Quarter 1 - financial statement for 2026

SKYWAY AVIATION HANDLING COMPANY PLC

(RC:813022)

UNAUDITED

INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

31ST MARCH 2026

REGISTERED CORPORATION

RC 813022

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

Dr. Oluropo Owolabi

Non-Executive Director

Barrister Oladipo Kayode Filani

Non-Executive Director

Mr. Anogwi Anyanwu

Independent Non-Executive Director

Dr. Bukola Bello Jaiyesimi

Independent Non-Executive Director

Mrs. Laila Jean St. Matthew-Daniel

Independent Non-Executive Director

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 Olusegun Adejo

Chief Financial Officer

Mr. Olugbenga Okeowo

GM - Operations

Mr. Donald Adekunle

GM - Cargo Services

Ms Jesuyemisi Odeyemi

GM - Legal/ Company Secretary

Mr. James Oriowo

GM - Maintenance

Mr. Hamzat Bola Olaniyan

GM - Billing

Mr. Yinka Afolabi Ogungbemi

GM - Admin Services and Project

Mr. Oluseyi Richard Ajayi

GM- Internal Control

Mrs. Doyin Olusanya

Head - Safety and Quality Assurance

Miss Bukola Amele

Head - Human Resources

Mrs Bukola Oyinloye

Head - Information Technology

Mr. Bamaiya Gumuti

Head - Security

Mr. Benjamin Akinola

AGM - Internal Audit

Mrs. Vanessa Adetola Uansohia

Head - Corporate Communications

Mr. Ifeanyi Onunkwo

Head - Training

Mr. Moses Akpaibor

Head- Sales and Marketing

Ms. Anthonia Ayodele

Head- Procurement

Skyway Aviation Handling Company Plc. Complex,

Cargo Terminal,

Murtala Muhammed International Airport,

Ikeja,

Lagos State.

Jesuyemisi Odeyemi

Skyway Aviation Handling Company Plc. Complex,

Cargo Terminal,

Murtala Muhammed International Airport,

Ikeja,

Lagos State..

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 Limited

Nova Bank Limited

Parallex Bank Limited

Polaris Bank Limited

Providus Bank Limited

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,

Ikeja,

Lagos State.

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 31ST MARCH, 2026

(a)

Contain any untrue statement of a material fact or;

(b)

Omit to state material fact, which would make the statement misleading in the light of the circumstance

under which such statements were made

(c)

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

i

designed such internal controls to ensure that material information relating to the Company is made

ii

continuously evaluated the effectiveness of the Company's internal controls on a quarterly basis;

…………………………………………..

Barr. (Dr.) Taiwo Afolabi

Chairman

FRC/2015/NBA/00000013106

Date: 30th April. 2026

…………………………………………..

Mrs. Adenike Aboderin

Managing Director/CEO

FRC/2021/PRO/00000022723

Date: 30th April. 2026

…………………………………………..

Mr. Abiodun Adegbesan

Director - Finance and Admin

FRC/2024/PRO/DIR/003/831228

Date: 30th April. 2026

MANAGING DIRECTOR'S CERTIFICATION REPORT

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

(a)

I have reviewed this first quarter report of year 2026 of Skyway Aviation Handling Company Plc

(b)

Based on my knowledge, this report does not contain

i

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,

ii

misleading with respect to the period covered by this report;

(c)

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;

(d)

The company's other certifying officer(s) and I:

i

are responsible for establishing and maintaining internal controls.

ii

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;

iii

have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;

iv

have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date;

(e)

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):

i

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

ii

Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control system.

(f)

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: 30th April. 2026

CHIEF FINANCIAL OFFICER'S CERTIFICATION REPORT

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

(a)

I have reviewed this first quarter report of year 2026 of Skyway Aviation Handling Company Plc

(b)

Based on my knowledge, this report does not contain

i

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,

ii

misleading with respect to the period covered by this report;

(c)

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;

(d)

The company's other certifying officer(s) and I:

i

are responsible for establishing and maintaining internal controls.

ii

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;

iii

have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;

iv

have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date;

(e)

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):

i

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

ii

Any fraud, whether or not material, that involves management or other employees who have a significant role in the

company's internal control system.

