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HomeCompany NewsSAHCO to increase dividend payout to shareholders in 2023

SAHCO to increase dividend payout to shareholders in 2023

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The Chairman of Skyway Aviation Handling Company PLC (SAHCO), Taiwo Afolabi, has promised better dividends payout for the shareholders of the company for the current financial year ending Dec. 31, 2023.

Afolabi made the promise at the 13th Annual General Meeting (AGM) of the company for the financial year ended December 31, 2022, on Friday in Lagos.

He said the board was aware of shareholders’ desire for an improved dividend.

According to him, the board decided to repeat the $16.5k dividend paid in 2021 because there was a need to channel resources to grow the company, a decision he said is currently yielding positive results.

“Our first quarter financial result shows that we are making more money, and we are going to surprise our shareholders next year by giving them perhaps double this year’s dividend.”

He said that SAHCO made massive investments in 2022 in its bid to enhance its capacity to service its clients through the acquisition of modern equipment, the provision of new facilities, and capacity development for staff and board members.

“Training was key for us, as staff members from across various cadres were trained both locally and internationally to improve their skills and competencies.

“We are beginning to see the dividends of these investments, with the company recording sound financial and non-business performances.”

As the company prospected for more clients, Afolabi said the management worked very hard to retain existing clients with a combination of superior customer service, bespoke solutions, and excellent service delivery.

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“It will interest you to note that this strategy produced great results, with 60 percent of the cargo operations in Nigeria in the year under review handled by our company,” Afolabi said.

Commenting on SAHCO’s operational and business performance for 2022, the Managing director, Mr. Basil Agboarumi, said the company recorded a revenue of N11.125 billion against N6.707 billion recorded in 2021.

He said the company made a gross profit of N4.366 billion in 2022, compared to N3.807 billion recorded in 2021.

He stated that the total assets for 2022 stood at N29.219 billion, compared to N24.603 billion recorded in 2021.

Agboarumi reiterated that the company, during the period under review, focused on expansion with the acquisition of more ground handling equipment.

“As the clientele of SAHCO continues to grow, we have acquired a lot of ultra-modern ground handling equipment to meet our demands. These pieces of equipment are fitted with the latest technology in ground support.

“Our plan is to continue to acquire more as the industry demands so we can continue to provide top-notch ground handling services to enable us to retain existing clients and cater for clientele and business expansion, which will translate to more future profits for the organization,”, Agboarumi said.

Speaking on the growth projection of SAHCO in 2023, he said the company would remain committed to walking through a path of improved revenue and profitability, a satisfied client base, and better-remunerated shareholders.

Speaking virtually, a shareholder of the company, Comrade Lawrence Oguntoye, commended the board and management of the company for an impressive performance recorded during the 2022 financial year and urged the board to perform better in the current financial year.

He said the 16.50k dividend declared by SAHCO put smiles on the faces of the shareholders.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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