TABLE OF CONTENTS PAGES
CORPORATE INFORMATION 2-3
DIRECTORS' CERTIFICATION REPORT 4
MANAGING DIRECTOR'S CERTIFICATION REPORT 5
CHIEF FINANCIAL OFFICER'S CERTIFICATION REPORT 6
CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 7
CONDENSED STATEMENT OF FINANCIAL POSITION 8
CONDENSED STATEMENT OF CHANGES IN EQUITY 9
CONDENSED STATEMENT OF CASH FLOWS 10
FREE FLOAT ANALYSIS 11
CONDENSED NOTES TO THE FINANCIAL STATEMENTS 12 - 27
SKYWAY AVIATION HANDLING COMPANY PLCCORPORATE INFORMATION
REGISTERED CORPORATION 813022
TAX IDENTIFICATION NUMBER: 04683753-0001
DIRECTORS: Barrister (Dr.) Taiwo Afolabi Chairman
Mrs. Adenike Aboderin Managing Director
Mr. Babatunde Afolabi Executive Director
Mr. Abiodun Adegbesan Executive Director
Mrs. Boma Ukwunna Executive Director
Mr. Herbert Odika Executive Director
Dr. Oluropo Owolabi Non-Executive Director Barrister Oladipo Kayode Filani Non-Executive Director Captain Shehu Iyal Non-Executive Director
Mr. Anogwi Anyanwu Independent Director
Dr. Bukola Bello Jaiyesimi Independent Non-Executive Director
Mrs. Laila Jean St. Matthew-Daniel Independent Non-Executive Director
PRINCIPAL OFFICERS: Mrs. Adenike Aboderin Managing Director/CEO
Mr. Abiodun Adegbesan Executive Director - Finance and Admin. Mrs. Boma Ukwunna Executive Director - Cargo Services
Mr. Babatunde Afolabi Executive Director IT and Business Development Mr. Herbert Odika Executive Director - Operations
Mr Rotimi Omotoso Chief Financial Officer
Mr. Olugbenga Okeowo GM - Operations
Mr. Donald Adekunle GM - Cargo Services
Ms Jesuyemisi Odeyemi GM - Legal/ Company Secretary
Mr. James Oriowo AGM - Engineering and Maintenance
Mr. Hamzat Bola Olaniyan AGM - Billing
Mr. Yinka Afolabi Ogungbemi AGM - Admin Services and Project Mr. Taiwo Olayemi Mogaji AGM - Internal Control
Mrs. Christie Oseghale AGM - Safety and Quality Assurance Miss Bukola Amele Head - Human Resources
Mrs Bukola Oyinloye Head - Information Technology
Mr. Bamaiya Gumuti Head - Security
Mr. Benjamin Akinola Head - Internal Audit
Mrs. Vanessa Adetola Uansohia Head - Corporate Communications Mr. Ifeanyi Onunkwo Head - Training
Mr. Folarin Ilemoboye SM- Procurement
REGISTERED OFFICE ADDRESS 54, Warehouse Road, Apapa, Lagos State
OPERATIONAL OFFICE ADDRESS: Skyway Aviation Handling Company Plc. Complex,
Cargo Terminal,
Murtala Muhammed International Airport, Ikeja,
Lagos State.
COMPANY SECRETARY: Jesuyemisi Odeyemi
Skyway Aviation Handling Company Plc. Complex, Cargo Terminal,
Murtala Muhammed International Airport, Ikeja,
Lagos State..
CORPORATE INFORMATION (CONTINUED)
PRINCIPAL BANKERS: Access Bank Plc.
Ecobank Nigeria Limited Fidelity Bank Plc.
First Bank of Nigeria Limited First City Monument Bank Plc. Guaranty Trust Bank Limited Keystone Bank Limited.
Lotus Bank Parallex Bank
Polaris Bank Limited Providus Bank Stanbic IBTC Bank Plc. Sterling Bank Plc.
Union Bank of Nigeria Limited United Bank for Africa Plc.
Wema Bank Plc.
Zenith Bank Plc.
INDEPENDENT AUDITORS Gbenga Badejo and Co.
(Chartered Accountants)
A Correspondent Firm of Reanda International
Plot 8A, Ajumobi Olorunoje Street, Off Acme Road, By First Bank, Agidingbi, Ikeja, Lagos State
Tel.: 0809-622-7865.
Email: info@gbc-consult.com https://www.gbc-consult.com
SOLICITORS Justification Law Firm
7, Kolawole Odunsi Street,
Off Unity Road, Mobolaji Bank, Anthony way,
REGISTRARS: Apel Capital Registrars Limited
8, Alhaji Bashorun Street, Off Norman Williams Street, Ikoyi, Lagos State.
ADVISERS J. Ajayi Patunola & Co.
FRC/2013/0000000000679
Estate Surveyors & Valuers
3, Adelabu Close, Opp Custom Training College Gate, Off Ola-Ayinde/Toyin Street, Ikeja, Lagos State.
