SAHCO Raises Shareholders’ Hope For Juicier Dividend

Caption: From left to right: Dr. Oluropo Owolabi, Non-Executive Director, Skyway Aviation Handling Company (SAHCO) Plc; Basil Agboarumi, Managing Director/CEO,SAHCO; Dr. Taiwo Afolabi, the company’s Chairman; Ms. Jesuyemisi Odeyemi, Company Secretary; and Mrs. Boma Ukwunna, Executive Director, Cargo Services, at the SAHCO AGM recently.

The Chairman of Skyway Aviation Handling Company Plc (SAHCO), Dr. Taiwo Afolabi, on Friday in Lagos the board is conscious of the desire by shareholders for juicier dividend at the end of the ongoing financial year on December 31, and promised not to disappoint.
Speaking at the company’s 13th Annual General Meeting (AGM) to review its financials for the year-ended December 31, 2022, Afolabi said the board decided to repeat the 16.5 kobo dividend it paid in 2021, given the need to invest more in the company’s future, a decision he said was currently yielding positive results.
He based his optimism for better outing in the current year on the first quarter financials which show “that we are making more money and we are going to surprise our shareholders next year by giving them may be double this year’s dividend.”
SAHCO, the chairman recalled, had in 2022 made massive investments to enhance its capacity to service clients when it acquired modern equipment and facilities, while also enhancing capacity development for staff and board members.
According to him, “training was key for us, as staff members from across various cadres were trained both locally and internationally to improve their skills and competencies.
“We are beginning to see the dividends of these investment with the company recording sound financial and non-business performances,” he stressed.
As the company prospected for more clients, Afolabi said the management worked very hard to retain existing clients with a combination of superior customer service, bespoke solutions and excellent service delivery.
“It will interest you to note that this strategy produced great results with 60% of the cargo operations in Nigeria in the year under review were handled by our company,” Afolabi said.
Commenting on the operational and business performance for 2022, SAHCO’s Managing Directing, Basil Agboarumi, said the company earned revenue N11.125bn in revenue, almost double the N6.707bn recorded in 2021.
From this numbers, he said the company reported gross profit of N4.366bn, compared to N3.807bn in 2021, just as total assets stood at N29.219bn against N24.603bn in 2021.
Agboarumi reiterated that the company during the period under review focused on expansion with the acquisition of more ground handling equipment, further growing its clientele base.
“Wwe have acquired a lot of ultra-modern ground handling equipment to meet our demands. These equipment are fitted with the latest technology in ground support.
“Our plan is to continue to acquire more as the industry demands so we can continue to provide top-notch ground handling services to enable us retain existing clients and to cater for clientele and business expansion which will translate to more future profits for the organisation”, Agboarumi said.
Speaking on the growth projection of SAHCO in 2023, he reiterated the company’s commitment to walking through a path of improved revenue and profitability, satisfied client base and better remunerated shareholders.
Reacting virtually to the result, a shareholder, Comrade Lawrence Oguntoye, commended the board and management of the company for an impressive performance for the 2022 financial year and challenging the board to present something better in the current financial year, noting nonetheless that the 16.50k dividend really put smiles on the faces of shareholders.