Skyway Aviation Handling Co. PlcNSENG: SKYAVN

Quarter 2 financial statement for 2024

Jul 26, 2024 at 2:11 PM UTC · Issued by Skyway Aviation Handling Co. Plc

SKYWAY AVIATION HANDLING COMPANY PLC

(RC:813022)

UNAUDITED

INTERIM FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED

30 JUNE 2024

SKYWAY AVIATION HANDLING COMPANY PLC

TABLE OF CONTENTS	PAGES
CORPORATE INFORMATION	2-3
DIRECTORS' CERTIFICATION REPORT	4
CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	5
CONDENSED STATEMENT OF FINANCIAL POSITION	6
CONDENSED STATEMENT OF CHANGES IN EQUITY	7
CONDENSED STATEMENT OF CASH FLOWS	8
FREE FLOAT ANALYSIS	9
CONDENSED NOTES TO THE FINANCIAL STATEMENTS	9 - 25

SKYWAY AVIATION HANDLING COMPANY PLC

CORPORATE 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
	Mrs. Boma Ukwunna	Executive Director - Cargo Services
	Mr. Babatunde Afolabi	Executive Director IT and Business Development
	Mr. Herbert Odika	Executive Director - Operations
	Mr. Abiodun Adegbesan	Executive Director - Finance and Admin.
	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
	Mr. Folorunso Elegbede	AGM - Human Resources
	Mrs. Christie Oseghale	AGM - Safety and Quality Assurance
	Mr. Bamaiya Gumuti	Head - Security
	Mr. Folarin Ilemoboye	SM- Procurement
REGISTERED OFFICE	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..

SKYWAY AVIATION HANDLING COMPANY PLC

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
	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.

SKYWAY AVIATION HANDLING COMPANY PLC

DIRECTORS' CERTIFICATION REPORT

FOR THE HALF YEAR ENDED 30 JUNE, 2024

We have reviewed the condensed financial statements of Skyway Aviation Handling Company Plc for the period ended 30 June, 2024

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
1. The Directors are responsible for establishing and maintaining internal controls;
  we have;
2. designed such internal controls to ensure that material information relating to the Company is made known to us by others within the Company, particularly during the period in which this report is being prepared;
3. 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
25th July,	25th July,
Date: …………………. 2024	Date: …………………. 2024
	…………………………………………..
	Mr. Abiodun Adegbesan
	Director - Finance and Admin
	FRC/2024/PRO/DIR/003/831228
	25th July,
	Date: …………………. 2024
	FRC/2024/PRO/DIR/003/831228

SKYWAY AVIATION HANDLING COMPANY PLC

CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE HALF YEAR ENDED 30 JUNE, 2024

		Unaudited		Unaudited			Audited
		3 Months Ended		6 Months Ended		Year Ended
		30 June 2024	30 June 2023		30 June 2024	30 June 2023		31 Dec., 2023
	NOTE				₦'000	₦'000		₦'000
Revenue	3	6,314,788	4,073,731	12,110,046			7,454,813	16,546,685
Direct cost	4	(2,561,568)	(1,993,222)		(5,100,387)			(3,885,850)	(8,350,701)
Gross profit		3,753,220	2,080,509	7,009,659			3,568,963	8,195,984
Other operating income	5	64,467	22,760	129,563			41,324	293,912
Administration expenses	6	(1,944,080)	(1,241,600)		(3,370,302)			(2,155,897)	(5,545,464)
Profit from operation		1,873,607	861,669	3,768,920			1,454,390	2,944,432
Finance Income	7	82,452	607,158	217,256			618,808	400,283
Finance expense	7	(74,533)	(84,045)		(154,126)			(167,998)	(714,428)
Operating profit before taxation		1,881,525	1,384,782	3,832,050			1,905,199	2,630,287
Tax expense	28	(312,402)	(457,096)		(647,018)			(735,758)	(675,609)
Profit for the year		1,569,123	927,686	3,185,032			1,169,441	1,954,679
Other comprehensive income
Item that will not be reclassified to profit or loss
Recognition of foreign exchange difference	24	(69,768)	-	1,070,933			-	1,304,796
(Reversal)/recognition of actuarial loss on defined
benefit obligation	20	-	-	-			-	-
Recognition of related tax on defined benefit obligation
	28	-	-		-			-	206,294
Other comprehensive income for the year, net of tax		(69,768)	-		1,070,933			-	1,511,090
Total comprehensive income for the year		1,499,356	927,686	4,255,964			1,169,441	3,465,769
Earnings per share

Basic earnings - kobo	26	116	69		235			86	144
Diluted earnings - kobo
26	116	69	235			86	144

The accompanying notes form an integral part of these condensed financial statements.

