• Wednesday, February 28, 2024
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BusinessDay

SAHCO shareholders approve 16.5kobo dividend per share

Privatisation council approves N1.3bn for ex-SAHCO workers

Shareholders of Skyway Aviation Handling Company (SAHCO) Plc, have approved the dividend payout of 16.5 kobo for the year ended December 31, 2023.

They gave their approval at the Company 13th Annual General Meeting (AGM) held in Lagos.

Taiwo Afolabi, the chairman of Skyway Aviation Handling Company also promised better dividends payout for the shareholders of the company for the current financial year ending December 31, 2023.

He said the board was aware of shareholders’ desire for improved dividends, saying, the board decided to repeat the 16.5 kobo dividend paid in 2021 because there was a need to channel resources to grow the company, a decision he said was currently yielding positive results.

“Our first quarter financial result shows that we are making more money and we are going to surprise our shareholders next year by giving them maybe double this year’s dividend,” he stated.

Afolabi said SAHCO in 2022 made massive investments in its bid to enhance its capacity to service its clients through the acquisition of modern equipment, provision of new facilities and capacity development for staff and board members.

“Training was key for us, as staff members from across various cadres were trained both locally and internationally to improve their skills and competencies.

We are beginning to see the dividends of these investments with the company recording sound financial and non-business performances,” he pointed out.

As the company prospected for more clients, Afolabi said, the management worked very hard to retain existing clients with a combination of superior customer service, bespoke solutions and excellent service delivery.

Basil Agboarumi, managing director of SAHCO said: “the company recorded a revenue of N11.125 billion against N6.707 billion recorded in 2021. Gross profit of N4.366 billion in 2022 compared to N3.807 billion recorded in 2021, while total assets for 2022 stood at N29.219 billion against N24.603 billion recorded in 2021.”

Agboarumi reiterated that the company, during the period under review, focused on expansion with the acquisition of more ground handling equipment, saying “as the clientele of SAHCO continues to grow, we have acquired a lot of ultra-modern ground handling equipment to meet our demands. These equipment are fitted with the latest technology in ground support.

“Our plan is to continue to acquire more as the industry demands so we can continue to provide top-notch ground handling services to enable us retain existing clients and to cater for clientele and business expansion which will translate to more future profits for the organisation.”

Speaking on the growth projection of SAHCO in 2023, Agboarumi said the company would remain committed to walking through a path of improved revenue and profitability, a satisfied client base and better-remunerated shareholders.

The shareholders commended the board and management of the company for an impressive performance recorded during the 2022 financial year, urging the board to perform better in the current financial year.