Chinedu Eze

The Skyway Aviation Handling Company (SAHCO) Plc has posted its strong financial performance yet with N28.9 billion as revenue in the 2024 financial year.

The company said it has concluded plans to acquire additional Ground Support Equipment (GSE) to improve and extend its operations to its growing clientele.

These were contained in the 2024 Financial Year Report presented by the board and management of SAHCO at its 15th Annual General Meeting (AGM), held virtually at the weekend.

The report indicated that the N28.9 billion revenue was 74.8 per cent growth when compared to the 2023 financial year period with 16.5 billion. The performance was also 260.3 per cent increase when compared to the 2022 financial performance, which stood at N11.1 billion.

In the 2024 financial year period, SAHCO also had a total gross profit of N16.3 billion when compared to the 2023 period, which was N8.1 billion and besides, the report revealed that SAHCO earned N6.4 billion as operating profit before income tax expenses.

Speaking at the AGM, Dr. Taiwo Afolabi, the Chairman of SAHCO, noted that the global economy in 2024 experienced modest growth with the International Monetary Fund (IMF) estimating a global Gross Domestic Product (GDP) growth rate of 3.2 per cent.

Afolabi, however, said that this was driven by the gradual easing of supply chain disruptions and a rebound in consumer demand across major economies and he also said that Nigeria remained one of Africa’s largest aviation markets with rising passenger demand and expanding international routes; but, regretted that operational costs, infrastructure gaps and forex constraints posed major challenges to operators in the Nigerian aviation industry.

Also, the Managing Director, SAHCO, Mrs. Adenike Aboderin, in her speech said that the company had made significant investments in new GSE in the past financial year.

According to her, these acquisitions are crucial to accommodating the increasing operational demands and ensuring that its services remained safe, efficient and environmentally friendly in 2024. She said that the GSE acquired within the period to include towed passenger steps, belt loaders, pallet dollies, forklifts and cargo tractors, among others. 

She added: “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.”