Seyi Katola & Co. (Chartered Accountants)
FRC/2013/ICAN/00000003609
Actuarial Valuers
1, Babatunde Ladega Street Omole Bus-Stop
Lagos State.
DIRECTORS' CERTIFICATION REPORT
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
We have reviewed the condensed financial statements of Skyway Aviation Handling Company Plc for the period ended 31 March, 2025
Based on our knowledge, these condensed financial statements do not;
Contain any untrue statement of a material fact or;
Omit to state material fact, which would make the statement misleading in the light of the circumstance under which such statements were made
The condensed financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for the periods presented in the condensed financial statements
The Directors are responsible for establishing and maintaining internal controls; we have;
designed such internal controls to ensure that material information relating to the Company is made
continuously evaluated the effectiveness of the Company's internal controls on a quarterly basis;
………………………………………….. …………………………………………..
Barr. (Dr.) Taiwo Afolabi Mrs. Adenike Aboderin
Chairman Managing Director/CEO
…………………………………………..
FRC/2015/NBA/00000013106 FRC/2021/PRO/00000022723
Date: 28 April, 2025 Date: 28 April, 2025
Mr. Abiodun Adegbesan Director - Finance and Admin FRC/2024/PRO/DIR/003/831228
Date: 28 April, 2025
MANAGING DIRECTOR'S CERTIFICATION REPORT
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
I, ADENIKE ABODERIN, certify that:
I have reviewed this first quarter report of year 2025 of Skyway Aviation Handling Company Plc
Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
The company's other certifying officer(s) and I:
are responsible for establishing and maintaining internal controls.
have designed such internal controls to ensure that material information relating to the company is made known to such officers by others within the company particularly during the period in which the periodic reports are being prepared;
have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;
have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date;
The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control system, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):
All significant deficiencies and material weaknesses in the design or operation of the internal control system which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control system.
The company's other certifying officer(s) and I have identified, in the report whether or not there were significant changes in internal controls or other facts that could significantly affect internal controls subsequent to the date of their evaluation including any corrective actions with regard to significant deficiencies and material weaknesses.
…………………………………………..
Mrs. Adenike Aboderin Managing Director/CEO FRC/2021/PRO/00000022723
Date: 28 April, 2025
CHIEF FINANCIAL OFFICER'S CERTIFICATION REPORT
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
I, ROTIMI OMOTOSO, certify that:
I have reviewed this first quarter report of year 2025 of Skyway Aviation Handling Company Plc
Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
The company's other certifying officer(s) and I:
are responsible for establishing and maintaining internal controls.
have designed such internal controls to ensure that material information relating to the company is made known to such officers by others within the company particularly during the period in which the periodic reports are being prepared;
have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;
have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date;
The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control system, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):
All significant deficiencies and material weaknesses in the design or operation of the internal control system which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control system.
The company's other certifying officer(s) and I have identified, in the report whether or not there were significant changes in internal controls or other facts that could significantly affect internal controls subsequent to the date of their evaluation including any corrective actions with regard to significant deficiencies and material weaknesses.
…………………………………………..
Mr. Rotimi Omotoso
Chief Financial Officer
FRC/2016/ICAN/00000014593
Date: 28 April, 2025
CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 31 MARCH, 2025
Unaudited 3 Months Ended | Unaudited 3 Months Ended | Audited Year Ended | |||
NOTE | 31 March 2025 ₦'000 | 31 March 2024 ₦'000 | 31 Dec., 2024 ₦'000 | ||
Revenue | 3 | 10,414,391 | 5,796,338 | 28,941,270 | |
Direct cost | 4 | (3,063,944) | (2,534,995) | (12,564,659) | |
Gross profit | 7,350,445 | 3,261,342 | 16,376,611 | ||
Other operating income | 5 | 108,920 | 65,096 | 200,223 | |
Administration expenses | 6 | (2,058,176) | (1,429,136) | (10,047,156) | |
Profit from operation | 5,401,190 | 1,897,302 | 6,529,678 | ||
Finance Income | 7 | 58,435 | 134,805 | 287,848 | |
Finance expense | 7 | (59,706) | (79,593) | (331,057) | |
Operating profit before taxation | 5,399,918 | 1,952,514 | 6,486,469 | ||
Tax expense | 28 | (1,782,393) | (1,005,295) | (1,652,883) | |
Profit for the year | 3,617,526 | 947,219 | 4,833,586 | ||
Other comprehensive income | |||||
Item that will not be reclassified to profit or loss | |||||
Recognition of foreign exchange difference | 24 | (199,508) | 1,140,700 | 1,891,943 | |
(Reversal)/recognition of actuarial loss on defined | |||||
benefit obligation Recognition of related tax on defined benefit obligation | 20 | - | - | - | |
28 | - | - | 165,944 | ||
Other comprehensive income for the period, net of tax | (199,508) | 1,140,700 | 2,057,888 | ||
Total comprehensive income for the period | 3,418,018 | 2,087,919 | 6,891,473 |
Earnings per share | |||||
Basic earnings - kobo | 26 | 267 | 70 | 357 | |
Diluted earnings - kobo | 26 | 267 | 70 | 357 | |
The accompanying notes form an integral part of these condensed financial statements.
