Quarter 3 - financial statement for 2025

SKYWAY AVIATION HANDLING COMPANY PLC

(RC:813022)

UNAUDITED

INTERIM FINANCIAL STATEMENTS

FOR THE 9 MONTHS ENDED

30 SEPTEMBER 2025

REGISTERED CORPORATION NUMBER:

813022

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

Mrs. Christie Oseghale

AGM - Safety and Quality Assurance

Mr. Oluseyi Richard Ajayi

AGM - Internal Control

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

Miss Antonia Cole

Head - Procurement

REGISTERED OFFICE AD

54, Warehouse Road, Apapa, Lagos State

OPERATIONAL OFFICE A

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..

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 9 MONTHS ENDED 30 SEPT., 2025

(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 October, 2025

…………………………………………..

Mrs. Adenike Aboderin

Managing Director/CEO

FRC/2021/PRO/00000022723

Date: 30th October, 2025

…………………………………………..

Mr. Abiodun Adegbesan

Director - Finance and Admin

FRC/2024/PRO/DIR/003/831228

Date: 30th October, 2025

MANAGING DIRECTOR'S CERTIFICATION REPORT

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

(a)

I have reviewed this third quarter report of year 2025 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: 30 October, 2025

CHIEF FINANCIAL OFFICER'S CERTIFICATION REPORT

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

(a)

I have reviewed this third quarter report of year 2025 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. Rotimi Omotoso

Chief Financial Officer

FRC/2016/ICAN/00000014593

Date: 30 October, 2025

CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

Unaudited

Unaudited

Audited

3 Months Ended

9 Months Ended

Year Ended

30 Sept. 2025

30 Sept. 2024

30 Sept. 2025

30 Sept. 2024

31 Dec., 2024

NOTE

₦'000

₦'000

₦'000

₦'000

₦'000

Revenue

3

Direct cost

4

10,612,734

8,012,503

31,676,904

20,121,825

28,941,270

(7,451,541)

(3,004,823)

(14,042,683)

(8,105,210)

(12,564,659)

3,161,193

5,007,680

17,634,219

12,016,615

16,376,611

Other operating income

5

Administrative expenses

6

Profit from operation

Finance Income

7

Finance expense

7

87,059

75,005

304,380

204,568

200,223

(2,756,476)

(3,315,417)

(7,420,949)

(6,685,741)

(10,047,156)

491,776

1,767,268

10,517,650

5,535,442

6,529,678

15,306

60,390

81,245

277,647

287,848

(87,103)

(68,698)

(219,980)

(222,824)

(331,057)

Operating profit before taxation

Tax expense

28

Profit for the period

419,978

1,758,961

10,378,916

5,590,265

6,486,469

(158,051)

(484,092)

(1,959,445)

(951,634)

(1,652,883)

261,927

1,274,868

8,419,471

4,638,631

4,833,586

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

Other comprehensive income for the period, net of tax

Total comprehensive income for the period

403,664

1,371,752

104,526

2,442,685

1,891,943

-

-

-

-

-

-

-

-

-

165,944

403,664

1,371,752

104,526

2,442,685

2,057,888

665,590

2,646,621

8,523,997

7,081,316

6,891,473

Earnings per share

Basic earnings - kobo

26

Diluted earnings - kobo

26

19

94

622

343

357

19

94

622

343

357

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

30 Sept. 2025

30 Sept. 2024

31 Dec., 2024

₦'000

₦'000

₦'000

21,876,476

16,090,729

16,030,201

717,870

710,591

720,807

4,101,704

4,077,946

4,077,558

753,494

1,073,516

753,494

27,449,543

21,952,782

21,582,059

CURRENT ASSETS

Inventories

12

Trade and other receivables

13

Cash and cash equivalent

14

1,817,993

3,181,815

2,705,769

19,391,814

11,627,943

14,466,301

4,365,338

3,856,085

3,025,608

25,575,146

18,665,843

20,197,679

53,024,689

40,618,625

41,779,738

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

18,431,260

10,628,983

10,823,937

695,375

529,431

695,375

3,301,265

3,747,481

3,196,739

9,088,895

9,088,895

9,088,895

36,977,596

29,455,589

29,265,747

NON-CURRENT LIABILITIES

Long term borrowings

16

Deferred income

27

Defined Benefit Obligations

20

2,284,529

2,783,313

2,042,863

40,964

38,145

7,948

3,899,106

3,214,641

3,593,931

6,224,599

6,036,100

5,644,742

CURRENT LIABILITIES

Trade payable and other payables

15

Short term borrowings

16

Deferred income

27

Current income tax liabilities

28

7,520,642

4,305,319

5,271,574

699,402

124,403

699,402

31,791

46,014

31,791

1,570,658

651,199

866,482

9,822,493

5,126,935

6,869,249

53,024,689

40,618,625

41,779,738

…………………………………………….