(f)

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. Olusegun L. Adejo

Chief Financial Officer

FRC/2026/PRO/ICAN/001/054797

Date: 30th April. 2026

CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

Unaudited

Unaudited

Audited

3 Months Ended

3 Months Ended

Year Ended

31 March 2026

31 March 2025

31 Dec., 2025

NOTE

₦'000

₦'000

₦'000

Revenue

3

Direct cost

4

Gross profit

Other operating income

5

Administration expenses

6

Profit from operation

Finance Income

7

Finance expense

7

Operating profit before taxation

Tax expense

28

Profit for the year

11,679,260

(4,860,415)

6,818,845

130,832

(2,876,866)

4,072,811

7,462

(164,801)

3,915,471

(1,554,343)

2,361,128

10,414,391

(3,063,944)

7,350,445

108,920

(2,058,176)

5,401,190

58,435

(59,706)

5,399,918

(1,782,393)

3,617,525

44,459,365

(19,165,508)

25,293,857

239,121

(12,675,049)

12,857,929

127,818

(978,484)

12,007,264

(2,265,634)

9,741,630

Other comprehensive income

Item that will not be reclassified to profit or loss

Recognition of foreign exchange difference

24

(Reversal)/recognition of actuarial loss on defined benefit obligation

20

Recognition of related tax on defined benefit obligation

28

Gain on revaluation of PPE

Other comprehensive income for the period, net of tax

Total comprehensive income for the period

(2,964)

-

-

-

(2,964)

2,358,165

(199,508)

-

-

-

(199,508)

3,418,018

(342,097)

-

442,437

23,914,180

24,014,520

33,756,150

Earnings per share

Basic earnings - kobo

26

Diluted earnings - kobo

26

174

174

267

267

720

720

CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT;

NON-CURRENT ASSETS

NOTE

Property, plant and equipment

9

Investment properties

10

Intangible assets

11

Deferred tax assets

29

Unaudited

Unaudited

Audited

31 March 2026

31 March 2025

31 Dec., 2025

₦'000

₦'000

₦'000

49,315,566

17,804,420

48,526,060

701,831

733,910

709,850

4,096,112

4,100,619

4,103,698

1,955,060

753,494

1,955,061

56,068,569

23,392,443

55,294,670

CURRENT ASSETS

Inventories

12

Trade and other receivables

13

Cash and cash equivalent

14

1,907,067

3,457,133

2,183,258

23,638,067

18,241,370

20,329,890

4,656,184

2,850,811

4,884,507

30,201,318

24,549,314

27,397,655

86,269,887

47,941,757

82,692,325

EQUITY

Share capital

19

Share premium

25

Retained earnings

21

Actuarial valuation reserve

23

Foreign exchange reserve

24

Revaluation reserve

22

676,790

676,790

676,790

4,784,010

4,784,010

4,784,010

22,114,548

14,441,463

19,753,420

1,137,812

695,375

1,137,812

2,851,678

2,997,231

2,854,642

33,003,075

9,088,895

33,003,075

64,567,914

32,683,765

62,209,749

NON-CURRENT LIABILITIES

Long term borrowings

16

Deferred income

27

Defined Benefit Obligations

20

2,100,516

1,867,863

2,446,014

131,631

142,276

43,254

5,166,292

3,689,312

4,948,781

7,398,440

5,699,450

7,438,049

CURRENT LIABILITIES

Trade payable and other payables

15

Short term borrowings

16

Deferred income

27

Current income tax liabilities

28

8,754,817

6,178,474

8,908,926

1,403,918

699,402

1,403,918

31,791

31,791

173,017

4,113,009

2,648,874

2,558,666

14,303,535

9,558,541

13,044,527

86,269,889

47,941,757

82,692,325

…………………………………………….

Barr. (Dr.) Taiwo Afolabi, MON

Chairman

FRC/2015/NBA/00000013106

Date 2026

…………………………………………..

Mrs. Adenike Aboderin

Managing Director/CEO

FRC/2021/PRO/00000022723

Date 2026

…………………………………………..

Mr. Abiodun Adegbesan

Director - Finance and Admin

FRC/2024/PRO/DIR/003/83122

Date 2026

STATEMENT OF CHANGES IN EQUITY

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

SHARE CAPITAL

SHARE PREMIUM

RETAINED EARNINGS

ACTUARIAL

VALUATION RESERVE

FOREIGN

EXCHANGE TRANSLATION

RESERVE

REVALUATION

RESERVE

TOTAL EQUITY

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

Balance at 1 January 2025

Total Comprehensive Income for the year

Profit for the year

Other comprehensive income for the year

Total Comprehensive Income for the year

676,790

4,784,010

10,823,937

695,375

3,196,739

9,088,895

29,265,747

-

-

9,741,630

-

-

-

9,741,630

-

-

-

442,437

(342,097)

