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. Taiwo Afolabi (CON); Executive Director, SAHCO, Mrs. Boma Ukwunna; Executive Director, SAHCO, Dr. Babatunde Afolabi; and Company Secretary, SAHCO, Ms. Jesuyemisi Odeyemi at the SAHCO PLC 15th Annual General Meeting
.Skyway Aviation Handling Company PLC (SAHCO) has recorded a remarkable financial performance in 2024, posting a profit before tax of ₦6.49 billion — a 146.6% increase from ₦2.63 billion in 2023. The company also achieved a 74.8% rise in revenue year-on-year, buoyed by new contracts and improved operational efficiency.
The announcement was made during the company’s 15th Annual General Meeting (AGM), held on Thursday at the Marriott Hotel in Ikeja, Lagos. Speaking at the event, SAHCO’s Chairman, Dr. Taiwo Afolabi, said the board has recommended a dividend payout of 60 kobo per share to shareholders.
“Despite a tough economic climate, SAHCO demonstrated resilience and strategic agility. Our growth was driven by operational efficiency and the renewal of major contracts,” Dr. Afolabi noted.
Major Contract Wins and Route Expansions
In 2024, SAHCO secured key ground handling agreements that strengthened its position in the aviation industry. These include:
- Renewal of a 5-year contract with British Airways
- A fresh 5-year agreement with South African Airways
- New partnerships with Bristow Airlines, ValueJet, Ilyin Air, Green Africa, and Air Cote D’Ivoire
- Ground handling support for Air Peace’s London route, Ibom Air’s expansion to Accra, and Uganda Airlines’ services to Abuja
- Full ground handling contract for Neos Air, reviving the Nigerian-Italian route after nearly 20 years
Operational Milestones and Safety Achievements
Highlighting SAHCO’s operational excellence, Dr. Afolabi revealed that the company achieved a record-setting 37-minute turnaround in offloading 37 pallets from an Ethiopian Airlines Boeing 777 cargo flight.
He also confirmed that SAHCO renewed its IATA Safety Audit for Ground Operations (ISAGO) and RA3 certifications, reinforcing its compliance with international safety standards.
The company’s performance earned it several recognitions, including the British Airways Safety & Punctuality Award in Lagos.
Outlook Amidst Economic Challenges
Commenting on the broader economic environment, Dr. Afolabi acknowledged that Nigeria’s aviation sector remains one of the most competitive in Africa, with growing passenger demand and new international routes. However, he cited rising operational costs, forex constraints, and infrastructure gaps as key industry challenges.
In 2024, Nigeria’s inflation spiked to a 28-year high of 34.6%, largely driven by food and energy prices. The naira depreciated significantly, closing the year at ₦1,535/$1, marking a 40.9% decline from the previous year.
Despite these macroeconomic headwinds, Dr. Afolabi pointed out that SAHCO remained committed to investing in technology and digital transformation to boost operational efficiency and improve customer experience. He also emphasized the company’s strategic focus on expanding its footprint in regional aviation markets.
“We will continue to leverage opportunities in the aviation space to grow shareholder value and position SAHCO as a leading ground handling service provider in Africa,” he added.
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