Caption: L-R: Executive Director, Skyway Aviation Handling Company (SAHCO) PLC,Mr Abiodun Adegbesan; Managing Director/CEO, SAHCO, Mrs Adenike Aboderin; Chairman, SIFAX Group/ SAHCO, Dr Barr Taiwo Afolabi (CON); Executive Director,SAHCO, Mrs Boma Ukwunna; Executive Director, SAHCO, Dr Babatunde Afolabi; Company Secretary,SAHCO, Ms Jesuyemisi Odeyemi at the SAHCO PLC 15th Annual General Meeting.
Skyway Aviation Handling Company (SAHCO) Plc has posted strong 2024 performance, earning N28.9 billion in revenue for the financial year ended December 31, 2024.
This figure represents a 74.8 per cent increase compared to the N16.5 billion generated in the 2023 financial year. Additionally, the performance reflects a 260.3 per cent rise when compared to the N11.1 billion revenue recorded in 2022.
According to the company’s 2024 Financial Year Report presented at its 15th Annual General Meeting (AGM), held virtually on Thursday, SAHCO’s gross profit surged to N16.3 billion. This was a significant leap from the N8.1 billion posted in the previous year.
The financial report further revealed that the company recorded N6.4 billion as operating profit before income tax expenses, indicating improved cost management and operational efficiency.
SAHCO also witnessed a growth in total assets, which stood at N41.7 billion at the end of 2024, up from N34 billion in 2023. Moreover, shareholders approved a final dividend of 60 kobo per share, rewarding investors for the company’s robust performance.
Chairman of SAHCO, Dr. Taiwo Afolabi, while speaking at the AGM, attributed the company’s success to strategic decisions and favorable market dynamics. He acknowledged that the global economy experienced modest growth in 2024, with the International Monetary Fund (IMF) estimating a global Gross Domestic Product (GDP) growth rate of 3.2 per cent.
According to him, the easing of supply chain disruptions and a rebound in consumer demand across major economies helped improve business activity worldwide. He noted that Nigeria remained one of Africa’s biggest aviation markets, despite persistent operational challenges.
However, Afolabi highlighted some constraints facing Nigerian aviation operators, including high operational costs, infrastructure deficits, and foreign exchange limitations.
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 progress, the focus must remain on efficiency, innovation and resilience, ensuring that Nigeria’s aviation sector remains globally competitive,” Afolabi emphasized.
Meanwhile, following the company’s posted strong 2024 performance, SAHCO announced plans to deepen its market penetration across Africa. The company aims to leverage new opportunities in regional aviation while expanding its investment in technology.
Managing Director, Mrs. Adenike Aboderin, in her address, reaffirmed the company’s commitment to enhancing operational efficiency through digital transformation. She disclosed that SAHCO had already made significant investments in Ground Support Equipment (GSE) during the 2024 financial year.
Aboderin noted that the equipment acquired was necessary to handle increasing demand from clients and to ensure continued safety and environmental friendliness. Among the newly acquired equipment are towed passenger steps, forklifts, pallet dollies, cargo tractors and belt loaders.
“Our services must remain safe, efficient, and eco-friendly. These acquisitions are critical to meet rising operational expectations,” Aboderin stated.
She added that as part of the 2025 growth plan, SAHCO would continue to invest in staff development and technological upgrades.
Aboderin 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.”
She reiterated that SAHCO’s long-term goal is to remain a leader in the aviation handling sector across the West African sub-region.
“We are committed to continuing our upward trajectory and positioning SAHCO as the premier aviation handling company in the region,” she declared.
“Our focus is to maintain and improve the reputation of operational excellence which the SAHCO brand is now known for.”
With the company’s continued investment in infrastructure and customer experience, SAHCO appears ready to build on its posted strong 2024 performance, while enhancing service delivery and sustaining shareholder value.