23,914,180

24,014,520

-

-

9,741,630

442,437

(342,097)

23,914,180

33,756,150

-

-

(812,148)

-

-

-

(812,148)

Balance at 1 January 2025

Total Comprehensive Income for the year

Profit for the period

Other comprehensive income for the period

Total Comprehensive Income for the period

676,790

4,784,010

10,823,937

695,375

3,196,739

9,088,895

29,265,746

Balance at 31 December 2025

676,790

4,784,010

19,753,419

1,137,812

2,854,642

33,003,075

62,209,749

-

-

3,617,525

-

-

-

3,617,525

-

-

-

-

(199,508)

-

(199,508)

-

-

3,617,525

-

(199,508)

-

3,418,017

-

-

-

-

-

-

-

676,790

4,784,010

14,441,461

695,375

2,997,231

9,088,895

32,683,764

676,790

4,784,010

19,753,419

1,137,812

2,854,642

33,003,075

62,209,749

Total Comprehensive Income for the year

Profit for the period

Other comprehensive income for the period

Total Comprehensive Income for the period

-

-

2,361,128

-

-

-

2,361,128

-

-

-

-

(2,964)

-

(2,964)

-

-

2,361,128

-

(2,964)

-

2,358,165

-

-

-

-

-

-

-

676,790

4,784,010 2

2,114,547

1,137,812

2,851,678

33,003,075 6

4,567,913

Unaudited

3 Months Ended

31 March 2025

₦'000

Audited

Year Ended

31 Dec., 2025

₦'000

CONDENSED STATEMENT OF CASH FLOWS

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

Unaudited

3 Months Ended

31 March 2026

NOTE

₦'000

Cash flows from operating activities:

Profit before taxation

3,915,471

Adjustments for net income to net cash provided by

operating activites

Finance Expenses

7

164,801

59,706

978,484

Allowance for impairment on Receivables

-

-

1,224,770

Provision for Employee benefit

20

217,514

138,778

1,354,850

Foreign Exchange Difference

24

(2,964)

(199,508)

(342,097)

Investment Property- Depreciation

10

8,020

7,897

31,957

Intangible Asset- Amortisation

11

7,587

1,587

28,880

Property Plant & Equipment-Depreciation

9

640,519

589,424

2,444,039

4,950,949

5,997,802

17,728,146

Increase in trade and other receivables

Increase in inventories

Increase/(decrease) in trade and other payables

Increase/(decrease) in deferred income

Cash generated from operations

(3,308,177)

(3,775,068)

(7,087,323)

276,191

(751,364)

522,511

(154,111)

906,901

3,637,352

(52,850)

134,327

176,533

1,712,002

2,512,597

14,977,218

Tax paid

28

-

-

(1,332,579)

Payment made by the employer on the Employee

Benefit

20

-

(43,397)

(548,946)

Finance expenses paid

(164,801)

(59,706)

(429,538)

Net cash inflow from operating activities

1,547,201

2,409,495

12,666,156

Purchase of property, plant and equipment

9

(1,430,025)

(2,363,643)

(11,026,755)

Intangible assets

-

(24,649)

(55,020)

Investment Properties

10

-

(21,000)

(21,000)

Net cash outflow used in investing activities

(1,430,025)

(2,409,292)

(11,102,775)

Financing Activities:

Dividend

-

-

(812,148)

Additional loan

-

-

2,000,000

Repayment of borrowings

16

(345,497)

(175,000)

(892,333)

Net cash (outflow)/inflow used in financing activities

(345,497)

(175,000)

295,519

Net (decrease)/increase in cash and cash equivalents

(228,322)

(174,797)

1,858,900

Cash and cash equivalents at the beginning

4,884,507

3,025,608

3,025,608

Cash and cash equivalents at the end

14

4,656,185

2,850,811

4,884,507

Shareholding Structure/Free Float Status

Description

31-Mar-26

31-Mar-25

Unit

Percentage

Unit

Percentage

Issued Share Capital

1,353,580,000

100%

1,353,580,000

100%

Substantial Shareholdings (5% and above)

SIFAX SHIPPING COMPANY LIMITED

443,331,091

32.75%

443,331,091

32.75%

AFOLABI TAIWO

379,041,989

28.00%

379,041,989

28.00%

AFOLABI FOLASHADE

241,816,960

17.86%

241,816,960

17.86%

Total Substantial Shareholdings

1,064,190,040

78.62%

1,064,190,040

78.62%

Directors' Shareholdings (direct and indirect), excluding directors with substantial interests

