October 26, 2021

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SAHCO grows gross profit by 57%

The Skyway Aviation Handling Company (SAHCO) Plc Profit Before Income Tax rose by 57 per cent to N566,665,000 in the year ended December 31, 2020.

The ground handling company also approved a dividend of 16.5k per ordinary share of 50k to its shareholders.

These were highlights of the Annual Report and Accounts 2020 presented to shareholders at its 11th Annual General Meeting (AGM), held virtually in Lagos.

According to the report, the 57 percent Profit Before Income Tax was an increase from N360,930,000 in 2019, but its Gross Profit declined by 9.50 per cent to N3,028,693 from N3,346,657 when compared to previous year.

Besides, the ground handling company’s Profit for the Year increased by 84.15% to N482,377 from N220,434 in 2019.

However, SAHCO revenue in the year under review declined to N6,981,592 from N7,665,990 in 2019, primarily due to the outbreak of Covid-19 pandemic, which crippled the global economies in 2020.

Chairman, Sifax SAHCO Group, Dr. Taiwo Afolabi, noted that the company recorded good performance despite the outbreak of Covid-19 in the past year.

Meanwhile, the ground handling company promised to improve its relationship with its customers with the provision of state-of-the-art faculties and excellent service delivery.

At an event, themed:  ‘A Night With SAHCO Plc’, to appreciate clients and stakeholders, the chairman noted that the annual appreciation night had become a platform to appreciate its esteemed clients for their huge contributions to the success of the company.

Also speaking at the event, Managing Director, SAHCO, Mr. Basil Agboarumi, reiterated that the evening was all about the clients.

“We tagged today a night with SAHCO Plc to say thank you and show appreciation for how you stood by us. We all know that the year 2020 was a difficult time for business, but you supported us and that is why we can be here today,” he said.