SAHCO Pledges Better Profitability for 2024 Financial Year

Executive Director, Skyway Aviation Handling Company (SAHCO) PLC, Dr Babatunde Afolabi;Non-executive Director, SAHCO,Dr Oluropo Owolabi; Managing Director/CEO, SAHCO, Mrs Adenike Aboderin; Chairman, SAHCO, Dr (Barr) Taiwo Afolabi (CON); Company Secretary, SAHCO, Ms Jesuyemisi Odeyemi; Executive Director, SAHCO, Mrs Boma Ukwunna at SAHCO’s 14th Annual General Meeting. Image Credit: CAMCAN

…As shareholders approve N406 million dividend

June 13, 2024/CAMCAN

The Chairman of Skyway Aviation Handling Company (SAHCO) Plc, Barrister Taiwo Afolabi, has assured its shareholders of enhanced profitability and dividend in the current financial year ending Dec. 31, 2024.

Afolabi gave the assurance at the company’s 14th Annual General Meeting on Thursday in Lagos.

He told the shareholders 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. “That has been one of our unique selling points over the years and 2024 will not be any different”.

“I would like to commend the shareholders, we greatly value your support for the management and board over the years. “We don’t take your support and encouragement for granted. Be assured we are working hard to make your company great and to generate a better dividend for you,” he said.

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, 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 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 Plc 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 at the meeting unanimously approved a dividend of 30k per share, amounting to N406.074 million for the year 2023.

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 Mr 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.

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