SAHCO Earns N28.9bn In 2024, Sets For GSE Acquisition Charles Panam

The Skyway Aviation Handling Company (SAHCO) Plc has posted its strong financial performance with N28.9 billion as revenue in the 2024 financial year.

The company also planned acquisition of additional Ground Support Equipment (GSE) to improve and extend its operations to its growing clientele.

These were contained in the 2024 Financial Year Report presented by the board and management of SAHCO at its 15th Annual General Meeting (AGM), held virtually on Thursday.

The report indicated that the N28.9 billion revenue was 74.8 per cent growth when compared to the 2023 financial year period with 16.5 billion.

The performance was also 260.3 per cent increase when compared to the 2022 financial performance, which stood at N11.1 billion.

In the 2024 financial year period, SAHCO also had a total gross profit of N16.3 billion when compared to the 2023 period, which was N8.1 billion.

Besides, the report revealed that SAHCO earned N6.4 billion as operating profit before income tax expenses.

Also, in 2024, SAHCO’s total assets grew to N41.7 billion from N34 billion in the previous year.

More so, its shareholders also approved a final dividend of 60 kobo per share to be shared among them.

Speaking at the AGM, Dr. Taiwo Afolabi, the Chairman of SAHCO, noted that the global economy in 2024 experienced modest growth with the International Monetary Fund (IMF) estimating a global Gross Domestic Product (GDP) growth rate of 3.2 per cent.

Afolabi, however, said that this was driven by the gradual easing of supply chain disruptions and a rebound in consumer demand across major economies.

Furthermore, Afolabi said that Nigeria remained one of Africa’s largest aviation markets with rising passenger demand and expanding international routes.

But, regretted that operational costs, infrastructure gaps and forex constraints posed major challenges to operators in the Nigerian aviation industry.

He said: “A Nigerian entrepreneur once had to endure long layovers and multiple connections to secure international deals. Today, improved connectivity allows businesses to move faster, boosting trade and investment.

“To sustain this momentum the focus must remain on efficiency, innovation and resilience, ensuring that Nigeria’s aviation sector remains competitive on the global stage.”

On its future growth, Afolabi explained that the handling company was poised to expand its market presence within Africa, leveraging opportunities in regional aviation.

Also, the company said it would invest in technology and digital transformation to enhance operational efficiency and customer experience.

Also, Mrs. Adenike Aboderin, the Managing Director, SAHCO, in her speech said that the company had made significant investments in the new GSE in the past financial year.

According to her, these acquisitions are crucial to accommodating the increasing operational demands and ensuring that its services remain safe, efficient and environmentally friendly in 2024.

She mentioned the GSE acquired within the period to include towed passenger steps, belt loaders, pallet dollies, forklifts and cargo tractors, among others.

For the 2025 financial year, she insisted that the company’s commitment remained to continue to enhance its core values and advance its mission and vision.