SAHCO Holds AGM, Declares Profit

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The Skyway Aviation Handling Company PLC (SAHCO) has conducted her 2020 Annual General Meeting (AGM) in Lagos.

The AGM was conducted in accordance with the guidelines issued by the Corporate Affairs Commission (CAC) as part of the measures to mitigate the negative effects of the Covid-19.

During the event, SAHCO announced a dividend of N223,340,700 at 16.5 kobo per share which is payable less with the appropriate withholding tax at the time of payment.

Speaking during the AGM, Chairman of the company, Dr. Taiwo Afolabi said he was delighted to address a larger pool of shareholders for the first time even if it was via the web.

According to him “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-privatisation 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.”

Afolabi emphasised that when SIFAX Group bought SAHCO, only seven per cent of the market share was controlled by SAHCO but that has increased to 55 per cent over the years for ground handling while in cargo handling SAHCO controls 70 per cent of the market share.

In his remarks, Managing Director/CEO, SAHCO PLC, Basil Agboarumi said the Single Africa Air Transport Market initiative contributed to the growth of the Nigeria Aviation industry and Ground Handling sub-sector in 2019.