SAHCO grows revenue to N28bn

The Skyway Aviation Handling Company Plc has announced a boost in its financial performance, increasing its revenue to N28.9bn in the 2024 financial year.

The aviation company added that it will acquire additional ground support equipment to improve and extend its operations to more clients.

These were contained in the 2024 Financial Year Report presented by the board and management of SAHCO at its 15th Annual General Meeting, held virtually on Thursday.

The report showed that the N28.9bn revenue was 74.8 per cent growth when compared to the 2023 financial year with N16.5bn realised.

Comparing 2024 to 2022 performance, the company celebrated over a 260 per cent increase financially, while the latter stood at N11.1 bn.

In 2024, SAHCO recorded a gross profit of N16.3 bn when compared to 2023, which stood at N8.1 bn.

The company also announced ₦6.4bn as its operating profit before income tax expenses.

Also, in 2024, SAHCO’s total assets grew to N41.7bn from N34bn in the previous year.

The company’s shareholders also approved a final dividend of 60 kobo per share to be shared among shareholders.

Speaking at the AGM, the Chairman of SAHCO, Dr Taiwo Afolabi, noted that the global economy in 2024 experienced modest growth, with the International Monetary Fund estimating a global Gross Domestic Product growth rate of 3.2 per cent.

He said this was a result of the gradual easing of supply chain disruptions and a rebound in consumer demand across major economies.

He said, “A Nigerian entrepreneur once had to endure long layovers and multiple connections to secure international deals. Today, improved connectivity allows businesses to move faster, boosting trade and investment.

“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 projected expansion for the company within Africa.

Also speaking, the Managing Director, Mrs Adenike Aboderin, said that the company had made significant investments in the new GSE in the past financial year.

For the 2025 financial year, she insisted that the company’s commitment continue to enhance its core values while advancing its mission and vision.

She said, “As we look ahead to 2025, we remain optimistic about the opportunities that lie before us. Our financial projections for the coming year are built on key assumptions that include an expected increase in the domestic handling rate and a pipeline of new business prospects that we anticipate will further drive our growth.

“We are committed to continuing our upward trajectory and positioning SAHCO as the premier aviation handling company in the region.”