Skyway Aviation Handling Company Plc (SAHCO) has announced an impressive ₦6.48 billion profit before tax for 2024, marking a 74.8% increase from its 2023 figures. The news broke during the company’s 15th Annual General Meeting (AGM) held at the Marriott Hotel, Ikeja, where shareholders, Board members, and industry stakeholders gathered to review a year of bold expansion and renewed global partnerships.SAHCO Chairman, Dr. Taiwo Afolabi, opened the meeting by highlighting the company’s financial performance, which he described as a testament to strategic agility and operational resilience despite macroeconomic headwinds. “I am pleased to report that SAHCO achieved a 74.8% increase in revenue for the year ending December 2024, driven by new contracts and operational efficiency,” Dr. Afolabi said.The Board recommended a dividend of 60 kobo per share, rewarding shareholders for what was undeniably a milestone year. SAHCO also announced major contract renewals and new deals with top airlines, including British Airways (5-year renewal), South African Airways (new 5-year agreement), and others like Value Jet, Bristow Airlines, Ilyin Air, and Air Côte d’Ivoire. The company’s footprint expanded further with operational wins tied to Air Peace’s London route, Ibom Air’s regional flights to Accra, and Uganda Airlines’ extension to Abuja. Notably, SAHCO secured a full handling contract for Neos Air, reviving the Nigerian-Italian flight corridor after nearly two decades.One of the standout moments of the year came from SAHCO’s ground operations team, which executed a record 37-minute turnaround unloading 37 pallets from an Ethiopian Airlines Boeing 777 cargo aircraft. The company also successfully renewed its IATA Safety Audit for Ground Operations (ISAGO) and RA3 certifications, reaffirming its commitment to global safety standards.Dr. Afolabi acknowledged the broader economic turbulence, citing a 28-year high inflation rate of 34.6% and a steep decline of the naira, which closed 2024 at ₦1,535/$1. Yet, he emphasized that Nigeria’s aviation sector continues to hold its own globally. “Despite operational costs, infrastructure deficits, and forex constraints, Nigeria’s aviation sector remains globally competitive,” he remarked.The SAHCO Chairman stressed that the company’s focus for the coming year will include deeper penetration in regional markets and investments in technology to streamline operations. He also spotlighted growth in the country’s fintech sector and regional aviation as areas ripe with opportunity. From weathering economic storms to capturing global contracts, SAHCO’s 2024 story is one of bold moves, rapid scaling, and a clear vision for the skies ahead.
