June 6, 2023

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SAHCO hit N446.53 million profit in 2019, dividend of N223.34 goes to shareholders- AGM report

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L-R: Managing Director/CEO, SAHCO Plc, Mr. Basil Agboarumi, Chairman, Dr Taiwo Afolabi, (MON), Company Secretary/AGM Legal services, Mrs Omolara Bello

Skypower Aviation Handling Company, Sahco Plc, has announced an increase of 167 per cent recorded as profit in its 2019 accounting year. Thus the leading ground handling firm moved from a net loss of N696.99 million in 2018 to a net profit of N446.53 million in 2019.

As a result, the shareholders unanimously approved N16.50k per share dividend totaling, N223.34 million for the financial year ended 31st December, 2019. The approval was sought and given on Tuesday, 31st June 2020, at the company’s 10th Annual General Meeting (AGM) held by proxy in Lagos.

The Chairman of Sahco, Dr. Taiwo Afolabi, (MON), said the 2019 performance of the company as reflected in its financials was not only encouraging, but also a pointer to a future that is bright.

SAHCO Plc cargo handling personnel with state of the art equipment, rendering service to one of the foremost airlines

Afolabi enthused that the impressive performance of the company was due to “The twin factors of cost reduction and new business which helped to achieve the revenue increase of 24.93 percent when compared with the 2018 figure”.

He said the company had embarked on the development of business models geared toward ushering in efficient and speedy service delivery. The business model he stated changed the financial status of the company for the 2019 trading year.

Dr. Ajayi further said, “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”.

Afolabi added that the company had diversified to a new complementary business with a growth potential. And had also embarked on an aggressive marketing drive, both local and internationally, to shore up the client base and revenue.

The Managing Director, Mr. Basil Agboarumi, divulging the company’s strategy for achieving such quick turnaround from a trading loss in 2018 and returning to profitability within one year of trading said his management team dared to innovate.

He added that, the innovation informed the management repositioning 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.

Agboarumi, said his management expanded the export warehouse to accommodate the influx of export to provide ease of cargo handling services due to growing demand for export in Nigeria.

The MD mentioned some of the milestones attained under his watch thus, “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.

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