Skyway Aviation Handling Co. PlcNSENG: SKYAVN

Quarter 3 financial statement for 2024

· Issued by Skyway Aviation Handling Co. Plc

SKYWAY AVIATION HANDLING COMPANY PLC

(RC:813022)

UNAUDITED

INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS ENDED

30 SEPTEMBER 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

1

SKYWAY AVIATION HANDLING COMPANY PLC

CORPORATE INFORMATION

REGISTERED CORPORATION

RC 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

Mr. Folorunso Elegbede

AGM - Human Resources

Mrs. Christie Oseghale

AGM - Safety and Quality Assurance

Mrs Bukola Oyinloye

Head - Information Technology

Mr. Bamaiya Gumuti

Head - Security

Mr Benjamin Akinola

Head - Internal Audit

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..

2

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.

3

SKYWAY AVIATION HANDLING COMPANY PLC

DIRECTORS' CERTIFICATION REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER, 2024

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

Based on our knowledge, these condensed financial statements do not;

  1. Contain any untrue statement of a material fact or;
  2. Omit to state material fact, which would make the statement misleading in the light of the circumstance under which such statements were made
  3. 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
    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

Date: 24th October, 2024

Date: 24th October, 2024

…………………………………………..

Mr. Abiodun Adegbesan

Director - Finance and Admin

FRC/2024/PRO/DIR/003/831228

Date: 24th October, 2024

4

SKYWAY AVIATION HANDLING COMPANY PLC

CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE 9 MONTHS ENDED 30 SEPT., 2024

Unaudited

Unaudited

Audited

3 Months Ended

9 Months Ended

Year Ended

30 Sept. 2024 30 Sept. 2023

30 Sept. 2024

30 Sept. 2023

31 Dec., 2023

NOTE

₦'000

₦'000

₦'000

Revenue

3

8,012,503

4,073,731

20,121,825

11,737,469

16,546,685

Direct cost

4

(3,004,823)

(1,993,222)

(8,105,210)

(5,961,392)

(8,350,701)

Gross profit

5,007,680

2,080,509

12,016,614

5,776,077

8,195,984

Other operating income

5

75,005

22,760

204,568

73,847

293,912

Administration expenses

6

(3,315,417)

(1,241,600)

(6,685,741)

(3,444,419)

(5,545,464)

Profit from operation

1,767,268

861,669

5,535,441

2,405,504

2,944,432

Finance Income

7

60,390

607,158

277,647

1,213,068

400,283

Finance expense

7

(68,698)

(84,045)

(222,824)

(250,115)

(714,428)

Operating profit before taxation

1,758,961

1,384,782

5,590,264

3,368,457

2,630,287

Tax expense

28

(484,092)

(457,096)

(951,634)

(1,233,783)

(675,609)

Profit for the year

1,274,868

927,686

4,638,630

2,134,675

1,954,679

Other comprehensive income

Item that will not be reclassified to profit or loss

Recognition of foreign exchange difference

24

1,371,752

-

2,442,685

-

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

1,371,752

-

2,442,685

-

1,511,090

Total comprehensive income for the year

2,646,621

927,686

7,081,315

2,134,675

3,465,769

Earnings per share

Basic earnings - kobo

26

94

69

343

19

144

Diluted earnings - kobo

26

94

69

343

19

144

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

5

SKYWAY AVIATION HANDLING COMPANY PLC

CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT;

30 Sept. 2024

30 Sept. 2023

31 Dec., 2023

Unaudited

Unaudited

Audited

NON-CURRENT ASSETS

NOTE

₦'000

₦'000

₦'000

Property, plant and equipment

9

16,090,729

14,930,949

15,082,194

Investment properties

10

710,591

718,133

733,627

Intangible assets

11

4,077,946

4,079,682

4,079,240

Deferred tax assets

29

1,073,516

926,918

1,073,516

21,952,782

20,655,682

20,968,577

CURRENT ASSETS

Inventories

12

3,181,815

782,611

915,915

Trade and other receivables

13

11,627,943

7,205,213

9,716,297

Cash and cash equivalent

14

3,856,085

2,719,718

2,465,108

18,665,843

10,707,541

13,097,320

TOTAL ASSETS

40,618,625

31,363,223

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

10,628,983

6,576,422

6,396,427

Actuarial valuation reserve

23

529,431

323,137

529,431

Foreign exchange reserve

24

3,747,481

-

1,304,796

Revaluation reserve

22

9,088,895

9,088,895

9,088,895

29,455,589

21,449,255

22,780,349

NON-CURRENT LIABILITIES

Long term borrowings

16

2,783,313

3,372,208

3,372,124

Deferred income

27

38,145

86,791

13,483

Defined Benefit Obligations

20

3,214,641

2,348,610

3,023,548

6,036,100

5,807,610

6,409,155

CURRENT LIABILITIES

Trade payable and other payables

15

4,305,319

2,665,691

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

651,199

1,200,661

582,790

5,126,935

4,106,358

4,876,393

TOTAL EQUITY AND LIABILITIES

40,618,625

31,363,223

34,065,897

The condensed financial statements were approved by the Board of Directors on 24th October, 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