OWOLABI OLUROPO ABIODUN

5,332,500

0.39%

5,332,500

0.39%

KAYODE FILANI (DIRECT&INDIRECT)

12,000,000

0.89%

12,000,000

0.89%

BOMA UKWUNNA

350,000

0.03%

350,000

0.03%

ANOGWI ANYANWU

50,000

0.00%

50,000

0.00%

Total Directors' Shareholdings

17,732,500

1.31%

17,732,500

1.31%

Other Influential Shareholdings

0

0.00%

0

0.00%

Total Other Influential Shareholdings

0

0.00%

0

0.00%

Free Float in Units and Percentage

271,657,460

20.07%

271,657,460

20.07%

Free Float in Value

₦ 38,874,182,526.00

₦ 12,632,071,890.00

Declaration:

(A) SKYWAY AVIATION HANDLING COMPANY PLC with a free float percentage of 20.10% as at 31 March 2026, is

compliant with The Exchange's free float requirements for companies listed on the Main Board.

(B) SKYWAY AVIATION HANDLING COMPANY PLC with a free float value of N12,632,071,890.00 as at 31 March 2025, is compliant with The Exchange's free float requirements for companies listed on the Main Board.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

1

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.

2

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.

2.1

Statement of Compliance

The condensed financial statements for the period ended 31st March 2026 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 2026 financial statements.

None of the new standards, interpretations and amendments, effective for the first time from 1st January 2026, have had a material effect on the financial statements.

2.2

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 2025 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.

2.3

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 31ST MARCH, 2026

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

31 March 2026

31 March 2025

₦'000

₦'000

Revenue from contract with Customers

11,679,260

10,414,391

Total Revenue

11,679,260

10,414,391

3.1 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 2026

31 March 2025

i. Major Service Lines

₦'000

₦'000

Passenger Handling and other related services

8,310,703

8,042,789

Cargo Handling - Import

2,893,682

1,956,496

Cargo Handling - Export

474,875

415,106

11,679,260

10,414,391

ii. Timing of revenue recognition

Service transferred at a point in time

11,679,260

10,414,391

Service transferred over time

-

-

11,679,260

10,414,392

3.2 Contract balances

The following provides information about receivables, contract assets and contract liabilities from contracts with

customers.

3 Months Ended

3 Months Ended

31 March 2026

31 March 2025

N'000

N'000

Contract liabilities

163,422

174,067

163,422

174,067

3.3 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.

3.4 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).

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

3 Months Ended

3 Months Ended

31 March 2026

31 March 2025

4

₦'000

₦'000

DIRECT COST

Cargo Shed/ Warehouse

412,203

326,938

Concession Fees

566,214

451,652

Oil and Lubricants

87,691

127,066

VIP Lounge

10,118

14,308

DCS/Check-In Counter Expenses

7,163

26,117

Baggage Logistics Expenses

12,228

10,749

Equipment Running

423,217

155,333

Equipment Repairs

1,006,670

569,382

RAMP

228,398

12,005

Hajj Operation

65,158

20,000

Christian Pilgrimage

7,080

608

Direct Labour Cost

1,273,475

839,881

Other Direct Costs

27,847

2,576

Miscellaneous Cost

193,548

28,505

4,321,011

2,585,121

Depreciation

539,404

478,823

4,860,415

3,063,944

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.

5

₦'000

OTHER INCOME

Electricity bills, scrap and other miscellaneous income

77,982

Rental Income from Investment Properties

52,850

130,832

6

₦'000

ADMINISTRATION EXPENSES

Employee benefit expenses (Note 8)

