SAHCO PLC holds AGM, declares profit

L-R: Skyway Aviation Handling Company PLC (SAHCO), Managing Director/CEO, Basil Agboarumi, SAHCO Chairman, Dr (Barr) Taiwo Afolabi (MON), SAHCO Company Secretary/AGM Legal Services, Mrs Omolara Bello-Odeinde during the company's 10th Annual General Meeting.

Skyway Aviation Handling Company PLC (SAHCO) has declared a dividend of N223,340,700 at 16.5k per share which is payable less with the appropriate withholding tax at the time of payment.

SAHCO posted the dividend during its 2020 Annual General Meeting (AGM) at the SAHCO Complex at the Murtala Muhammed International Airport, Ikeja, Lagos.

Addressing the shareholders, Dr. Taiwo Afolabi, Chairman of the company, expressed delight at the performance of the company since it was taken over by SIFAX Group.

Afolabi said when SIFAX Group bought SAHCO, only 7 percent of the market share was controlled by SAHCO but that has increased to 55 percent over the years for ground handling while in cargo handling SAHCO controls 70 percent of the market share.

According to him “You will recall that SAHCO became a publicly quoted company after its listing on the Nigerian Stock Exchange (NSE) in the last quarter of 2018. The listing, a natural progression in our post-privatisation strategic growth plan, is also in furtherance of the vision to become the preferred ground handling company in the West African sub-region in terms of revenue, clientele base, quality of service, customer satisfaction, innovation and return on investment.’’

In his remarks, Mr. Basil Agboarumi, Managing Director/CEO, SAHCO PLC said the Single Africa Air Transport Market initiative contributed to the growth of the Nigeria aviation industry and ground handling sub-sector in 2019 as three African carriers – TAAG Angola, Cabo Verde Airlines and Air Senegal – joined the list of clients of the company.

Agboarumi noted that the company would attract new airlines such as NG Eagle and Green Africa before the year ends; saying that in the year under review, SAHCO recorded an increase of 24.5 percent in its revenue from N6,136.412 bn in 2018 to N7,665,990 bn in 2019.

He emphasized that this remarkable shift was achieved through the resilience of the entire workforce, aggressive marketing strategies that saw to the addition of our clientele list, concerted efforts of cost containment and effective internal control processes.

He stated that the management intended to reposition SAHCO PLC 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 her fold.

The AGM was conducted in accordance with the guidelines issued by the Corporate Affairs Commission (CAC) on the conduct of the Annual General Meeting via proxies as part of the measures to mitigate the negative effect created by the current Coronavirus (Covid-19) pandemic.

Skyway Aviation Handling Company PLC is an aviation ground handling company that is involved in activities like Passenger Handling, Ramp Handling, Cargo Handling and warehousing and all the actions that take place from the time an aircraft touches down on the tarmac to the time it is airborne, while also ensuring that Ground Handling assignment is carried out in an efficient, speedy and safe manner while deploying the right tools,

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