SAHCO grows gross profit to N8.19bn

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Skyway Aviation Handling Company (SAHCO) Plc announced a substantial growth in its gross profit, reaching N8.195 billion for the financial year ending December 31, 2023. This marks an increase from the N4.36 billion recorded in 2022. The announcement was made during the company’s 14th Annual General Meeting (AGM) held in Lagos.

Chairman Taiwo Afolabi emphasized the company’s commitment to profitability and shareholder satisfaction, assuring shareholders of enhanced profitability and better dividends in the 2024 financial year. Afolabi attributed the success to ongoing investments in equipment and strategic initiatives.

Managing Director Basil Agboarumi highlighted that SAHCO’s revenue surged to N16.5 billion in 2023 from N11.1 billion in 2022. The company’s total assets also rose to N34 billion from N29.2 billion recorded in 2022. Agboarumi credited the company’s performance to improved stakeholder engagement, strategic partnerships, staff capacity building, and investments in eco-friendly equipment.

During the AGM, shareholders approved a dividend of 30k per share, amounting to N406.074 million for the year 2023. Shareholders expressed appreciation for the company’s performance and encouraged the board to focus on innovative business ideas to further enhance performance and ensure increased returns on investment.

Lawrence Oguntoye, a shareholder, praised the board and management for their performance in 2023 and encouraged continued efforts to ensure higher returns for shareholders in the future.

Source: The Sun

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