Caption: Executive Director, Skyway Aviation Handling Company (SAHCO) Plc, Dr Babatunde Afolabi; Non-executive Director, Dr Oluropo Owolabi; Managing Director/CEO, Mrs Adenike Aboderin; Chairman, Barr Taiwo Afolabi; Company Secretary, Ms Jesuyemisi Odeyemi; Executive Director, Mrs Boma Ukwunna at SAHCO’s 14th Annual General Meeting.
The Chairman of Skyway Aviation Handling Company (SAHCO) Plc, Barrister Taiwo Afolabi, on Thursday assured shareholders of improved profitability and dividend beginning from the ongoing financial year ended December 31, 2024, as the company continues to invest in state-of-the-art equipment.
Speaking at the company’s 14th Annual General Meeting in Lagos, Afolabi acknowledge the unwavering support of shareholders and emphasized the company’s efforts to generate better dividends for them.
According to him, “that has been one of our unique selling points over the years and 2024 will not be any different.
“I would like to commend the shareholders, we greatly value your support for the management and board over the years.
“We don’t take your support and encouragement for granted. Be assured we are working hard to make your company great and to generate a better dividend for you,” he said.
He noted that the company recorded positive performance in spite of the challenges encountered during the year.
He attributed the growth and profitability to improved stakeholders engagement, strategic partnerships, and a focus on staff capacity building.
Also addressing the shareholders, the Managing Director, Mrs Adenike Aboderin, attributed the company’s impressive 2023 performance to substantial investment in eco-friendly equipment, resulting in significant revenue growth and an expanded asset base.
She recalled that at the last AGM, “we announced a total revenue of about N11.1bn for 2022, but as of the end of the 2023 financial year, our company’s revenue stood at N16.5bn.
“We have also grown our gross profit from N4.3bn in 2022 to N8.2bn in the year under review,” he noting, adding that the company’s balance sheet was not excluded from the impressive performance. Total assets, for example, rose N34 billion from the N29.2 billion recorded in 2022,” she added.
Continuing, Aboderin stressed that “the growth was achieved as a result of the commitment of our workforce and resolve to always offer best aviation ground handling services to our clients across all the commercially operated airports in Nigeria,” he said.
The shareholders at the meeting unanimously approved a dividend of 30 kobo per share, amounting to N406.074 million for the year 2023, expressing appreciation for the company’s performance, while urging the board to focus on new business ideas to further improve performance and ensure increased returns on investment.
During the meeting, a shareholder Lawrence Oguntoye, urged the board and management to exert more efforts to ensure higher returns for the shareholders.
He, however, challenged the management to prioritise new business ideas that would improve its performance.
Another shareholder, Olatunji Bamidele, tasked the management to recover the company’s outstanding debts from the debtors.