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT;
NON-CURRENT ASSETS | NOTE | Unaudited 31 March 2025 ₦'000 | Unaudited 31 March 2024 ₦'000 | Audited 31 Dec., 2024 ₦'000 | ||
Property, plant and equipment | 9 | 17,804,420 | 15,717,274 | 16,030,201 | ||
Investment properties | 10 | 733,910 | 725,948 | 720,807 | ||
Intangible assets | 11 | 4,100,619 | 4,078,796 | 4,077,558 | ||
Deferred tax assets | 29 | 753,494 | 1,073,516 | 753,494 | ||
23,392,443 | 21,595,535 | 21,582,059 | ||||
CURRENT ASSETS | ||||||
Inventories | 12 | 3,457,133 | 1,154,936 | 2,705,769 | ||
Trade and other receivables | 13 | 18,241,370 | 10,657,400 | 14,466,301 | ||
Cash and cash equivalent | 14 | 2,850,811 | 3,370,018 | 3,025,608 | ||
24,549,314 | 15,182,354 | 20,197,679 | ||||
TOTAL ASSETS | 47,941,757 | 36,777,889 | 41,779,738 | |||
EQUITY | ||||||
Share capital | 19 | 676,790 | 676,790 | 676,790 | ||
Share premium | 25 | 4,784,010 | 4,784,010 | 4,784,010 | ||
Retained earnings | 21 | 14,441,463 | 7,343,646 | 10,823,937 | ||
Actuarial valuation reserve | 23 | 695,375 | 529,431 | 695,375 | ||
Foreign exchange reserve | 24 | 2,997,231 | 2,445,496 | 3,196,739 | ||
Revaluation reserve | 22 | 9,088,895 | 9,088,895 | 9,088,895 | ||
32,683,765 | 24,868,268 | 29,265,747 | ||||
NON-CURRENT LIABILITIES | ||||||
Long term borrowings | 16 | 1,867,863 | 3,165,307 | 2,042,863 | ||
Deferred income | 27 | 142,276 | 119,118 | 7,948 | ||
Defined Benefit Obligations | 20 | 3,689,312 | 3,024,831 | 3,593,931 | ||
5,699,450 | 6,309,255 | 5,644,742 | ||||
CURRENT LIABILITIES | ||||||
Trade payable and other payables | 15 | 6,178,472 | 3,841,863 | 5,271,574 | ||
Short term borrowings | 16 | 699,402 | 124,403 | 699,402 | ||
Deferred income | 27 | 31,791 | 46,014 | 31,791 | ||
Current income tax liabilities | 28 | 2,648,874 | 1,588,085 | 866,482 | ||
9,558,540 | 5,600,364 | 6,869,249 | ||||
TOTAL EQUITY AND LIABILITIES | 47,941,757 | 36,777,889 | 41,779,738 |
The condensed financial statements were approved by the Board of Directors on 28 April, 2025 and signed on its behalf by:
……………………………………………. | ………………………………………….. | ………………………………………….. |
Barr. (Dr.) Taiwo Afolabi, MON | Mrs. Adenike Aboderin | Mr. Abiodun Adegbesan |
Chairman | Managing Director/CEO | Director - Finance and Admin |
FRC/2015/NBA/00000013106 | FRC/2021/PRO/00000022723 | FRC/2024/PRO/DIR/003/83122 |
Date: 28 April, 2025 | Date: 28 April, 2025 | Date: 28 April, 2025 |
The accompanying notes form an integral part of these condensed financial statements.