SKYWAY AVIATION HANDLING COMPANY PLC

CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT,

		Unaudited		Unaudited	Audited
		30 June 2024		30 June 2023	31 Dec., 2023
NON-CURRENT ASSETS	NOTE	₦'000		₦'000	₦'000
Property, plant and equipment	9	15,458,165	14,170,222	15,082,194
Investment properties	10	718,269	722,289	733,627
Intangible assets	11	4,078,354	4,080,124	4,079,240
Deferred tax assets	29	1,073,516		926,918	1,073,516
		21,328,304	19,899,554	20,968,577
CURRENT ASSETS
Inventories	12	1,797,708	676,053	915,915
Trade and other receivables	13	12,105,485	8,500,279	9,716,297
Cash and cash equivalent	14	2,731,426		1,082,531	2,465,108
		16,634,619		10,258,863	13,097,320
TOTAL ASSETS		37,962,923	30,158,417	34,065,897
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	9,175,384	5,611,188	6,396,427
Actuarial valuation reserve	23	529,431	323,137	529,431
Foreign exchange reserve	24	2,375,729	-	1,304,796
Revaluation reserve	22	9,088,895		9,088,895	9,088,895
		26,630,239	20,484,021	22,780,349
NON-CURRENT LIABILITIES
Long term borrowings	16	2,958,399	3,387,057	3,372,124
Deferred income	27	79,001	129,126	13,483
Defined Benefit Obligations	20	3,115,505		2,359,882	3,023,548
		6,152,906	5,876,066	6,409,155
CURRENT LIABILITIES
Trade payable and other payables	15	3,942,233	2,752,828	4,123,186
Short term borrowings	16	124,403	204,993	124,403
Deferred income	27	46,014	35,014	46,014
Current income tax liabilities	28	1,067,128		805,495	582,790
		5,179,779		3,798,330	4,876,393
TOTAL EQUITY AND LIABILITIES		37,962,923	30,158,417	34,065,897

The condensed financial statements were approved by the Board of Directors on 25th July, 2024 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/003/831228
25th July,	Date: ………………….25th July, 2024	25th July,
Date: …………………. 2024	Date: …………………. 2024

The accompanying notes form an integral part of these condensed financial statements.

SKYWAY AVIATION HANDLING COMPANY PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE HALF YEAR ENDED 30 JUNE, 2024

					FOREIGN
				ACTUARIAL	EXCHANGE
	SHARE	SHARE	RETAINED	VALUATION	TRANSLATION	REVALUATION	TOTAL
	CAPITAL	PREMIUM	EARNINGS	RESERVE	RESERVE	RESERVE	EQUITY
NOTE	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000	₦'000
Balance at 1 January 2023	676,790	4,784,010	4,665,090	323,137	-	9,088,895	19,537,922
Total Comprehensive Income for the year
Profit for the year	-	-	1,954,679			-	1,954,679
Other comprehensive income for the year	-	-	-	206,294	1,304,796	-	1,511,090
Total Comprehensive Income for the year	-	-	1,954,679	206,294	1,304,796	-	3,465,769
Transactions with owners recorded directly in equity

Dividend Paid	-	-	(223,342)	-	-	-	(223,342)
Balance at 31 December 2023	676,790	4,784,010	6,396,427	529,431	1,304,796	9,088,895	22,780,349
Balance at 1 January 2023	676,790	4,784,010	4,665,090	323,137	-	9,088,895	19,537,922
Total Comprehensive Income for the year
Profit for the year	-	-	1,169,441	-	-	-	1,169,441
Other comprehensive income for the year	-	-	-	-	-	-
Total Comprehensive Income for the year	-	-	1,169,441	-		-	1,169,441
Transactions with owners recorded directly in equity

Dividend Paid	-	-	(223,341)	-	-	-	(223,341)

Balance at 30 June 2023	676,790	4,784,010	5,611,189	323,137	-	9,088,895	20,484,021
Balance at 1 January 2024	676,790	4,784,010	6,396,427	529,431	1,304,796	9,088,895	22,780,349
Total Comprehensive Income for the year
Profit for the year	-	-	3,185,032	-	-	-	3,185,032
Other comprehensive income for the year	-	-	-	-	1,070,933	-	1,070,933
Total Comprehensive Income for the year	-	-	3,185,032	-	1,070,933	-	4,255,964
Transactions with owners recorded directly in equity

Dividend Paid	-	-	(406,074)	-	-	-	(406,074)

Balance at 30 June 2024	676,790	4,784,010	9,175,384	529,431	2,375,729	9,088,895	26,630,239

The accompanying notes form an integral part of these condensed financial statements.