1,225,776

Depreciation & amortisation

118,975

Printing and stationery

39,798

Transport and traveling

84,869

Vehicle running expenses

58,647

Telecommunication and courier

38,524

Staff training and development

71,386

Advertisement and publications

22,342

Public relations

449

Sales promotion

12,724

Subscription

5,299

Newspaper, periodical and magazine

213

Rent and electricity

190,316

Medical expenses

140,023

Insurance premium

50,547

Legal expenses

21,630

Audit fees

12,900

Repairs of office equipment

5,527

Repairs and maintenance of building

50,836

SKYWAY AVIATION HANDLING COMPANY PLC

718,743

120,084

19,746

127,518

56,900

10,496

62,224

23,420

19,833

13,313

5,179

267

132,057

96,755

63,280

4,500

-

5,670

184,137

Entertainment

Gifts and donations

Hotel and accommodation

Repair of furniture and fittings

Computer support and accessories

Lighting and fitting expenses

Premises upkeep and cleaning

Special security expenses

Office running expenses

Board meeting expenses

Recruitment expenses

Professional and business fees

Directors expenses

Bank charges

Government levies

Debt Written off

Management fees

Impairment Allowance on Receivables

Uniform, ODC and Apron Passes

3 Months Ended

31 March 2026

₦'000

6,734

54,450

36,421

6,197

109,127

10,174

37,793

37,778

39,651

5,937

8,578

33,309

26,105

26,324

400

50

220,660

-

66,398

2,876,866

3 Months Ended

31 March 2025

₦'000

24,791

128,826

7,223

13,265

78,489

13,335

28,672

13,301

7,894

6,360

185

14,425

-

22,056

8,108

-

-

-

27,125

2,058,176

7

FINANCE INCOME AND FINANCE COST

₦'000

Finance Income

Interest Income

7,462

Interest on defined benefit obligation

-

7,462

Foreign exchange gain

-

7,462

Finance Expense

Interest on loan

164,801

Interest on defined benefit obligation

-

164,801

Foreign exchange Loss

-

164,801

8

EMPLOYEE BENEFIT EXPENSES

₦'000

Salaries and wages

620,487

Pension fund contribution

35,009

Leave allowance

47,928

Gratuity and terminal benefits

277,909

Overtime

18,880

13th month salary

139,829

Other allowance

5,851

ITF contribution

18,034

NSITF Employee Compensation

16,698

Staff welfare expenses

45,150

1,225,776

58,435

-

58,435

59,706

-

59,706

-

59,706

₦'000

383,334

20,789

33,669

139,423

12,738

88,672

4,715

21,763

10,590

3,050

718,743

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

3 Months Ended

31 March 2025

Number

3 Months Ended

31 March 2026

Number

2,244

196

2,440

1,043

889

287

81

62

32

3

34

9

2,440

8.1

The Average number of employees per department:

Operations

Administrations

8.2

Employees remuneration Scale

RANGE

< 1000000

1000000-2000000

2000001-3000000

3000001-4000000

4000001-5000000

5000001-6000000

6000001-7000000

7000001-8000000

8000001-14000000

992

839

118

26

22

15

-

-

5

2,017

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

9

PROPERTY, PLANT AND EQUIPMENTS

Leasehold

Land

Building

Motor Vehicle and Trucks

Plant and Machinery

Furniture, Fixture and

Fittings

Computer Equipment

Office Equipment

Sundry Tools

Total

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

₦'000

Cost:

At 1 January 2025

40,950

5,932,935

867,427

21,102,902

994,642

238,260

268,795

199,016

29,644,927

Additions

1,092

519,008

881,337

8,841,232

365,142

193,559

-

225,385

11,026,755

-

22,854,290

-

1,059,890

-

-

-

-

23,914,180

At 31 December 2025

42,042

29,306,233

1,748,765

31,004,024

1,359,784

431,820

268,795

424,400

64,585,862

Additions

(1,092)

42,650

67,700

1,256,158

20,625

31,837

-

12,148

1,430,025

At 31 March, 2026

40,950

29,348,882

1,816,465

32,260,182

1,380,408

463,657

268,795

436,548

66,015,887

Accumulated Depreciation:

At 1 January 2025

39,858

1,287,766

489,771

10,501,816

780,540

127,759

253,588

133,627

13,614,726

Charge for the year

1,092

218,202

71,125

2,012,992

83,919

21,183

9,522

27,041

2,445,076

At 31 December 2025

40,950

1,505,969

560,897

12,514,808

864,458

148,942

263,110

160,668

16,059,802

Charge for the period

-

56,984

9,332

539,404

19,608

4,881

1,602

8,708

640,519

At 31 March, 2026

40,950

1,562,953

570,229

13,054,212

884,066

153,823

264,712

169,376

16,700,321

Carrying amount:

At 31 March, 2026

-

27,785,929

1,246,236

19,205,970

496,342

309,834

4,083

267,172

49,315,566

At 31 December, 2025

1,092

27,800,264

1,187,868

18,489,216

495,325

282,878

5,685

263,732

48,526,060

9.1 Revaluation

The Company's Property, Plant and Equipment were revalued on July 10 , 2025 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.

