SAHCO Plc Delivers Record ₦28.9 Billion Revenue in 2024, Declares 60 Kobo Dividend Amid Expansion Push
Skyway Aviation Handling Company (SAHCO) Plc has posted an impressive ₦28.9 billion in revenue for the 2024 financial year, representing a 74.8% year-on-year growth from ₦16.5 billion in 2023. The announcement was made during the company’s 15th Annual General Meeting (AGM), held virtually.
🔑 Key Highlights from SAHCO’s 2024 Performance
Metric FY 2024 FY 2023 % Change Revenue ₦28.9 billion ₦16.5 billion ▲ 74.8% Gross Profit ₦16.3 billion ₦8.1 billion ▲ 101.2% Operating Profit (PBT) ₦6.4 billion Not specified - Total Assets ₦41.7 billion ₦34.0 billion ▲ 22.6% Final Dividend 60 kobo/share Approved -
📈 Growth Drivers and Strategic Investments
- Massive GSE Investments: SAHCO’s Managing Director, Mrs. Adenike Aboderin, highlighted that the company made significant acquisitions of Ground Support Equipment (GSE) in 2024. These investments aim to boost operational efficiency, meet growing demand, and support environmentally responsible handling services.
- Market Expansion Plans: Chairman Dr. Taiwo Afolabi emphasized SAHCO’s strategic focus on expanding its footprint across Africa, leveraging regional aviation growth.
- Future Outlook: For 2025, SAHCO expects growth to be driven by:
- Anticipated increases in domestic handling rates
- A strong pipeline of new business opportunities
- Enhanced capacity from recent equipment upgrades
⚠️ Operating Environment Remains Challenging
Despite the strong results, Dr. Afolabi pointed out persistent industry headwinds:
- High operational costs
- Infrastructure limitations
- Forex volatility, which remains a constraint for aviation stakeholders in Nigeria
🧠 Investor Takeaway
SAHCO’s 2024 performance is a clear demonstration of resilience, strategic investment, and solid financial management. The company’s robust earnings and dividend declaration signal strong shareholder value delivery, while its expansion strategy positions it for sustained long-term growth within Africa’s dynamic aviation sector.
Conclusion: With asset growth, margin expansion, and a commitment to modernisation, SAHCO Plc is charting a clear course toward becoming a regional leader in aviation ground handling services.
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