SKYWAY AVIATION HANDLING COMPANY PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
SHARE CAPITAL | SHARE PREMIUM | RETAINED EARNINGS | ACTUARIAL VALUATION RESERVE | FOREIGN EXCHANGE TRANSLATION RESERVE | REVALUATION RESERVE | TOTAL EQUITY | |
NOTE | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 |
Balance at 1 January 2024 Total Comprehensive Income for the year Profit for the year | 676,790 - | 4,784,010 - | 6,396,426 4,833,586 | 529,431 | 1,304,796 | 9,088,895 - | 22,780,348 4,833,586 |
Other comprehensive income for the year | - | - | - | 165,944 | 1,891,943 | - | 2,057,888 |
Total Comprehensive Income for the year | - | - | 4,833,586 | 165,944 | 1,891,943 | - | 6,891,473 |
Transactions with owners recorded directly in equity | |||||||
Dividend paid | - | - | (406,074) | - | - | - | (406,074) |
Balance at 31 December 2024 | 676,790 | 4,784,010 | 10,823,937 | 695,375 | 3,196,739 | 9,088,895 | 29,265,747 |
Balance at 1 January 2024 | 676,790 | 4,784,010 | 6,396,426 | 529,431 | 1,304,796 | 9,088,895 | 22,780,348 |
Total Comprehensive Income for the year Profit for the period | - | - | 947,219 | - | - | - | 947,219 |
Other comprehensive income for the period | - | - | - | 1,140,700 | - | 1,140,700 | |
Total Comprehensive Income for the period | - | - | 947,219 | - | 1,140,700 | - | 2,087,919 |
Transactions with owners recorded directly in equity | |||||||
Dividend paid | - | - | - | - | - | - | - |
Balance at 31 March 2024 | 676,790 | 4,784,010 | 7,343,644 | 529,431 | 2,445,496 | 9,088,895 | 24,868,268 |
Balance at 1 January 2025 | 676,790 | 4,784,010 | 10,823,937 | 695,375 | 3,196,739 | 9,088,895 | 29,265,747 |
Total Comprehensive Income for the year Profit for the period | - | - | 3,617,526 | - | - | - | 3,617,526 |
Other comprehensive income for the period | - | - | - | - | (199,508) | - | (199,508) |
Total Comprehensive Income for the period | - | - | 3,617,526 | - | (199,508) | - | 3,418,018 |
Transactions with owners recorded directly in equity | |||||||
Dividend paid | - | - | - | - | - | - | - |
Balance at 31 March 2025 | 676,790 | 4,784,010 | 14,441,462 | 695,375 | 2,997,231 | 9,088,895 | 32,683,765 |
The accompanying notes form an integral part of these condensed financial statements.
SKYWAY AVIATION HANDLING COMPANY PLCCONDENSED STATEMENT OF CASH FLOWS
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
Unaudited | Unaudited | Audited | ||||
3 Months Ended | 3 Months Ended | Year Ended | ||||
31 March 2025 | 31 March 2024 | 31 Dec., 2024 | ||||
NOTE | ₦'000 | ₦'000 | ₦'000 | |||
Cash flows from operating activities: | ||||||
Profit before taxation | 5,399,918 | 1,952,514 | 6,486,469 | |||
Adjustments for net income to net cash provided by | ||||||
operating activites | ||||||
Finance Expenses | 7 | 59,706 | 79,593 | 331,057 | ||
Allowance for impairment on Receivables | - | - | 484,265 | |||
Provision for Employee benefit | 20 | 138,778 | 143,761 | 570,380 | ||
Foreign Exchange Difference | 24 | (199,508) | 1,140,700 | 1,891,943 | ||
Investment Property- Depreciation | 10 | 7,897 | 7,679 | 30,819 | ||
Intangible Asset- Amortisation | 11 | 1,587 | 443 | 1,682 | ||
Property Plant & Equipment-Depreciation | 9 | 589,424 | 561,804 | 2,320,787 | ||
5,997,803 | 3,886,494 | 12,117,402 | ||||
Changes in working capital | ||||||
Increase in trade and other receivables | (3,775,068) | (941,103) | (5,234,269) | |||
Increase in inventories | (751,364) | (239,021) | (1,789,854) | |||
Increase/(decrease) in trade and other payables | 906,899 | (281,322) | 1,148,390 | |||
Increase/(decrease) in deferred income | 134,327 | 105,635 | (19,757) | |||
Cash generated from operations | 2,512,597 | 2,530,682 | 6,221,912 | |||
Tax paid | 28 | - | - | (883,226) | ||
Payment made by the employer on the Employee | ||||||
Benefit | 20 | (43,397) | (142,478) | - | ||
Finance expenses paid | (59,706) | (79,593) | (331,057) | |||
Net cash inflow from operating activities | 2,409,494 | 2,308,612 | 5,007,629 | |||
Cash flows from investing activities | ||||||
Purchase of property, plant and equipment | 9 | (2,363,643) | (1,196,884) | (3,268,793) | ||
Intangible assets | (24,649) | - | - | |||
Investment Properties | 10 | (21,000) | - | (18,000) | ||
Net cash outflow used in investing activities | (2,409,292) | (1,196,884) | (3,286,793) | |||
Financing Activities: | ||||||
Dividend | - | - | (406,074) | |||
Repayment of borrowings | 16 | (175,000) | (206,818) | (754,263) | ||
Net cash outflow used in financing activities | (175,000) | (206,818) | (1,160,337) | |||
Net (decrease)/increase in cash and cash equivalents | (174,798) | 904,910 | 560,500 | |||
Cash and cash equivalents at the beginning | 3,025,608 | 2,465,108 | 2,465,108 | |||
Cash and cash equivalents at the end | 14 | 2,850,811 | 3,370,018 | 3,025,608 | ||
SKYWAY AVIATION HANDLING COMPANY PLC
FREE FLOAT ANALYSIS
Shareholding structure/Free Float Status
Description | 31 March 2024 | 31 December 2024 | ||
Units | Percentage (in relation to issued Share Capital) | Units | Percentage (in relation to issued Share Capital) | |