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 2026

₦'000

539,404

101,115

640,519

Year ended

ember 2025

₦'000

2,012,992

431,047

2,444,039

9.3 Depreciation charged during the period are included in:

Cost of sales

Administrative expenses

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

10

INVESTMENT PROPERTIES

Cost

At 1 January 2025

Additions

At 31 December 2025

Additions

At 31 March, 2026

Building

₦'000

895,553

21,000

916,553

-

916,553

Accumulated Depreciation

At 1 January 2025

Charge for the year

At 31 December 2025

Charge for the period

At 31 March, 2026

174,745

31,957

206,702

8,020

214,722

Carrying amount

At 31 March, 2026

701,831

At 31 December, 2025

709,850

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.

a) 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 2026

31 Dec., 2025

₦'000

₦'000

b) Net amounts recognised in profit or loss for investment properties are as follows:

Rental income

52,850

184,286

Direct operating expenses

(35,585)

(127,809)

Depreciation

(8,020)

(31,957)

9,245

24,520

4,096,112

4,103,699

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

c) Non-current assets pledged as security

Refer to note 9.2 for information on non-current assets pledged as security by the company.

d) 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.

e) 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 2026

31 Dec., 2025

₦'000

₦'000

Within one year

31,791

173,017

Later than one year but not later than 5 years

131,631

43,254

163,422

216,273

11

INTANGIBLE ASSETS

Cost

At 1 January 2025

Additions

At 31 December 2025

Additions

At 31 March, 2026

Website

Software

Goodwill

Total

₦'000

₦'000

₦'000

₦'000

1,050

26,320

4,057,388

4,084,758

-

55,020

-

55,020

1,050

81,340

4,057,388

4,139,778

-

-

-

-

1,050

81,340

4,057,388

4,139,778

Amortisation

At 1 January 2025

Amortisation

At 31 December 2025

Amortisation

At 31 March, 2026

298

6,903

-

7,201

-

28,880

-

28,880

298

35,782

-

36,080

367

7,220

-

7,587

665

43,002

-

43,667

Carrying amount

At 31 March, 2026

385

38,338

4,057,388

At 31 December, 2025

752

45,558

4,057,388

a

Impairment test

There was no impairment loss on Goodwill during the period.

12

INVENTORIES

Spares

Oil and lubricants

Unaudited

3 Months Ended Ye

31 March 2026 31 De

₦'000

13

TRADE AND OTHER RECEIVABLES

Trade Receivables

Less: Allowance for Impairment (Note 13(a)(i))

1,824,201 2,162,959

82,866 20,299

1,907,067 2,183,258

None of the company's inventories were pledged as collateral for borrowings.

The company's inventories were also not written down during the period (2024 : Nil).

₦'000

₦'000

9,424,740

10,328,161

(2,230,776)

(2,230,776)

7,193,964

8,097,385

1,562,144

1,569,849

12,573,797

8,786,962

1,090,231

989,789

805,629

742,764

412,301

143,142

23,638,067

20,329,891

Due from related parties (Note 18.2)

Advance payments to Suppliers (Note 13(b))

Other Receivables (Note 13(c))

Staff Loan (Note 13(d))

Prepayments (Note 13(e))

a) Allowance for impairment

Balance at the beginning of the year

Write off Debts

Allowance for Impairment for the year

Balance at end of the year

₦'000

₦'000

2,230,776

1,678,870

-

(672,864)

-

1,224,770

2,230,776

2,230,776

i.) Allowance for impairment is further analysed below

Trade Receivables

Advance payments to Suppliers

Other Receivables

2,230,776

2,230,776

-

-

-

-

2,230,776

2,230,776

b) Advance to Suppliers

₦'000

₦'000

Advance payments to Suppliers

12,573,797

8,786,962

Allowance for impairment of advance to suppliers (Note 13(a)(i))

-

-

12,573,797

8,786,962

c) Other Receivables

Withholding Tax Receivables

1,090,213

922,545

Other Receivables

18

67,244

Other Receivables Employee Benefit Trust Scheme

-

-

1,090,231

989,789

d) Staff Loan

Staff Loan are non-interest bearing. They are repayable within 12month.

e) Prepayments

Prepayments relate to rent prepaid on its offices complex all over the country and insurance prepaid on its Property, Plants and

Equipment.