SKYWAY AVIATION HANDLING COMPANY PLC

CONDENSED STATEMENT OF CASH FLOWS

FOR THE HALF YEAR ENDED 30 JUNE, 2024

		Unaudited		Unaudited		Audited
	6 Months Ended		6 Months Ended		Year Ended
		30 June 2024		30 June 2023		31 Dec., 2023
	NOTE	₦'000		₦'000		₦'000
Cash flows from operating activities:
Profit before taxation		3,832,050	1,905,198	2,630,287
Adjustments for net income to net cash provided by
operating activites
Finance Expenses	7	154,126	167,998	714,428
Allowance for impairment on Receivables		-	-	166,724
Provision for Employee benefit	20	264,879	188,324	662,986
Foreign Exchange Difference	24	1,070,933	-	1,304,796
Investment Property- Depreciation	10	15,358	12,242	27,268
Intangible Asset- Amortisation	11	886	886	1,770
Property Plant & Equipment-Depreciation	9	1,145,015		1,037,835		2,125,083
		6,483,246	3,312,483	7,633,342
Changes in working capital
Increase in trade and other receivables		(2,389,188)	(4,282,496)	(5,665,238)
Increase in inventories		(881,793)	(60,400)	(300,262)
(Decrease)/Increase in trade and other payables		(180,951)	(798,099)	572,257
Increase in deferred income		65,518		120,373		15,729
Cash generated from operations		3,096,831	(1,708,139)	2,255,827
Tax paid	28	(162,680)	(140,650)	(243,509)
Payment made by the employer on the Employee
Benefit	20	(172,923)	(68,528)	(226,736)
Finance expenses paid		(154,126)		(167,998)		(367,214)
Net cash inflow from operating activities		2,607,102	(2,085,315)	1,418,368
Cash flows from investing activities
Purchase of property, plant and equipment	9	(1,520,985)	(949,153)	(2,948,373)
Investment Properties	10	-		-		(26,364)
Net cash outflow used in investing activities		(1,520,985)	(949,153)	(2,974,737)
Financing Activities:
Dividend		(406,074)	(223,341)	(223,341)
Repayment of borrowings	16	(413,725)		(43,401)		(138,923)
Net cash inflow used in financing activities		(819,799)		(266,741)		(362,264)
Net (decrease)/increase in cash and cash equivalents		266,318	(3,301,209)	(1,918,632)
Cash and cash equivalents at the beginning		2,465,108		4,383,740		4,383,740
Cash and cash equivalents at the end	14	2,731,426	1,082,531	2,465,108

SKYWAY AVIATION HANDLING COMPANY PLC

FREE FLOAT ANALYSIS

Shareholding structure/Free Float Status

	31 December 2023		31 December 2022
Description					Percentage (in
	Percentage (in			relation to

		relation to issued			issued Share
	Units	Share Capital)		Units	Capital)
Issued Share Capital	1,353,580,000	100%		1,353,580,000	100%
Details of Substancial Shareholdings (5% and above)
AFOLABI TAIWO OLAYINKA	378,616,989	27.97		379,041,989	28.00
SIFAX SHIPPING COMPANY LTD	443,331,091	32.75		443,331,091	32.75
AFOLABI FOLASHADE A.	241,816,960	17.86		241,816,960	17.86
Total Substantial Shareholdings	1,063,765,040	78.59		1,064,190,040	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	537,600	0.040		537,600	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)	-	-		55,000	0.004
ADENIKE E. ABODERIN	-	-		-	-
ABIODUN ADEGBESAN OLUGBENGA	-	-		-	-
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	17,910,100.00	1.32		17,965,100.00	1.33
Share Price as at end of period (₦)	20.40			5.00
Free Float	271,849,860	20.08		271,849,860	20.08
Free Float in value (₦)		5,545,737,144			1,359,249,300
Declaration:
SAHCO plc has a free float of 20.08% as at 30 June 2024is 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.

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