Skyway Aviation Handling Company PLC (SAHCOL) has declared a dividend of 16.5k per share which is payable less than the appropriate withholding tax at the time of payment.
SAHCOL unanimously approved a total dividend of N223.34 million for the financial year ended Dec. 31, 2019, translating to 16.50k per share.
The company said in a statement that the disclosure was made during its 2020 Annual General Meeting, which held at the Murtala Mohammed International Airport, Lagos.
The meeting was held under strict adherence to government-approved COVID-19 protocols, including social distancing and restrictions on the maximum number of persons at a gathering, the statement said.
At the company’s 10th Annual General Meeting (AGM) by proxy held in Lagos, Dr. Taiwo Afolabi, the company’s Chairman, while assuring shareholders of enhanced return on their investment in the current financial year, explained that the company’s revenue grew by 24.93 percent when compared with 2018 figure.
A breakdown of the company’s financial performance during the period under review shows that revenue increased by 24.5 percent to N7.67 billion against N6.14 billion in 2018.
Similarly, an increase of 167 percent was recorded in its profit in the 2019 accounting year.
Consequently, the company moved from a net loss of N696.99 million in 2018 to a net profit of N446.53 million in 2019.
Afolabi said the company had embarked on the development of business models geared toward ushering in efficient and speedy service delivery, changing the financial status of the company by the year-end.
“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,” he said.
Afolabi said the company had diversified to a new complementary business with growth potential and embarked on an aggressive marketing drive, both locally and internationally, to shore up the client base and revenue.
Commenting on the company’s financials, the chairman said the performance was not only encouraging but also a pointer to a future that is bright.
“Compared to the previous financial year of 2018 when it recorded a huge loss of N696.99 million, SAHCO made a net profit of N446.53 million in 2019.
The twin factors of cost reduction and new business helped to achieve this feat” he said.
Also speaking, Managing Director SAHCOL, Basil Agboarumi, said the company expanded the export warehouse to accommodate the influx of export to provide ease of cargo handling services due to the growing demand for export in Nigeria.
“Over the years, SAHCOL 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 SAHCOL’s department,” he said.
Agboarumi said the management intends to reposition SAHCOL 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.