Skyway Aviation Handling Company Plc (SAHCO) Soars to New Heights with Remarkable Financial Performance in 2024
The Skyway Aviation Handling Company Plc (SAHCO) has announced a stellar financial performance for the 2024 financial year, demonstrating remarkable growth and solidifying its position as a leading aviation handling company. SAHCO’s revenue surged to an impressive N28.9 billion, marking a substantial 74.8% increase compared to the N16.5 billion achieved in 2023. This impressive growth trajectory represents a remarkable turnaround from the N11.1 billion revenue recorded in 2022, signifying a staggering 260% increase. This outstanding financial performance highlights SAHCO’s resilience and adaptability in navigating the dynamic aviation landscape. The company’s strategic investments, coupled with the resurgence in global travel, have contributed significantly to this remarkable achievement.
This financial success story extends beyond revenue growth. SAHCO also recorded a significant boost in gross profit, reaching N16.3 billion in 2024, a substantial leap from the N8.1 billion recorded in 2023. The company’s operating profit before income tax expenses reached an impressive N6.4 billion, further underscoring its robust financial health. SAHCO’s total assets also witnessed a significant increase, growing from N34 billion in 2023 to N41.7 billion in 2024. This growth in assets reflects the company’s commitment to investing in its infrastructure and expanding its operational capacity to cater to the increasing demands of the aviation industry. As a testament to its commitment to rewarding shareholders, SAHCO approved a final dividend of 60 kobo per share, underscoring the company’s strong financial position and its commitment to sharing its success with its investors.
Dr. Taiwo Afolabi, Chairman of SAHCO, attributed the company’s success to several factors, including the modest growth experienced by the global economy in 2024. The International Monetary Fund estimated a global Gross Domestic Product (GDP) growth rate of 3.2%, driven by the gradual easing of supply chain disruptions and a rebound in consumer demand across major economies. This positive global economic environment provided a favorable backdrop for SAHCO’s growth, creating opportunities for expansion and increased business activity. Dr. Afolabi emphasized the importance of improved connectivity within Nigeria’s aviation sector, highlighting how it facilitates faster business operations and boosts trade and investment. He stressed the need for continued focus on efficiency, innovation, and resilience to ensure that Nigeria’s aviation sector remains competitive on the global stage. Furthermore, Dr. Afolabi shared his vision for SAHCO’s expansion within Africa, signaling the company’s ambition to capitalize on the growth opportunities within the continent’s aviation market.
Mrs. Adenike Aboderin, Managing Director of SAHCO, further elaborated on the company’s strategic initiatives, highlighting significant investments made in new Ground Support Equipment (GSE) during the past financial year. These investments demonstrate SAHCO’s commitment to enhancing its operational efficiency and providing top-tier services to its clients. Looking ahead to 2025, Mrs. Aboderin expressed optimism about the company’s future prospects, citing key assumptions that include an anticipated increase in the domestic handling rate and a pipeline of new business prospects that are expected to drive further growth. She reiterated SAHCO’s commitment to enhancing its core values, advancing its mission and vision, and solidifying its position as the premier aviation handling company in the region.
SAHCO’s remarkable performance in 2024 is a testament to its strategic vision, operational efficiency, and commitment to delivering exceptional services to its clients. The company’s investments in GSE and its focus on innovation have positioned it for continued success in the dynamic aviation industry. As SAHCO looks towards 2025 and beyond, it remains committed to expanding its operations, enhancing its service offerings, and solidifying its position as a leading aviation handling company in Africa.
SAHCO’s success story serves as an inspiring example of how a company can thrive in a challenging and ever-evolving industry. By prioritizing efficiency, innovation, and customer satisfaction, SAHCO has not only achieved impressive financial results but has also contributed significantly to the growth and development of Nigeria’s aviation sector. The company’s commitment to investing in its infrastructure, expanding its operations, and rewarding its shareholders underscores its long-term vision and its dedication to creating value for all stakeholders. As SAHCO embarks on its journey towards further growth and expansion, it stands poised to continue its upward trajectory and solidify its position as a leader in the African aviation landscape.
