The Skyway Aviation Handling Company Plc has reported a significant boost in its financial performance, growing its revenue to N28.9bn for the 2024 financial year. The company also announced plans to acquire additional ground support equipment to expand operations and service more clients.
These updates were shared in SAHCO’s 2024 Financial Year Report presented during its 15th Annual General Meeting, held virtually on Thursday.
According to the report, the N28.9bn revenue represents a 74.8 per cent increase from the N16.5bn recorded in 2023. Compared to 2022, when it posted N11.1bn, the company achieved over a 160 per cent increase within two years.
SAHCO also recorded a gross profit of N16.3bn in 2024, up from N8.1bn in the previous year, while its operating profit before tax stood at N6.4bn. The company’s total assets rose to N41.7bn in 2024, compared to N34bn in 2023.
The shareholders approved a final dividend of 60 kobo per share.
Speaking at the AGM, SAHCO Chairman, Dr Taiwo Afolabi, noted that the global economy witnessed modest growth in 2024, with the International Monetary Fund estimating a global GDP growth rate of 3.2 per cent, driven by improved supply chain conditions and a rebound in consumer demand.
He said, “To sustain this momentum, the focus must remain on efficiency, innovation and resilience, ensuring that Nigeria’s aviation sector remains competitive on the global stage.”
Afolabi also projected further expansion for the company within Africa.
The Managing Director, Mrs Adenike Aboderin, stated that the company had made significant investments in new ground support equipment during the year and reaffirmed SAHCO’s commitment to its core values and mission.
“As we look ahead to 2025, we remain optimistic about the opportunities before us,” Aboderin said, adding that the company anticipates growth from an expected increase in the domestic handling rate and a pipeline of new business prospects.
“We are committed to continuing our upward trajectory and positioning SAHCO as the premier aviation handling company in the region.”
