Shareholders of Skyway Aviation Handling Company Plc have applauded the company’s management for its strategic repositioning of the company and effective cost saving techniques which has buoyed the company’s profit after tax.
At the 10th Annual General Meeting of the company which was held recently, the shareholders commended the board and management for a job well done, especially, the judicious use of the funds raised on the capital market
They noted that the wise investment of the funds in the acquisition of new equipment and facilities as well as bringing on board new clients would set the company on the path of better profitability in the future. The further commended the management for the dividend declared by the company.
A dividend of 16.50 kobo per share would be paid to shareholders.
Earlier in his welcome address, Dr. Taiwo Afolabi, Chairman of the company said the listing in 2018 is a natural progression in the company’s post-privatisation strategic growth plan and a furtherance of the vision to becoming 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.
Basil Agboarumi, Managing Director, in his own address, noted that the company recorded an increase of 24.5% in its revenue from N6,136, 412 billion in 2018 to N7, 665,990 billion in 2019.
He said: “Similarly, an increase of 167% was recorded in our profit in 2019 accounting year. SAHCO PLC moved from a net loss of N696,985 Million in 2018 to a net profit of N446,531 Million in 2019. The remarkable shift was achieved through resilience of the entire workforce, aggressive marketing strategies that saw to the additions of our clientele list, concerted efforts of cost containment and effective and adequate internal control processes”, he explained.
The shareholders also unanimously re-elected Barrister Chike Ogeah, Ariyo Olutoye, Anogwi Anyawu, Oluropo Owolabi, Captain Shehu Usman Iyal as directors of the company. They noted that the expertise and experience of the directors had rubbed off on the company’s fortunes. Also Gbenga Badejo & Co. (Chartered Accountants), the company’s external auditor, was also retained by the shareholders.