SAHCO has grown its market share in Nigeria significantly and has made profit

SAHCO PLC Declares Profit

Roland Ohaeri Headlines, News Updates, Nigerian Updates Leave a Comment

The Skyway Aviation Handling Company PLC (SAHCO) said it has conducted its 2020 Annual General Meeting (AGM) at the SAHCO Complex at the Murtala Muhammed International Airport, Ikeja, Lagos.

 

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

 

SAHCO PLC declared a dividend of N223,340,700 at 16.5k (Sixteen and a half kobo) per share which is payable less with the appropriate withholding tax at the time of payment.

 

Dr. Taiwo Afolabi, C.E.O of SIFAX Group, noted: “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-privatization strategic growth plan, is also in 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.”

 

Dr Afolabi emphasized that when SIFAX Group bought SAHCO, only 7 per cent 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.

 

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.

 

“Essentially, three African carriers made their entrances into the Nigeria market TAAG Angola, Cabo Verde Airlines and Air Senegal. However, Air Namibia suspended their flights to Lagos over unresolved diplomatic issues.” He says the company is ready to attract new Airlines as we expect new startup airlines before the year ends which are; NG Eagle and Green Africa,” Agboarumi stated.

 

The Managing Director further reveals that in the year under review, SAHCO recorded an increase of 24.5 per cent in its revenue from N6, 136.412 billion in 2018 to N7, 665,990 billion in 2019.

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