Economy

Skyway Aviation shareholders approve N223.34m dividend for 2019

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Shareholders of Skyway Aviation Handling Company PLC (SAHCOL) on Tuesday approved a total dividend of N223.34 million for the financial year ended Dec. 31, 2019.

The shareholders unanimously gave the approval at the company’s 10th Annual General Meeting (AGM) by proxy held in Lagos.

The News Agency of Nigeria reports that the dividend translated to 16.50k per share.

Speaking at the meeting, Dr Taiwo Afolabi, the company’s Chairman, assured the shareholders of enhanced return on their investment in the current financial year.

Afolabi said the company had embarked on the development of business models geared toward ushering in efficient and speedy service delivery.

He stated that the business model would change the financial status of the company by the year end.

“In the last one year, we have made a massive investment in our capacity to serve our clients through the acquisition of modern equipment, provision of new facilities, capacity development for staff and board members,” he said.

Afolabi added that the company had diversified to a new complementary business with a growth potential.

He noted that the company had embarked on an aggressive marketing drive, both locally and internationally, to shore up the client base and revenue.

Commenting on the company’s financials, the chairman said the performance was not only encouraging, but also a pointer to a bright future.

“Compared to the previous financial year of 2018 when it recorded a huge loss of N696.99 million, SAHCO made a net profit of N446.53 million in 2019.

“The twin factors of cost reduction and new business helped to achieve this feat,” he said.

He explained that the company’s revenue grew by 24.93 per cent, when compared with 2018 figure.

Mr Basil Agboarumi, SAHCO Managing Director, on his part, said the management intended to reposition SAHCO as the best Ground Handling Company in West Africa.

He said the company sought to do so by acquiring more client airlines using the leverage of being the preferred handling partner of British Airways and other global carriers already in the company’s fold.

The managing director also said the company had broken some new grounds.

“Over the years, SAHCO has seen the need to innovate and build aviation ground support equipment which birthed the production of the first ever Fuel Bowser that was produced at the maintenance workshop of the SAHCO’s department,” he said.

A breakdown of the company’s financial performance during the period under review shows that revenue increased by 24.5 per cent to N7.67 billion against N6.14 billion in 2018.

Similarly, an increase of 167 per cent was recorded in its profit in 2019 accounting year.

Consequently, the company moved from a net loss of N696.99 million in 2018 to a net profit of N446.53 million in 2019.

Edited By: Tayo Ikujuni/Oluwole Sogunle (NAN)

 

https://nnn.ng/skyway-aviation-shareholders-approve-n223-34m-dividend-for-2019/

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