex constraints pose challenges.”
While itemising the record achievements of the company, he said SAHCO secured major contract renewals, including, renewal of a 5-year ground handling contract with British Airways; signing of a 5-year agreement with South African Airways; partnerships with major carriers, including Bristow Airlines, Value Jet, Ilyin Air, Green Africa, and Air Cote D’Ivoire, while expanding operations in securing Air Peace London route, Ibom Air’s regional operations to Accra and Uganda Airlines’ extended services to Abuja.
It also secured the full handling contract for Neos Air, reviving the Nigerian-Italian route after nearly two decades.
“From securing major airline deals to setting new efficiency records, SAHCO turned challenges into milestones delivering excellence every step of the way.”, he said.
On operational efficiency and safety, Afolabi said SAHCO set a record with a 37-minute turnaround for Offloading 37 pallets from an Ethiopian Airlines Boeing 777 cargo flight.
He explained that the company renewed IATA Safety Audit for Ground Operations (SAGO) and RA3 certifications, reinforcing adherence to global safety standards.
According to the Chairman, SAHCO’s commitment to safety and punctuality was recognised with multiple British Airways Safety & Punctuality Awards, including Bronze, Silver, Gold, and Platinum awards at its Lagos station, and a Bronze Award for its Abuja operations.
Looking ahead, Afolabi emphasised SAHCO’s strategic focus on expanding its presence across the African continent.
He disclosed that the company plans to invest heavily in technology and sustainability initiatives while strengthening corporate governance frameworks to ensure sustainable growth and long-term value creation for stakeholders.
“Our vision is to be the premier aviation services provider in Africa, delivering excellence through innovation, safety, and strategic partnerships,” he added.
