BY OLAPEJU OLUBI
Skyway Aviation Handling Company PLC (SAHCO) has reported a 74.8% increase in revenue for the financial year ended December 31, 2024 and achieved a profit before tax of over N6 billion.
The brilliant outing comes despite a turbulent economic environment, demonstrating what the company describes as “remarkable resilience and strategic agility.”
The company’s Chairman, Dr. Taiwo Afolabi, announced the results during SAHCO’s 15th Annual General Meeting (AGM) held at the Marriott Hotel in Ikeja, Lagos.
He revealed that the Board of Directors has recommended a dividend of 60 kobo per share for shareholders, reflecting confidence in the company’s growth trajectory and operational strength.
“I am pleased to report that SAHCO achieved a 74.8% increase in revenue for the year ending December 2024 compared to the previous year, driven by new contracts and operational efficiency,” Dr. Afolabi said.
According to him, SAHCO posted a profit before income tax of N6.49 billion in 2024, up from N2.63 billion recorded in 2023.
Dr. Afolabi noted that the global aviation sector maintained its post-pandemic rebound in 2024, quoting figures from the International Air Transport Association (IATA) which showed that global passenger traffic rebounded to approximately 88% of pre-pandemic levels, fueled by a surge in international travel.
“Cargo operations saw a 3.5% year-over-year growth, reflecting shifts in global trade dynamics.
Airlines focused on enhancing operational efficiency and reducing carbon emissions, with increased investments in fuel-efficient aircraft and alternative fuels,” he stated.
SAHCO’s robust performance was further supported by strategic contract renewals and new partnerships.
The company renewed a five-year ground handling agreement with British Airways and signed another five-year deal with South African Airways.
It also secured contracts with key players such as Bristow Airlines, Value Jet, Ilyin Air, Green Africa, and Air Côte d’Ivoire.
The company expanded its handling services to support Air Peace’s London route, Ibom Air’s regional operations to Accra, and Uganda Airlines’ services to Abuja. Notably, SAHCO also clinched a full handling contract for Neos Air, reviving the Nigerian-Italian route after almost two decades of dormancy.
Highlighting operational excellence, Dr. Afolabi disclosed that SAHCO recorded a 37-minute turnaround time in offloading 37 pallets from an Ethiopian Airlines Boeing 777 cargo flight—setting a new company benchmark.
He further announced the successful renewal of the International Air Transport Association’s Safety Audit for Ground Operations (ISAGO) and the EU-accredited RA3 certification, reinforcing the company’s commitment to global safety standards.
These operational achievements also earned SAHCO prestigious recognitions, including the British Airways Safety and Punctuality Awards presented in Lagos.
Dr. Afolabi acknowledged that while Nigeria remains one of Africa’s largest aviation markets with increasing passenger demand and expanding international routes, the sector continues to grapple with multiple challenges.
“Operational costs, infrastructure gaps, and forex constraints pose serious challenges to the aviation sector,” he said, although he maintained that “Nigeria’s aviation sector remains competitive on the global stage.”
He noted that inflation hit a 28-year high of 34.6% in 2024, mainly driven by escalating food and energy prices. Meanwhile, the naira depreciated by 40.9%, ending the year at N1,535 to the dollar. Despite these macroeconomic challenges, SAHCO remained focused on delivering value.
Dr. Afolabi also offered insights into other sectors, noting modest 2.5% growth in agriculture—boosted by government policies on food security, but hindered by insecurity in farming regions.
The technology sector, he said, continued to attract major investment, particularly in fintech and digital services, positioning Nigeria as a growing innovation hub in Africa.
For the future Dr. Afolabi reaffirmed SAHCO’s commitment to strategic growth and innovation.
“The SAHCO team remains committed to expanding market presence by leveraging opportunities in regional aviation and investing in technology and digital transformation to enhance operational efficiency and customer experience,” he said.