SKYWAY AVIATION HANDLING COMPANY PLC

3 Months Ended

Year ended

31 March 2026

31 Dec., 2025

14

₦'000

₦'000

25,178

19,439

3,361,195

4,183,367

1,269,811

681,700

4,656,184

4,884,505

For the purpose of the statement of cash flows, cash and cash equivalents comprise the following:

₦'000

₦'000

Cash

25,178

19,439

Bank

3,361,195

4,183,367

Short term deposits

1,269,811

681,700

4,656,184

4,884,505

Bank Overdrafts

-

-

4,656,184 4,884,505

15

TRADE AND OTHER PAYABLES

Trade Payables

Customers Deposits

Provision for concession fee

Other Payables

Accruals (Note 15.2)

Statutory obligations payables - tax and social security payments (Note 15.3)

2,786,785

344,760

-

2,253,809

2,723,136

3,565,363

476,476

148,964

819,396

1,059,569

1,949,023

1,536,461

8,754,817

8,908,926

15.1

Terms and conditions of the above financial liabilities:

• Trade payables are non-interest bearing and are normally settled within 12months.

• Other payables are non-interest bearing and have an average term of 6months.

15.2

Accruals

Stamp Duties

Payroll Clearance

Leave Allowance Accruals

Other Payroll Deductions

Loan Interest

Sundry Accruals- Ramp Expenses, Hotel Expenses

Others Accruals- Insurance, Rent, Electricity, Documentation

25,076

23,642

-

2,334

68,811

19,139

36,205

23,180

23,788

15,799

-

619,872

665,517

400,256

819,396

1,104,222

15.3

Statutory obligation payables - tax and social security payments

Withholding tax payables

Value added tax payable

ITF contribution

NSITF contribution payable

Pension

PAYE

Cooperative and thrift

Union dues

National Housing Fund

Unaudited

Audited

3 Months Ended

Year ended

31 March 2026

31 Dec., 2025

₦'000

₦'000

50,259

40,040

1,282,476

978,765

4,814

4,430

7,714

7,359

352,618

321,708

165,472

61,038

84,267

77,117

1,400

1,350

1

1

1,949,023

1,491,808

16

BORROWINGS

Wema Bank Plc

Bank of Industry

1,637,170 1,807,667

1,867,265 2,042,265

3,504,434 3,849,932

Classification of borrowings:

Current

Non Current

1,403,918

1,403,918

2,100,516

2,446,014

3,504,434

3,849,932

ii. Wema Bank Plc Facility

This is a facility of ₦2,000,000,000 which was sourced to purchase GSE Equipment. It is for 36 months. The interest is 29% per

annum.

17

Reconciliation of movements of Liabilities to cash flows arising from Financing Activities

Opening Balance

Changes from Financing Cash flows

Additional Borrowing

Repayment of Borrowings

Other Changes

Interest Expense

Interest Paid

₦'000

3,849,932

₦'000

2,742,265

-

(345,497)

2,000,000

(892,333)

164,801

429,538

(164,801)

(429,538)

-

-

3,504,434

3,849,932

18

RELATED PARTY

The company entered into various transaction with related parties in the ordinary course of business.

Details of the transactions between the Company and other related parties are disclosed below:

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

18.1 Identity of Related Party

Port and Cargo Handling Services Company Limited

Sifax Shipping Company Limited

Port and Cargo Handling Services Company Limited

Ports and Cargo Handling Services is the port operations arm of SIFAX Group. The company entered into various transactions

with the related party, ranging from support services to expenses incurred by the related company. The outstanding amount is from the various transactions entered with the related party.

Sifax Shipping Company Limited

SIFAX Shipping Company Limited was founded to provide a variety of complementary, quality shipping services. The company's

bouquet of services includes Ship Agency, Ship Husbandry, Protective Agency/ Owners Representation, Crew Change and Group age. The amount outstanding represent cost and expenses incurred by the company on behalf of Skyway Aviation Handling Company Plc.

Unaudited

Audited

3 Months Ended

Year ended

18.2 Outstanding Balances

31st March 2026

31 Dec., 2025

₦'000

₦'000

Due from related entities

Trade Customers

5,296

13,001

Mac Folly Hospitality Limited

29,254

29,254

NMS

68,702

68,702

Port and Cargo Handling Services Company Limited

428,124

428,124

Port and Cargo/Sierra Leone

184,200

184,200

SIFAX Group of Companies Limited

180,630

180,630

SIFAX Oil and Gas Company Limited

350,400

350,400

Sifax Shipping Company Limited

39,915

39,915

SIFAX Sipunga Global Services Limited

62,252

62,252

SIFAX Sahco Travels Limited

213,371

213,371

1,562,144

1,569,849

19

SHARE CAPITAL

Issued and fully paid

Ordinary shares of 50k each

(2025: Ordinary shares of 50k each)

Issued and fully paid

676,790 676,790

- -

Balance at the beginning of the period

Issued during the period

Balance at the end of the period

676,790 676,790

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

20

Employee Benefits Obligation

a)

Defined Contribution Plan

The company operates a defined contribution pension scheme in line with the provisions of the Pension Reform Act,

2004, with contributions based on the employees' emoluments in the ratio 8% by the employee and 12% by the employer.

