SAHCO Plc Records 74.8% Revenue Increase, 2024
The Skyway Aviation Handling Company PLC (SAHCO) has posted a significant increase in its revenue for the year 2024 with a 74.8% increase as it earned a whooping over six-billion-naira profit before tax.
The Nigerian giant ground handling firm disclosed that its Board of Directors recommended a dividend of sixty kobo per shares to its shareholders just as it said it secured major contracts with renewed global carriers in the year under review.
Speaking at the SAHCO’s Annual General Meeting (AGM) held at the prestigious Marriotts Hotel in Ikeja today, its Chairman, Dr. Taiwo Afolabi said that despite the challenges in economic environment, SAHCO demonstrated remarkable resilience and strategic agility in its businesses.
According to Dr Afolabi, the company posted a profit before income tax expenses of N6,486,469 in 2024 as against N2,630,287 in 2023. Afolabi said the 2024 Global Aviation Performance in 2024 continued its post-pandemic recovery, quoting that International Air Transport Association (IATA), global passenger traffic rebounded to approximately 88% of pre-pandemic levels, driven by a strong resurgence in international travel.
“Cargo operations saw a 3.5% year-over-year growth, reflecting shifts in global trade dynamics.
Airlines focused on enhancing operational efficiency and reducing carbon emissions, with increased investments in fuel-efficient aircraft and alternative fuels.”
On challenges in the country, Afolabi remarked that the country remained one of Africa’s largest aviation markets, with rising passenger demand and expanding international routes. He however, lamented the operational costs, infrastructure gaps, and forex constraints pose challenges facing the sector. “Nigeria’s aviation sector remains competitive on the global stage,” he said, noting that SAHCO’s operational and business performance for 2024 despite the challenges in the economic environment, demonstrated remarkable resilience and strategic agility.
On Revenue Growth, Afolabi declares: “I am pleased to report that SAHCO achieved a 74.8% increase in revenue for the year ending December 2024 compared to the previous year, driven by new contracts and operational efficiency.”
According to the chairman, SAHCO secured major contract renewals, including, renewal of a 5-year ground handling contract with British Airways, signing of a five-year agreement with South African Airways.
Others include securing partnerships with major carriers, including Bristow Airlines, Value Jet, Ilyin Air, Green Africa, and Air Cote D’Ivoire, while expanding operations in securing Air Peace London route, Ibom Air’s regional operations to Accra and Uganda Airlines’ extended services to Abuja.
It also secured the full handling contract for Neos Air, reviving the Nigerian-Italian route after nearly two decades.
On operational efficiency and safety, Afolabi said SAHCO set a record with a 37-minute turnaround for offloading 37 pallets from an Ethiopian Airlines Boeing 777 cargo flight.
He explained that the company renewed IATA Safety Audit for Ground Operations ISAGO) and RA3 certifications, reinforcing adherence to global safety standards.
It got several awards as a result of improved business performance which also culminated in the receipt of regional and international awards like the British Airways Safety & Punctuality Awards at Lagos.
Dr. Afolabi noted the inflation rate surged to a 28-year high of 34.6% in 2024, driven by rising food and energy costs, while the naira depreciated significantly, closing the year at N1,535/$1, marking a 40.9% decline compared to the previous year.
According to him, the agricultural sector recorded a modest growth of 2.5%, supported by government policies aimed at enhancing food security, adding that insecurity in farming regions remained a major setback.
The SAHCO chairman noted that the technology sector continued its rapid expansion, attracting significant investment in fintech and digital services, positioning the country as a growing innovation hub in Africa.
Afolabi said the team remained committed to expanding the market presence within leveraging opportunities in regional aviation, investing in technology and digital transformation to enhance operational efficiency and experience.
