The Skyway Aviation Handling Company (SAHCO) has announced N11.1 billion, representing 28 percent increase in revenue generated as at December 2022.
The amount is however higher than the over N8.6 billion realized in the previous year.
This came just as the company’s board and management have approved a dividend of 16.50k per ordinary share of 50k to its shareholders.
The dividend amounted to N223 million, which was the same dividend paid in the 2021 financial year.
During the year under review, the company made a gross profit of N4,366,047,000.00 in 2022 compared to N3,806,957,000.00 recorded in 2021.
The total asset of SAHCO for 2022 is N29,218,539,000.00 as against N24,607,589,000.00 recorded in 2021.
These were contained in the Annual Report and Accounts 2022 presented to shareholders at its 13th Annual General Meeting (AGM),held in Lagos over the weekend.
In the report,while the 28.50 percent rise represented an increase of N8.7 billion in 2022, its Gross Profit equally rose to N4.3 billion from N3.8 billion when compared to previous year.
This increase in gross profit showed 14.69 per cent when compared to the previous year.
Speaking at the AGM, the Chairman of the company, Dr Taiwo Afolabi who promised
to increase the dividend to shareholders in the 2023 financial year, said SAHCO made massive investments in the year under review in its bid to enhance its capacity to service its clients through the acquisition of modern equipment,provision of new facilities and capacity development for staff and board members.
According to him, the company’s Q1 2023 financial report already indicated that the company was on a growth trajectory.
Talking to journalists at the AGM, Dr Afolabi declared: “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.
“So, we are confident of that and that is going to happen in the next financial year period.”
He revealed that SAHCO is responsible for over 60 per cent of cargo handling in the Nigerian aviation industry with the promise that the company would continue to maintain the status by providing world-class ground handling services to its clients.
The chairman, who insisted that the company would not hesitate to acquire more modern equipment as the number of its clientele grows, further remarked: “Yes, we buy equipment based on whatever our customers need. This year, we hope to get more clients and once we do that, we are going to buy more equipment. As we are now, we have enough equipment to support and service our clientele.
“As the clientele of SAHCO continue to grow, we have acquired a lot of ultra-modern ground handling equipment to meet our demand. These equipment are fitted with the latest technology in ground handling support. Our plan is to continue to acquire more as the industry demands so we can continue to provide top-notch ground handling services to enable us retain existing clients and to cater for clientele and business expansion, which will translate to more future profit for the organsation.”
The annual report also identified the primary source of revenue generation of the company to have come from foreign and domestic handling, cargo handling and equipment rental, while other sources of revenue include rental income from investment properties.
While declaring that the revenue from contracts with customers is disaggregated by major service lines and timing of revenue recognition, top of the company’s major service lines in the year under review was under the foreign handling where the sum of N2,450,711 was realized compared to N1,284,087 recorded in 2021.
The domestic handling services fetched the handling company in 2022 N1,974,486 as against N820,443 of the previous year.
and then