Amidst global challenges that shook businesses in the year ended 2023, the Skyway Aviation Handling Company (SAHCO) has announced that its revenue within the period stood at N16.5 billion, representing a gross profit from N4.3 billion in 2022 to N8.2 billion in 2023.
This was contained in the speech of the Chairman of the Sifax Group, Dr Taiwo Afolabi, at the 14th Annual General Meeting (AGM) of SAHCO held in Lagos on Thursday.
In his speech, Afolabi, who said that at the 2022 AGM of the handling company, the total revenue generated was N11.1 billion, declared that at the end of the 2023 financial year, the revenue has gone to N16.5 billion.
The asset base of the company recorded impressive performance, with the total assets currently at N34 billion, a massive leap from the N29.2 billion recorded in 2022.
Afolabi, who declared at the meeting that the airlines’ indebtedness to SAHCO had reached N6 billion, however, revealed an ongoing move by the handling company to diversify into travel agencies and helicopters, leading to further strengthening its position.
His words: “Our airlines’ clients’ debts are roughly estimated at N6 billion. We have set up a committee for that purpose. Clients tend to owe, but we are not allowing it to affect our profitability.
“We just have to set up a committee that is looking into that, and they are doing wonderfully well. Now, they are recovering.
“We believe that within a short period, within 3-6 months, we will recover all the debts outside.”
SAHCO shareholders during the AGM passed resolutions, including the approval for the Board of Directors to pay a recommended 30 kobo dividend per share of 1,353,580,000 ordinary shares, amounting to N406,074,000, which surpassed the 16.5 kobo per share of N223,340,700 paid in 2022.
In his own speech, the immediate past managing director of the company, who is now one of the executive directors, Mr Basil Agboarumi, revealed how the data released from the National Bureau of Statistics showed the aviation sector contributed about N117 billion, representing 4% to the national GDP in the first quarter of 2023.
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