Issued Share Capital | 1,353,580,000 | 100% | 1,353,580,000 | 100% |
Details of Substancial Shareholdings (5% and above) | ||||
AFOLABI TAIWO OLAYINKA SIFAX SHIPPING COMPANY LTD AFOLABI FOLASHADE A. | 378,616,989 | 27.97 | 379,041,989 | 28.00 |
443,331,091 | 32.75 | 443,331,091 | 32.75 | |
241,816,960 | 17.86 | 241,816,960 | 17.86 | |
Total Substantial Shareholdings | 1,063,765,040 | 78.5G | 1,064,1G0,040 | 78.62 |
Details of Directors Shareholdings (Direct and indirect), excluding directors' holding substantial interests | ||||
Name(s) of Directors | ||||
AFOLABI TAIWO OLAYINKA | - | - | - | - |
CHIKE OGEAH (Direct) - Retired in June 2022 | - | - | - | 0.040 |
ANOGWI ANYANWU (Direct) | 50,000 | 0.004 | 50,000 | 0.004 |
OLUROPO SAKA OWOLABI(Direct) | 5,322,500 | 0.393 | 5,322,500 | 0.393 |
SHEHU USMAN IYAL | - | - | - | - |
ARIYO OLUTOYE OLUWOLE - Retired in June 2022 | - | - | - | - |
FILANI KAYODE OLADIPUPO (Direct) | 4,000,000 | 0.296 | 4,000,000 | 0.296 |
FILANI KAYODE OLADIPUPO (Indirect) | 8,000,000 | 0.591 | 8,000,000 | 0.591 |
BASIL AGBOARUMI U (Direct) (Retired) | - | - | - | - |
OLANIYI ALAMU ADIGUN | - | - | - | - |
BOMA UKWUNNA | - | - | - | - |
AFOLABI BABATUNDE OLANREWAJU | - | - | - | - |
LAILA ST. MATHEW DANIEL - Appointed in June 2022 | - | - | - | - |
BUKOLA BELLO-JAYESIMI - Appointed in June 2022 | - | - | - | - |
Total Directors' Shareholdings | 17,372,500.00 | 1.28 | 17,372,500.00 | 1.32 |
Share Price as at end of period (₦) 46.50 33.50 | ||||
Free Float | 272,442,460 | 20.13 | 271,849,860 | 20.08 |
Free Float in value (₦) | 12,668,574,390 | 9,106,970,310 | ||
Declaration:
SAHCO plc has a free float of 20.13% as at 31 March 2024 is in compliance with the Exchange' rules on the requirements for all companies listed on the Main Board to maintain a free float of 20% and
above.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
General Information
The principal activities of the Company include provision of services including aircraft/ramp handling, cargo handling, passenger handling, premium lounge, aviation security and baggage reconciliation.
On 3rd of December 2009, SIFAX Shipping Limited and Global Apex Logistic Limited through Skyway Aviation Handling Company Limited acquired 100% interest of the Federal Government in Skypower Aviation Handling Company Limited due to the privatisation of the company.
In 2018, SAHCOL undertook a business combination with Skypower wherein both companies were consolidated with SAHCOL as the surviving entity.
Skyway Aviation Handling Company Limited became a Public Limited Company on 5th October, 2018.
The Corporate Headquarters is located at Skyway Aviation Handling Company Plc. Complex, Cargo Terminal, Murtala Muhammed International Airport, Ikeja, Lagos State, Nigeria.
Significant accounting policies
The principal accounting policies applied in the preparation of these condensed financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.
Statement of Compliance
The condensed financial statements for the period ended 31 March 2025 have been prepared in conformity with International Financial Reporting Standards as issued by the Internatioanl Accounting Standards Board ("IASB"), and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (together "IFRS") and requirements of the Companies and Allied Matters Act (CAMA) of Nigeria and the Financial Reporting Council (FRC) Act of Nigeria.
Skyway Aviation Handling Company Limited has consistenly applied the same accounting policies and methods of computation in its financial statements as in its 2024 financial statements.
None of the new standards, interpretations and amendments, effective for the first time from 1st January 2024, have had a material effect on the financial statements.
Basis of preparation
These condensed accounts do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2024 Financial Statements.
The financial statements have been prepared under the historical cost convention except for some financial assets and liabilities measured at fair value and amortised cost; inventory at net realisable value; and the liability for defined benefit obligations is recognised as the present value of the defined benefit obligation and related current service cost.
Fair Value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability that market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis, except for leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
3
REVENUE
The Company generates revenue primarily from foreign and domestic handling, cargo handling and equipment rental. Other sources of revenue include rental income from investment properties.
3 Months Ended
3 Months Ended
Revenue from contract with Customers
31 March 2025
₦'000
10,414,391
31 March 2024
₦'000
5,796,338
Total Revenue
10,414,3G1
5,7G6,338
Disaggregation of revenue from contracts with customers
The revenue from contracts with customers is disaggregated by major service lines and timing of revenue recognition.