Barr. (Dr.) Taiwo Afolabi, MON

Chairman

FRC/2015/NBA/00000013106

Date: 30th October, 2025

…………………………………………..

Mrs. Adenike Aboderin

Managing Director/CEO

FRC/2021/PRO/00000022723

Date: 30th October, 2025

…………………………………………..

Mr. Abiodun Adegbesan

Director - Finance and Admin

FRC/2024/PRO/DIR/003/83122

Da

Date: 30th October, 2025

STATEMENT OF CHANGES IN EQUITY

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

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 2024

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

6,396,426

529,431

1,304,796

9,088,895

22,780,348

-

-

4,833,586

-

-

-

4,833,586

-

-

-

165,944

1,891,943

-

2,057,888

-

-

4,833,586

165,944

1,891,943

-

6,891,473

-

-

(406,074)

-

-

-

(406,074)

Balance at 1 January 2024

Total Comprehensive Income for the period

Profit for the period

Other comprehensive income for the period

Total Comprehensive Income for the period

676,790

4,784,010

6,396,426

529,431

1,304,796

9,088,895

22,780,348

Balance at 31 December 2024

676,790

4,784,010

10,823,937

695,375

3,196,739

9,088,895

29,265,747

-

-

4,638,631

-

-

-

4,638,631

-

-

-

2,442,685

-

2,442,685

-

-

4,638,631

-

2,442,685

-

7,081,316

-

-

(406,074)

-

-

-

(406,074)

676,790

4,784,010

10,628,982

529,431

3,747,481

9,088,895

29,455,591

676,790

4,784,010

10,823,937

695,375

3,196,739

9,088,895

29,265,747

Total Comprehensive Income for the period

Profit for the period

Other comprehensive income for the period

Total Comprehensive Income for the period

-

-

8,419,471

-

-

-

8,419,471

-

-

-

-

104,526

-

104,526

-

-

8,419,471

-

104,526

-

8,523,997

-

-

(812,148)

-

-

-

(812,148)

676,790

4,784,010

18,431,259

695,375

3,301,266

9,088,895

36,977,596

CONDENSED STATEMENT OF CASH FLOWS

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

Unaudited

9 Months Ended

30 Sept. 2025

E ₦'000

Unaudited

9 Months Ended

30 Sept. 2024

₦'000

Audited

Year Ended

31 Dec., 2024

₦'000

Adjustments for net income to net cash provided by

operating activites

Finance Expenses

7

219,980

222,824

331,057

Allowance for impairment on Receivables

-

-

484,265

Provision for Employee benefit

20

419,216

401,070

570,380

Foreign Exchange Difference

24

104,526

2,442,685

1,891,943

Investment Property- Depreciation

10

23,937

23,036

30,819

Intangible Asset- Amortisation

11

11,525

1,294

1,682

Property Plant & Equipment-Depreciation

9

1,799,442

1,730,001

2,320,787

12,957,542

10,411,173

12,117,402

Increase in trade and other receivables

Increase in inventories

Increase in trade and other payables

Increase/(decrease) in deferred income

Cash generated from operations

(4,925,513)

(1,911,646)

(5,234,269)

887,777

(2,265,900)

(1,789,854)

2,249,068

182,134

1,148,390

33,015

24,662

(19,757)

11,201,890

6,440,423

6,221,912

Tax paid

28

(1,255,269)

(883,226)

(883,226)

Payment made by the employer on the Employee

Benefit

20

(114,041)

(209,977)

-

Finance expenses paid

(219,980)

(222,824)

(331,057)

Net cash inflow from operating activities

9,612,600

5,124,397

5,007,629

Purchase of property, plant and equipment

9

(7,645,717)

(2,738,535)

(3,268,793)

Intangible assets

11

(35,671)

-

-

Investment Properties

10

(21,000)

-

(18,000)

