Skyway Aviation Handling Company Plc has reported an 8.16 per cent increase in revenue to N34.26 billion for the nine months ended September 30, 2026, up from N31.68 billion recorded in the corresponding period of 2025.
The growth, representing an additional N2.58 billion, was driven by increased business activities in the company’s aviation ground-handling operations.
According to its unaudited financial statements filed with the Nigerian Exchange Limited (NGX), the company’s revenue growth was accompanied by a 16.54 per cent increase in direct costs to N16.37 billion from N14.04 billion.
Consequently, gross profit rose marginally by 1.48 per cent to N17.89 billion, compared with N17.63 billion in the corresponding period of 2025.
Other operating income increased to N515.96 million from N304.38 million, while finance income rose significantly to N264.58 million from N81.25 million. However, finance expenses also climbed to N500.73 million from N219.98 million.
A breakdown of the third-quarter performance showed that revenue increased by 5.83 per cent to N11.23 billion from N10.61 billion recorded in the corresponding quarter of 2025.
The company, however, recorded a significant improvement in gross profit during the quarter, which rose to N5.60 billion from N3.16 billion.
This followed a decline in direct costs to N5.63 billion from N7.45 billion in the corresponding period of the previous year.
Other operating income also increased to N166.99 million from N87.06 million, while administrative expenses rose to N3.40 billion from N2.76 billion.
Finance income improved to N130.57 million from N15.31 million, while finance expenses increased to N169.62 million from N87.10 million.
Meanwhile, Skyway Aviation’s total assets expanded to N87.79 billion as of September 30, 2026, compared with N82.69 billion at the end of December 2025.
The figure represents an increase of approximately 65.6 per cent compared with N53.02 billion recorded in September 2025.
Non-current assets accounted for N64.01 billion, up from N27.45 billion a year earlier, reflecting increased investment in long-term assets.
Property, plant and equipment constituted the largest component of non-current assets, rising to N57.25 billion from N21.88 billion in September 2025.
However, current assets declined to N23.78 billion from N25.58 billion in the corresponding period of the previous year.
Trade and other receivables fell to N16.07 billion from N19.39 billion, while inventories increased to N2.22 billion from N1.82 billion. Cash and cash equivalents also improved to N5.50 billion from N4.37 billion.
The company’s shareholders’ funds rose to N65.37 billion from N36.98 billion in September 2025 and N62.21 billion at the end of December 2025.
Its equity position included retained earnings of N23.46 billion and a revaluation reserve of N33 billion, while share capital and share premium stood at N676.79 million and N4.78 billion, respectively.
On the liabilities side, long-term borrowings increased to N2.57 billion from N2.28 billion in September 2025, while short-term borrowings rose to N1.40 billion from N699.40 million.
Total current liabilities increased to N14.26 billion from N9.82 billion, while non-current liabilities rose to N8.17 billion from N6.22 billion.
Further analysis of the cash flow statement showed that net cash generated from operating activities increased by 43 per cent to N13.74 billion from N9.61 billion in the corresponding period of 2025.
Cash generated from operations also improved to N15.47 billion from N11.20 billion, indicating stronger cash generation from the company’s business activities.
However, net cash outflow from investing activities increased to N11.63 billion from N7.70 billion, largely reflecting higher capital expenditure on property, plant and equipment.
Expenditure on the acquisition of property, plant and equipment amounted to N11.60 billion, compared with N7.65 billion in the corresponding period of 2025.
The company also recorded a net cash outflow of N1.50 billion from financing activities, compared with N570.48 million in the previous year.
Dividend payments increased to N1.62 billion from N812.15 million, while additional loans obtained during the period amounted to N1 billion. Repayment of borrowings stood at N877.54 million.
Consequently, cash and cash equivalents increased by N611.41 million during the nine-month period to N5.50 billion at September 30, 2026, from N4.88 billion at the beginning of the financial year.
The financial statements, approved by the company’s board on October 13, 2026, highlight increased investment in infrastructure and improved operating cash generation, despite rising direct costs and financing expenses.
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