3 Months Ended
3 Months Ended
31 March 2025
31 March 2024
i. Major Service Lines
₦'000
₦'000
Foreign Handling
3,400,722
2,638,022
Domestic Handling
3,111,634
528,381
Ad-hoc Handling
11,213
2,655
Cargo Handling - Import
1,956,496
1,679,340
Cargo Handling - Export
415,106
363,733
VIP Lounge Service Income
47,431
41,684
Hajj Operations
78,725
87,111
Equipment Rental
1,353,039
413,138
Haulage/Crew Bus Services
2,436
5,157
Airport Security Services
37,589
37,117
Christian Pilgrimage Handling
-
-
10,414,391
5,796,338
Discount Allowed
-
-
10,414,3G1
5,7G6,338
ii. Timing of revenue recognition
Service transferred at a point in time
10,414,391
5,796,338
Service transferred over time
-
-
10,414,3G1
5,7G6,33G
Contract balances
The following provides information about receivables, contract assets and contract liabilities from contracts with customers.
Months Ended 3 Months Ended
31 March 2025 31 March 2024
N'000 N'000
Contract liabilities 174,067 165,132
174,067 165,132
The contract liabilities primarily relate to the advance consideration received from tenants for rent of the investment properties, for which revenue is recognised upon usage by the tenants.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
Performance obligations and revenue recognition policies
Revenue is measured based on the consideration specified in a contract with a customer. The Company recognises revenue when it transfers control over a good or service to a customer.
Description of Major Sources of income:
Foreign and Domestic Handling: This include income from aircraft handling raised for Ramp Services, passenger profiling, security and baggage handling(Loading and offloading).
Cargo Handling: These includes income from Cargo documentation services rendered to airline which include import and export cargo facilitation through Nigeria's biggest network of custome bonded warehouses in Lagos, Kano, Abuja and Port-Harcourt, using Hermes computerisation sy which ensures safe storage and easy retrieval of cargos
Equipment rental and maintenance: The company leases it equipment to airlines for services that are not covered in the standard Ground Handling Agreement.
3 Months Ended | 3 Months Ended | |
31 March 2025 | 31 March 2024 | |
4 | ₦'000 | ₦'000 |
DIRECT COST | ||
Cargo Shed/ Warehouse | 326,938 | 169,765 |
Concession Fees | 451,652 | 359,038 |
Oil and Lubricants | 127,066 | 71,097 |
VIP Lounge | 14,308 | 6,685 |
DCS/Check-In Counter Expenses | 26,117 | 12,678 |
Baggage Logistics Expenses | 10,749 | 2,880 |
Equipment Running | 155,333 | 331,989 |
Equipment Repairs | 569,382 | 527,931 |
RAMP | 12,005 | 10,943 |
Hajj Operation | 20,000 | - |
Christian Pilgrimage | 608 | - |
Direct Labour Cost | 839,881 | 582,492 |
Other Direct Costs | 2,576 | (2,632) |
Miscellaneous Cost | 28,505 | 10,064 |
2,585,121 | 2,082,929 | |
Depreciation | 478,823 | 452,066 |
3,063,G44 | 2,534,GG5 |
Expenses by nature have been disclosed in the statement of comprehensive income as above. Costs directly relates to income generating activities are labeled as direct cost. Depreciation of assets used directly in generating revenue are classified as part of direct cost.
3 Months Ended | 3 Months Ended | |
5 | 31 March 2025 ₦'000 | 31 March 2024 ₦'000 |
OTHER INCOME Electricity bills, scrap and other miscellaneous incom | 87,630 | 24,601 |
Rental Income from Investment Properties | 21,291 108,G20 | 40,495 65,0G6 |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE THREE MONTHS ENDED 31 MARCH, 2025
3 Months Ended | 3 Months Ended | |
31 March 2025 | 31 March 2024 | |
6 | ₦'000 | ₦'000 |
ADMINISTRATION EXPENSES | ||
Employee benefit expenses (Note 8) | 718,743 | 528,365 |
Depreciation & amortisation | 120,084 | 117,858 |
Printing and stationery | 19,746 | 21,809 |
Transport and traveling | 127,518 | 159,910 |
Vehicle running expenses | 56,900 | 30,631 |
Telecommunication and courier | 10,496 | 14,916 |
Staff training and development | 62,224 | 16,227 |
Advertisement and publications | 23,420 | 2,878 |
Public relations | 19,833 | 13,250 |
Sales promotion | 13,313 | - |
Subscription | 5,179 | 2,005 |
Newspaper, periodical and magazine | 267 | 223 |
Rent and electricity | 132,057 | 75,359 |
Medical expenses | 96,755 | 39,823 |
Insurance premium | 63,280 | 36,727 |