Date: 24th October, 2024

Date: 24th October, 2024

Date: 24th October, 2024

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

6

SKYWAY AVIATION HANDLING COMPANY PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE 9 MONTHS ENDED 30 SEPT., 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 period

Profit for the period

-

-

2,134,675

-

-

-

2,134,675

Other comprehensive income for the period

-

-

-

-

-

-

Total Comprehensive Income for the period

-

-

2,134,675

-

-

2,134,675

Transactions with owners recorded directly in equity

Dividend Paid

-

-

(223,341)

-

-

-

(223,341)

Balance at 30 Sept., 2023

676,790

4,784,010

6,576,423

323,137

-

9,088,895

21,449,255

676790

0

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 period

Profit for the period

-

-

4,638,630

-

-

-

4,638,630

Other comprehensive income for the period

-

-

-

-

2,442,685

-

2,442,685

Total Comprehensive Income for the period

-

-

4,638,630

-

2,442,685

-

7,081,315

Transactions with owners recorded directly in equity

Dividend Paid

-

-

(406,074)

-

-

-

(406,074)

Balance at 30 Sept., 2024

676,790

4,784,010

10,628,983

529,431

3,747,481

9,088,895

29,455,589

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

7

SKYWAY AVIATION HANDLING COMPANY PLC

CONDENSED STATEMENT OF CASH FLOWS

FOR THE 9 MONTHS ENDED 30 SEPT., 2024

Unaudited

Unaudited

Audited

9 Months Ended

9 Months Ended

Year Ended

30 Sept. 2024

30 Sept. 2023

31 Dec., 2023

NOTE

₦'000

₦'000

₦'000

Cash flows from operating activities:

Profit before taxation

5,590,264

3,368,456

2,630,287

Adjustments for net income to net cash provided by

operating activites

Finance Expenses

7

222,824

250,115

714,428

Allowance for impairment on Receivables

-

-

166,724

Provision for Employee benefit

20

401,070

285,500

662,986

Foreign Exchange Difference

24

2,442,685

-

1,304,796

Investment Property- Depreciation

10

23,036

19,719

27,268

Intangible Asset- Amortisation

11

1,294

1,328

1,770

Property Plant & Equipment-Depreciation

9

1,730,001

1,566,674

2,125,083

10,411,173

5,491,792

7,633,342

Changes in working capital

Increase in trade and other receivables

(1,911,646)

(2,987,430)

(5,665,238)

Increase in inventories

(2,265,900)

(166,957)

(300,262)

(Decrease)/Increase in trade and other payables

182,134

(885,236)

572,257

Increase in deferred income

24,662

78,038

15,729

Cash generated from operations

6,440,424

1,530,207

2,255,827

Tax paid

28

(883,226)

(243,509)

(243,509)

Payment made by the employer on the

Employee Benefit

20

(209,977)

(176,975)

(226,736)

Finance expenses paid

(222,824)

(250,115)

(367,214)

Net cash inflow from operating activities

5,124,397

859,608

1,418,368

Cash flows from investing activities

4,691,597

824,418

Purchase of property, plant and equipment

9

(2,738,535)

(2,238,719)

(2,948,373)

Investment Properties

10

-

(3,321)

(26,364)

Net cash outflow used in investing activities

(2,738,535)

(2,242,040)

(2,974,737)

Financing Activities:

Dividend

(406,074)

(223,341)

(223,341)

Repayment of borrowings

16

(588,811)

(58,249)

(138,923)

Net cash inflow used in financing activities

(994,885)

(281,590)

(362,264)

Net (decrease)/increase in cash and cash equivalents

1,390,977

(1,664,022)

(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

3,856,085

2,719,718

2,465,108

8

SKYWAY AVIATION HANDLING COMPANY PLC

FREE FLOAT ANALYSIS

Shareholding structure/Free Float Status

30 September 2024

31 December 2023

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

-

0.040

-

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

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

1.32

17,427,500.00

1.33

Share Price as at end of period (₦)

25.00

27.15

Free Float

272,442,460

20.09

271,849,860

20.08

Free Float in value (₦)

6,811,061,500

7,380,723,699

Declaration:

SAHCO plc has a free float of 20.09% as at 30 September 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.

9

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