Unaudited

Audited

3 Months Ended

Year ended

31 March 2026

31 Dec., 2025

N'000

N'000

Balance at beginning

321,708

242,002

Charge to profit or loss

112,398

490,598

Payments during the period

(98,487)

(410,892)

Balance at the end

352,618

321,708

b)

Defined Benefit Plan

The Company also has a retirement benefits policy for all its full-time employees who have served the company for

a minimum of 1 year. The company has a post-retirement programme for any employee who has attained the terminal age limit of 60years and 35 years in service whichever is earlier.

Present value of the defined benefit plan

Fair value of plan assets

Funded Status

N'000

5,166,292

-

5,166,292

N'000

4,948,778

-

4,948,778

Statement of Financial Position - Opening

Net Periodic Benefit Cost recognised in the Profit or loss

Benefit paid by employer during the period

Amount recognised in Other Comprehensive income

N'000

4,948,778

217,514

-

-

5,166,292

N'000

3,593,931

730,766

(124,030)

748,114

4,948,778

22

REVALUATION RESERVE

As at beginning of the period

33,003,075

Other Comprehensive Income

-

As at the end of the period

33,003,075

9,088,895

23,914,180

33,003,075

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

Unaudited

3 Months Ended

31 March 2026

21

₦'000

RETAINED EARNINGS

As at beginning of the period

19,753,420

Profit for the period

2,361,128

Dividend

-

As at the end of the period

22,114,548

Audited

Year ended

31 Dec., 2025

₦'000

10,823,938

9,741,630

(812,148)

19,753,420

23

₦'000

ACTUARIAL VALUATION RESERVE

As at beginning of the period

1,323,483

Other Comprehensive Income

-

As at the end of the period

1,323,483

881,046

442,437

1,323,483

24

FOREIGN EXCHANGE TRANSLATION RESERVE

As at beginning of the period

2,854,642

Other Comprehensive Income

(2,964)

As at the end of the period

2,851,678

3,196,739

(342,097)

2,854,642

25

SHARE PREMIUM

As at beginning of the period

4,784,010

Issued during the period

-

As at the end of the period

4,784,010

4,784,010

-

4,784,010

₦'000

9,741,630

Number

1,353,580,000

Number

1,353,580,000

Diluted earnings per ordinary shares (Kobo)

174

27

₦'000

DEFERRED INCOME

Rental Income

163,422

Amount received during the period are categorized as follows:

Current portion

31,791

173,017

Non-Current portion

131,631

43,254

163,422

216,272

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE THREE MONTHS ENDED 31ST MARCH, 2026

Unaudited

3 Months Ended

31 March 2026

28

₦'000

INCOME TAX LIABILITY

The major components of income tax expense for the period are:

As per profit or loss:

Current income tax charge:

Income tax

1,371,479

Development Levy

182,864

Underprovision for Previous period

-

Total Current Tax

1,554,343

Deferred tax:

Origination and reversal of temporary differences (Note 33)

-

Total Deferred Tax

-

Income Tax Expense

1,554,343

Audited

Year ended

31 Dec., 2025

₦'000

1,951,659

624,146

448,959

3,024,763

(759,129)

(759,129)

2,265,634

As per other comprehensive Income:

Origination and reversal of temporary differences

-

As Per Statement of Financial Position:

As at beginning of the period

2,558,666

Current income tax charge for the period

1,554,343

4,113,009

Less: Payment during the period

Withholding Tax Credit Notes

-

Cash

0

As at the end of the period

4,113,009

866,482

3,024,763

3,891,245

(560,544)

(772,034)

2,558,666

29

DEFERRED TAX LIABILITIES/(ASSETS)

As Per Statement of Financial Position:

Summarized Reconciliation of Total deferred tax assets (Net):

₦'000

As at beginning of the period

1,955,060

Relating to origination and reversal of temporary differences

-

As at the end of the period

1,955,060

₦'000

753,494

1,201,566

1,955,060