Legal expenses | 4,500 | 30 |
Audit fees | - | - |
Repairs of office equipment | 5,670 | 2,665 |
Repairs and maintenance of building | 184,137 | 93,835 |
Entertainment | 24,791 | 13,576 |
Gifts and donations | 128,826 | 18,531 |
Hotel and accommodation | 7,223 | (2,565) |
Repair of furniture and fittings | 13,265 | 5,391 |
Computer support and accessories | 78,489 | 36,684 |
Lighting and fitting expenses | 13,335 | 33,545 |
Premises upkeep and cleaning | 28,672 | 21,524 |
Special security expenses | 13,301 | 9,166 |
Office running expenses | 7,894 | 9,936 |
Board meeting expenses | 6,360 | 3,180 |
Recruitment expenses | 185 | - |
Professional and business fees | 14,425 | 6,110 |
Directors expenses | - | 23,000 |
Bank charges | 22,056 | 14,103 |
Government levies Debt Written off | 8,108 - | 7,771 |
Impairment Allowance on Receivables | - | |
Uniform, ODC and Apron Passes | 27,125 | 72,672 |
2,058,176 | 1,42G,136 |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE THREE MONTHS ENDED 31 MARCH, 2025
3 Months Ended | 3 Months Ended | |
31 March 2025 ₦'000 | 31 March 2024 ₦'000 | |
7 | ||
FINANCE INCOME AND FINANCE COST Finance Income Interest Income | 58,435 | 134,805 |
Interest on defined benefit obligation | - | - |
Foreign exchange gain | 58,435 - | 134,805 |
58,435 | 134,805 | |
Finance Expense Interest on loan | 59,706 | 79,593 |
Interest on defined benefit obligation | - | - |
Foreign exchange Loss | 59,706 - | 79,593 - |
5G,706 | 7G,5G3 | |
8 EMPLOYEE BENEFIT EXPENSES Salaries and wages | 383,334 | 248,383 |
Pension fund contribution | 20,789 | 13,814 |
Leave allowance | 33,669 | 18,567 |
Gratuity and terminal benefits | 139,423 | 94,470 |
Overtime | 12,738 | 11,051 |
13th month salary | 88,672 | 60,541 |
Other allowance | 4,715 | 4,735 |
ITF contribution | 21,763 | 7,789 |
NSITF Employee Compensation | 10,590 | 7,215 |
Staff welfare expenses | 3,050 | 61,799 |
718,743 | 528,365 | |
3 Months Ended | 3 Months Ended | |
31 March 2025 | 31 March 2024 | |
8.1 | Number | Number |
The Average number of employees per department: Operations | 1,967 | 1,877 |
Administrations | 50 | 51 |
2,017 | 1,928 | |
8.2 Employees remuneration Scale RANGE < 1000000 | 992 | 942 |
1000000-2000000 | 839 | 814 |
2000001-3000000 | 118 | 118 |
3000001-4000000 | 26 | 26 |
4000001-5000000 | 22 | 13 |
5000001-6000000 | 15 | 11 |
6000001-7000000 | - | - |
7000001-8000000 | - | - |
8000001-14000000 | 5 | 4 |
2,017 | 1,G28 |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
G
PROPERTY, PLANT AND EQUIPMENTS
Leasehold
Motor Vehicle
Plant and
Furniture, Fixture and
Computer
Office
Land Building and Trucks
Machinery
Fittings
Equipment
Equipment Sundry Tools Total
₦'000 ₦'000 ₦'000 ₦'000 ₦'000 ₦'000 ₦'000 ₦'000 ₦'000
Cost: | |||||||||
At 1 January 2024 | 40,950 | 5,563,046 | 589,078 | 18,759,547 | 845,365 | 177,922 | 260,715 | 139,511 | 26,376,134 |
Additions | - | 369,889 | 278,349 | 2,343,354 | 149,277 | 60,339 | 8,080 | 59,505 | 3,268,793 |
At 31 December 2024 | 40,G50 | 5,G32,G35 | 867,427 | 21,102,G02 | GG4,642 | 238,260 | 268,7G5 | 1GG,016 | 2G,644,G27 |
Additions | - | 42,821 | 62,650 | 2,073,526 | 122,429 | 43,067 | - | 19,150 | 2,363,643 |
At 31 March, 2025 | 40,G50 | 5,G75,756 | G30,077 | 23,176,428 | 1,117,070 | 281,327 | 268,7G5 | 218,166 | 32,008,570 |
Accumulated Depreciation: | |||||||||
At 1 January 2024 | 39,858 | 1,081,977 | 395,335 | 8,620,213 | 705,940 | 105,023 | 238,482 | 107,111 | 11,293,939 |
Charge for the year | - | 205,789 | 94,436 | 1,881,603 | 74,600 | 22,737 | 15,106 | 26,516 | 2,320,787 |
At 31 December 2024 | 3G,858 | 1,287,766 | 48G,771 | 10,501,816 | 780,540 | 127,75G | 253,588 | 133,627 | 13,614,726 |
Charge for the period | - | 54,397 | 22,844 | 478,823 | 21,030 | 5,457 | 2,580 | 4,291 | 589,424 |
At 31 March, 2025 | 3G,858 | 1,342,163 | 512,615 | 10,G80,63G | 801,570 | 133,217 | 256,168 | 137,G18 | 14,204,150 |
Carrying amount: At 31 March, 2025 | 1,0G2 | 4,633,5G3 | 417,462 | 12,1G5,78G | 315,500 | 148,110 | 12,627 | 80,248 | 17,804,420 |
At 31 December, 2024 | 1,0G2 | 4,645,16G | 377,656 | 10,601,085 | 214,102 | 110,501 | 15,207 | 65,38G | 16,030,201 |
Property, plant and equipment includes right-of-use assets of N10.9 Million related to leased hold land.
