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SAHCO PLC Holds AGM, Records 24% Increase In Revenue In 2019

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* L-R: Skyway Aviation Handling Company PLC (SAHCO), Managing Director/CEO, Basil Agboarumi, SAHCO Chairman, Dr (Barr) Taiwo Afolabi (MON), SAHCO Company Secretary/AGM Legal Services, Mrs Omolara Bello-Odeinde during the company's 10th Annual General Meeting.
* L-R: Skyway Aviation Handling Company PLC (SAHCO), Managing Director/CEO, Basil Agboarumi, SAHCO Chairman, Dr (Barr) Taiwo Afolabi (MON), SAHCO Company Secretary/AGM Legal Services, Mrs Omolara Bello-Odeinde during the company’s 10th Annual General Meeting.

 

The Skyway Aviation Handling Company PLC (SAHCO) has stated that it recorded a total revenue of N7,665,990 billion in 2019, the year under review as against  the N6,136.412 billion generated  in 2018.

This according to the ground handling company represents an increase of 24.5 per cent.

This is just as SAHCO PLC also said it declared a dividend of N223,340, 700 at 16.5k per share which is payable less with the appropriate withholding tax at the time of payment.

An online statement issued by the Manager, Corporate Communications, SAHCO PLC, Mrs. Uansohia   Vanessa Adetola explained that the ground handler made this known at its 2020 Annual General Meeting (AGM) at the SAHCO Complex at the Murtala Muhammed International Airport (MMIA), Lagos.

The AGM was conducted in accordance with the guidelines issued by the Corporate Affairs Commission (CAC) on the conduct of Annual General Meeting via proxies as part of the measures to mitigate the negative effect created by the current Coronavirus pandemic.

The ground handling company explained that it declared a dividend of N 223,340,700 at 16.5k (Sixteen and a half kobo) per share which is payable less with the appropriate withholding tax at the time of payment.

Speaking during the AGM, Chairman of the company, Dr. Taiwo Afolabi, stated that he was delighted to address a larger pool of shareholders for the first time even if it is virtually.

According to him “You will recall that SAHCO became a publicly quoted company after its listing on the Nigerian Stock Exchange (NSE) in the last quarter of 2018, the listing, a natural progression in our post-privatisation strategic growth plan, is also in furtherance of the vision to becoming the preferred ground handling company in the West African sub-region in terms of revenue, clientele base, quality of service, customer satisfaction, innovation and return on investment.”

Afolabi went on to emphasize that when SIFAX Group bought SAHCO, only seven  per cent of the market share was controlled by SAHCO but that has increased to 55 per cent over the years for ground handling while in cargo handling SAHCO controls 70 per cent of the market share.

In his remarks, Managing Director/CEO, SAHCO PLC, Basil Agboarumi, said the Single Africa Air Transport Market (SATM) initiative contributed to the growth of the Nigeria aviation industry and ground handling sub-sector in 2019.

“Essentially, three African carriers made their entrances into the Nigeria market; TAAG Angola, Cabo Verde Airlines and Air Senegal. However, Air Namibia suspended their flights to Lagos over unresolved diplomatic issues”

He stated that the company was ready to attract new airlines, adding that SAHCO PLC was expecting startup airlines such as NG Eagle and Green Africa before the year ends.

Agboarumi also went on to say that in the year under review, SAHCO recorded an increase of 24.5 per cent in its revenue from N6,136.412 billion in 2018 to N7,665,990 billion in 2019.

He emphasized that this remarkable shift was achieved through the resilience of the entire workforce, aggressive marketing strategies that saw to the addition of our clientele list, concerted efforts of cost containment and effective internal control processes.

He stated that the management intend to reposition SAHCO PLC as the best ground handling company in West Africa by acquiring more client airlines using the leverage of being the preferred handling partner of British Airways and other global carriers already in its fold.

SAHCO PLC is an aviation ground handling company that is involved in activities like Passenger Handling, Ramp Handling, Cargo Handling and warehousing and all the actions that takes place from the time an aircraft touches down on the tarmac to the time it is airborne, while also ensuring that Ground Handling assignment is carried out in an efficient, speedy and safe manner, while deploying the right tools.

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