Chairman SAHCOL, Dr Taiwo Afolabi.
By Barnabas Esiet.
Shareholders of Skyway Aviation Handling Company PLC (SAHCOL) have approved a dividend of 16.5kobo per share for the financial year ended Dec. 31, 2019.
The shareholders unanimously agreed on the dividend at the company’s 10th Annual General Meeting (AGM) by proxy held in Lagos.
Chairman of SAHCOL, Dr Taiwo Afolabi, said the company is developing new business models toward ushering in efficient and speedy service delivery that would change the financials status of the company by the end of the year.He promised the shareholders enhanced return on their investment in the current financial year.
“In the last one year, we have made a massive investment in our capacity to serve our clients through the acquisition of modern equipment, provision of new facilities, capacity development for staff and board members,” Dr. Afolabi said.
“Compared to the previous financial year of 2018 when SAHCOL recorded a huge loss of N696.99 million, the company realized a net profit of N446.53 million in 2019.” He noted.
MD SAHCOL,Basil Agboarumi.
For his part, Managing Director Of SAHCOL,Basil Agboarumi, said management intends to reposition SAHCO 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 the company’s fold.
“Over the years, SAHCO has seen the need to innovate and build aviation ground support equipment which birthed the production of the first ever Fuel Bowser that was produced at the maintenance workshop of the SAHCO’s department,” he said.
A breakdown of the company’s financial performance during the period under review shows that revenue increased by 24.5 per cent to N7.67 billion against N6.14 billion in 2018.
Similarly, an increase of 167 per cent in profit was recorded in 2019 accounting year.The company also moved from a net loss of N696.99 million in 2018 to a net profit of N446.53 million in 2019.