Revaluation
The Company's Property, Plant & Equipment were revalued on March 29 , 2018 by Messrs. Ubosi Eleh & Company (FRC/2014/NIESV/00000003997) an accredited independent valuer who has valuation experience for similar offices using the Market Value Basis of valuation.
Leasehold Land is stated at cost and as such do not fall under any class of the revalued assets by the Independent Valuers.
9.2 Assets pledged as security
Borrowings are secured by a debenture on fixed and floating assets of the company.
3 Months Ended
31 March 2025
Year ended
31 December 2024
9.3 Depreciation charged during the period are included in:
₦'000
₦'000
Cost of sales
478,823
1,881,603
Administrative expenses
110,601
439,183
589,424
2,320,787
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
10
INVESTMENT PROPERTIES
Building
Cost
₦'000
At 1 January 2024
877,553
Additions
18,000
At 31 December 2024
8G5,553
Additions
21,000
At 31 March, 2025
916,553
Accumulated Depreciation
At 1 January 2024
143,926
Charge for the year
30,819
At 31 December 2024
174,745
Charge for the period
7,897
At 31 March, 2025
182,643
Carrying amount
At 31 March, 2025
733,G10
At 31 December, 2024
720,807
The Investment properties are depreciated using the straight-line method. The rate of depreciation used is 3.5% based on the useful lives of the lease on the landed property.
Description of the Investment Properties
Investment properties include Skyway Aviation Handling Company Plc. corporate office and Skyway Aviation Handling Company Plc. Office Complex located at Murtala Mohammed Airport Lagos, Nigeria which were made available for rental during the period.
31 March 2025 31 Dec., 2024
₦'000 ₦'000
Net amounts recognised in profit or loss for investment properties are as follows:
Rental income
21,291
173,618
Direct operating expenses
(128,896)
(112,764)
Depreciation
(7,897)
(30,819)
(115,503)
30,035
Depreciation has been included in Administrative expenses in the Statement of Profit or Loss and Other Comprehensive Income.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
FOR THE THREE MONTHS ENDED 31 MARCH, 2025
Non-current assets pledged as security
Refer to note 9.2 for information on non-current assets pledged as security by the company.
Contractual obligations
The Company's lease agreement with FAAN on the Investment Property Lands places a restriction on the realization of the investment properties. The company has no contractual obligations to purchase the Land but can construct or develop investment properties or for repairs, maintenance and enhancements.
Leasing arrangements
Some of the investment properties are leased to tenants under long-term operating leases with rentals payable annually. Minimum lease payments under non-cancellable operating leases of investment properties recognised in the financial statements as payables are as follows:
Unaudited Audited | |||||
3 Months Ended Year ended | |||||
31 March 2025 31 Dec., 2024 | |||||
₦'000 ₦'000 | |||||
Within one year | 31,791 31,791 | ||||
Later than one year but not later than 5 years | 142,276 7,948 174,067 3G,740 | ||||
11 INTANGIBLE ASSETS | |||||
Cost | Website ₦'000 | Software Goodwill Total ₦'000 ₦'000 ₦'000 | |||
At 1 January 2024 | 1,050 | 26,320 4,057,388 4,084,758 | |||
Additions | - | - - - | |||
At 31 December 2024 | 1,050 | 26,320 | 4,057,388 | 4,084,758 | |
Additions | - | 24,649 | - | 24,649 | |
At 31 March, 2025 | 1,050 | 50,G6G | 4,057,388 | 4,084,758 | |
Amortisation | |||||
At 1 January 2024 | 298 | 5,221 | - | 5,519 | |
Amortisation | - | 1,682 | - | 1,682 | |
At 31 December 2024 | 2G8 | 6,G03 | - | 7,201 | |
Amortisation | 367 | 1,220 | - | 1,587 | |
At 31 March, 2025 | 665 | 8,123 | - | 8,788 | |
Carrying amount | |||||
At 31 March, 2025 | 385 | 42,846 | 4,057,388 | 4,100,61G | |
At 31 December, 2024 | 752 | 1G,417 | 4,057,388 | 4,077,558 | |
Impairment test
There was no impairment loss on Goodwill during the period.
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