SAHCO Pays N223m Dividend, Assures Shareholders of Higher Returns

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The Chairman, Skyway Aviation Handling Company Plc (SAHCO), Dr. Taiwo Afolabi, has assured shareholders of improved performance and enhanced returns on their investments in the years ahead.

Speaking at the 11th annual general meeting (AGM) yesterday in Lagos, Afolabi said keys areas that would receive greater attention from the management in order to achieve the improved performance include new business drive, customer relationship management, brand equity improvement and effective pricing of services.

According to him, the company would devote sufficient resources to new equipment acquisition, infrastructural development and human capital development to ensure profitability

He noted that the company would continue with its drive of becoming one of the leading ground handling companies in Africa in terms of market share, client base, revenue and profitability.

Afolabi explained that with a next level mentality firmly entrenched by the board, the management had been mandated to pursue and deliver a better results in 2021 and the years ahead.

The chairman stressed that shareholders remain a key interest group as the owners of the business. Hence, he appreciated the shareholders for investing in the company and for the continuous support over the time.

He said: “Let me further reiterate and assure that the company will always make decisions in the overall best interest of all shareholders.”

Speaking on the financial performance of the company, the managing director, Mr Basil Agboarumi, said SAHCO recorded a decrease of nine per cent in its revenue from N7.655 billion in 2019 to N6.981 billion in 2020. According to him, SAHCO, however, made a profit after tax of N482.377 million in 2020 compared with N261.943 million posted in 2019.

He said the feat was achieved in spite of the challenges caused by the COVID-19 pandemic.

“The boost in our performance is as a result of the commitment of the workforce, and the smart marketing strategies,” Agboarumi said.

He said the company in its quest to provide top-notch services, acquired environmental eco-friendly electronic powered baggage tow tractors and forklifts.

According to him, the equipment with zero emission are fitted with the latest technological innovation in the aviation industry.

The shareholders at the meeting unanimously approved 16.5 kobo per share dividend recommended by the board of directors which amounted to N223.34 million.

Meanwhile, the stock market fell further as the Nigerian Exchange(NGX) Limited All-Share Index depreciated by 1.8 per cent to close at 37,847.07, while market capitalisation shed N363.9 billion to be at N19.7 trillion.

SOURCE: THIS DAY

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