SAHCO Shareholders Approve N406m Dividend

Skyway Aviation Handling Company (SAHCO) has approved a dividend of 30 kobo per share, amounting to N406.074 million for the year ended December 31, 2023.

The shareholders gave their approval at the Company’s 14th Annual General Meeting held yesterday in Lagos.

This is as the Company assured shareholders of enhanced profitability and dividend in the current financial year ending December 31, 2024.

Speaking, the chairman of SAHCO, Barrister Taiwo Afolabi said that the board and management would work tirelessly to achieve better profitability in 2024.

Afolabi emphasised the company’s commitment to enhancing profitability and ensuring customer satisfaction through continued investment in state-of-the-art equipment.

He also guaranteed good returns for the shareholders, acknowledging their unwavering support and emphasising the company’s efforts to generate better dividends for them.

Afolabi noted that the company recorded positive performance in spite of the challenges encountered during the year.

He attributed the growth and profitability to improved stakeholders engagement, strategic partnerships, and a focus on staff capacity building.

The managing director of the Company, Mr Basil Agboarumi, attributed the company’s impressive 2023 performance to substantial investment in eco-friendly equipment, resulting in significant revenue growth and an expanded asset base.

“In our last AGM, we announced a total revenue of about N11.1 billion for 2022, but as of the end of the 2023 financial year, our company’s revenue stood at N16.5 billion.

“We have also grown our gross profit from N4.3 billion in 2022 to N8.2 billion in the year under review,” he said.

He said the company’s asset base was not excluded from the impressive performer.

Agboarumi said the company’s total assets rose to N34 billion from the N29.2 billion recorded in 2022.

“In the year under review, we recorded a revenue of N16.546 billion against the N11.125 billion in 2022.

“However, SAHCO made a gross profit of N8.195 billion in 2023 compared to N4.366 billion recorded in 2022.

“The growth was achieved as a result of the commitment of our workforce and resolve to always offer best aviation ground handling services to our clients across all the commercially operated airports in Nigeria,” he said.

The shareholders expressed appreciation for the company’s performance and urged the board to focus on new business ideas to further improve performance and ensure increased returns on investment.

During the meeting, a shareholder, Lawrence Oguntoye, praised the board and management for the firm’s impressive performance in 2023.

Oguntoye urged them to exert more efforts to ensure higher returns for the shareholders.

He, however, urged the management to prioritise new business ideas that would improve its performance.

Another shareholder, Mr Olatunji Bamidele, acknowledged the board and management’s efforts to achieve better profitability in the challenging economic environment of 2023.

Bamidele urged the management to take action to recover the company’s outstanding debts from the debtors.