The total assets of Skyway Aviation Handling Company (SAHCO) Plc has increased to N34 billion in 2023 financial year from N29 billion recorded in the same period in 2022.
SAHCO also won no fewer than 12 new clients and recorded business improvement in the 2023 financial year period.
These were contained in a speech delivered by Mr. Basil Agboarumi, the immediate past Managing Director of SAHCO at the company’s 14th Annual General Meeting (AGM).
The investment was an improvement of N2.282 billion when compared to the 2022 financial year period.
According to Agboarumi, recorded growth in its assets in 2023 was as a result of commitment of its workforce and resolve to always offer the best aviation ground handling services to its clients across all the commercially operated airports in Nigeria.
Some of the equipment acquired by SAHCO in the year under review were environmentally/eco-friendly electric-powered baggage tow tractors and forklifts, among others.
He added: “The year 2023 has been a year of growth, resilience and strategic positioning for SAHCO. I am confident that with the unwavering support of our shareholders, the dedication of our staff and the guidance and the guidance of our esteemed board, we will continue to soar to new heights in the coming years.”
Also, new clients won by SAHCO in the financial year period were Ibom Air – Regional operations (Accra), Ethiopian Airlines – cargo ramp operations, Air Peace – international operations (Tel Aviv, Mumbai and London) and extension of British Airways contracts to five years.
Others were Rano Air – additional station (Abuja), Green Africa (Ibadan and Sokoto), NG Eagle (domestic operations), Air Peace – extended of routes, Uganda Airlines (international operations), Bristow Helicopters (renewal of contract), United Nigeria and Overland Airways also renewed their contracts.
Agboarumi further quoted the statistics from the National Bureau of Statistics (NBS), which stated that the Nigerian aviation industry contributed about N117 billion, representing 4 per cent of the Gross Domestic Product (GDP) in the first quarter of 2023.
The sector also supported about 200,000 jobs and paid another N8.5 billion in tax within the same period.
The report further emphasised that within the year under review, SAHCO recorded revenue of N16.5 billion against the N11.2 billion recorded in 2022.
Within the period, the ground handling company also made a gross profit of N8.1 billion, compared to N4.3 billion recorded in the 2022 financial year period.
Earlier, Dr. Taiwo Afolabi, the Chairman, SAHCO, in his speech, said that plans were underway for the handling company to diversify its services.
According to him, a travel agency – SIFAX-SAHCO was being planned for unveiling last weekend in Lagos, while it also intended to go into helicopter leasing services very soon.
He said: “We are doing that already. You will see that we have SIFAX-SAHCO Travels, which will be commissioned in the next few hours and we are also looking at other things that we believe will add value to the company. As I am talking to you now, we are looking at helicopter leasing to support what we are doing and to grow the profitability of the company. We are doing a lot of things. So, it is not something that we can get to do in a day.
“If you look at the parent company, we have diversified into so many sectors; aviation, maritime, financial services, oil and gas. So, we are doing a lot of things. At the same time, we have a lot to do for SAHCO in order to increase our profitability and to sustain it. Sustainability is very key.”
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