SAHCO records N7bn revenue increase in 2019
The Skyway Aviation Handling Company PLC (SAHCO) has recorded an increase of 24.5 per cent in its revenue from N6,136.412 bn in 2018 to N7,665,990 bn in 2019.
Chairman of the company, Dr Taiwo Afolabi notes this during its 2020 Annual General Meeting (AGM) at the SAHCO Complex at the Murtala Muhammed International Airport, Ikeja, Lagos.
The AGM was conducted in accordance with the guidelines issued by the Corporate Affairs Commission (CAC) on the conduct of Annual General Meeting via proxies as part of the measures to mitigate the negative effect created by the current Coronavirus (Covid-19) pandemic.
He said during the event, SAHCO PLC declared a dividend of N 223,340,700 at 16.5k (Sixteen and a half kobo) per share which is payable less with the appropriate withholding tax at the time of payment.
Speaking during the AGM, Dr. Taiwo Afolabi, Chairman of the company said he is delighted to address a larger pool of shareholders for the first time even if it is virtually.
According to him “You will recall that SAHCO became a publicly quoted company after its listing on the Nigerian Stock Exchange (NSE) in the last quarter of 2018, the listing, a natural progression in our post-privatisation strategic growth plan, is also in furtherance of the vision to becoming the preferred ground handling company in the West African sub-region in terms of revenue, clientele base, quality of service, customer satisfaction, innovation and return on investment.
Dr Afolabi went on to emphasize that when SIFAX Group bought SAHCO, only 7 per cent of the market share was controlled by SAHCO but that has increased to 55 percent over the years for ground handling while in cargo handling SAHCO controls 70 percent of the market share.
In his remarks, Basil Agboarumi, Managing Director/CEO, SAHCO PLC said the Single Africa Air Transport Market initiative contributed to the growth of the Nigeria Aviation industry and Ground Handling sub-sector in 2019.
“Essentially, three African Carriers made their entrances into the Nigeria market; TAAG Angola, Cabo Verde Airlines and Air Senegal. However, Air Namibia suspended their flights to Lagos over unresolved diplomatic issues.
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