…..eyes regional expansion and tech investment
The Skyway Aviation Handling Company (SAHCO) Plc has announced a robust financial performance for the 2024 fiscal year, reporting a revenue of N28.9 billion, its highest yet.
This marks a 74.8 per cent growth from the N16.5 billion recorded in 2023 and a 260.3 per cent increase from N11.1 billion in 2022.
The company disclosed these results during its 15th Annual General Meeting (AGM), held virtually on Thursday, where it also outlined future plans, including significant investment in Ground Support Equipment (GSE) and digital transformation to meet growing operational demands.
According to the financial report, SAHCO’s gross profit rose to N16.3 billion in 2024 from N8.1 billion the previous year.
The company also earned N6.4 billion in operating profit before income tax, while its total assets expanded to N41.7 billion, up from N34 billion in 2023.
Shareholders at the AGM approved a final dividend payout of 60 kobo per share, a reflection of the company’s strong performance and sustained profitability.
Chairman of SAHCO, Dr. Taiwo Afolabi, attributed the financial gains to improving global economic conditions, citing a 3.2 per cent growth in global GDP as projected by the International Monetary Fund (IMF).
He noted that while Nigeria’s aviation market continues to expand with increased passenger demand and international connectivity, the sector still faces challenges such as high operational costs, infrastructure deficits, and foreign exchange constraints.
“Improved air connectivity is critical to business efficiency and trade growth. To sustain this momentum, Nigeria’s aviation sector must focus on innovation, resilience, and global competitiveness”.
Looking ahead, Afolabi emphasized that SAHCO is strategically positioned to expand its footprint across Africa, leveraging regional aviation opportunities and investing in technology to enhance customer experience and operational efficiency.
Echoing this vision, SAHCO’s Managing Director, Mrs. Adenike Aboderin, highlighted that the company had already made substantial investments in new GSE to support the surge in operational activities.
The equipment acquired includes belt loaders, forklifts, pallet dollies, cargo tractors, and towed passenger steps, all aimed at ensuring safer, more efficient, and environmentally responsible services.
Aboderin affirmed that the company’s growth strategy for 2025 will center on reinforcing its core values, attracting new business, and responding proactively to market dynamics.
“Our projections are based on an anticipated increase in domestic handling rates and a strong pipeline of new contracts. We remain focused on delivering operational excellence and maintaining SAHCO’s position as the premier ground handling service provider in the region,” she said.
With continued investments and a clear strategic direction, SAHCO appears poised to build on its 2024 performance and drive sustained growth in the years ahead.