Net cash outflow from investing activities

(7,702,388)

(2,738,535)

(3,286,793)

Cash flows from financing activities

Dividend

(812,148)

(406,074)

(406,074)

Additional borrowings

800,000

-

-

Repayment of borrowings

16

(558,333)

(588,811)

(754,263)

Net cash inflow from financing activities

(570,481)

(994,885)

(1,160,337)

Net increase in cash and cash equivalents

1,339,730

1,390,977

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

4,365,338

3,856,085

3,025,608

Description

30 September 2025

30 JSeptember 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

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 (₦)

72.95

20.40

Free Float

272,442,460

90.05

271,849,860

20.08

Free Float in value (₦)

19,874,677,457

5,545,737,144

Declaration:

SAHCO plc has a free float of 20.09% as at 30 September 2025 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 9 MONTHS ENDED 30 SEPT., 2025

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 30 September 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.

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 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.

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 9 MONTHS ENDED 30 SEPT., 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.

9 Months Ended

9 Months Ended

30 Sept. 2025

30 Sept. 2024

₦'000

₦'000

Revenue from contract with Customers

31,676,904

20,121,825

Total Revenue

31,676,904

20,121,825

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.

9 Months Ended

9 Months Ended

30 Sept. 2025

30 Sept. 2024

i. Major Service Lines

₦'000

₦'000

Passenger Handling and other related services

23,402,387

14,200,896

Cargo Handling - Import

6,580,494

4,709,934

Cargo Handling - Export

1,694,023

1,210,995

31,676,904

20,121,825

ii. Timing of revenue recognition

Service transferred at a point in time

31,676,904

20,121,825

Service transferred over time

-

-

31,676,904

20,121,826

3.2 Contract balances

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

with customers.

9 Months Ended

9 Months Ended

30 Sept. 2025

30 Sept. 2024

N'000

N'000

Contract liabilities

72,755

84,159

72,755

84,159

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.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

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).

Cargo Handling: These includes income from Cargo documentation services rendered to airlines

which include import and export cargo facilitation through Nigeria's biggest network of customers

bonded warehouses in Lagos, Kano, Abuja and Port-Harcourt, using Hermes computerisation system,

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.

9 Months Ended

9 Months Ended

30 Sept. 2025

30 Sept. 2024

4

₦'000

₦'000

DIRECT COST

Cargo Shed/ Warehouse

1,758,267

694,610

Concession Fees

1,547,366

1,058,669

Oil and Lubricants

360,510

320,833

VIP Lounge

38,706

35,018

DCS/Check-In Counter Expenses

43,298

79,179

Baggage Logistics Expenses

24,190

16,513

Equipment Running

2,079,816

551,033

Equipment Repairs

3,431,304

1,338,680

RAMP Expenses

431,688

67,422

Hajj Operation

88,933

261,640

Christian Pilgrimage

608

-

Direct Labour Cost

2,566,059

2,161,670

Other Direct Costs

15,378

7,412

Miscellaneous Cost

183,304 111,920

12,569,426

6,704,600

Depreciation

1,473,258 1,400,610

14,042,683 8,105,210

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.

9 Months Ended

30 Sept. 2024

₦'000

9 Months Ended

30 Sept. 2025

5

₦'000

OTHER INCOME

Electricity bills, scrap and other miscellaneous income

175,624

Rental Income from Investment Properties

128,756

304,380

76,422

128,146

204,568

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

9 Months Ended

30 Sept. 2025

₦'000

2,207,246

361,645

86,599

744,788

162,241

38,006

260,436

47,696

56,399

179,529

10,279

1,495

733,309

357,398

157,415

9,269

11,502

8,175

487,304

142,766

333,712

41,898

39,948

339,721

130,516

96,718

40,777

30,692

26,002

1,675

122,744

-

83,340

19,451

-

-

50,256

7,420,949

9 Months Ended

30 Sept. 2024

₦'000

6

ADMINISTRATIVE EXPENSES

Employee benefit expenses (Note 8)

Depreciation & amortisation

Printing and stationery

Transport and traveling

Vehicle running expenses

Telecommunication and courier

Staff training and development

Advertisement and publications

Public relations

Sales promotion

Subscription

Newspaper, periodical and magazine

Rent and electricity

Medical expenses

Insurance premium

Legal expenses

Audit fees

Repairs of office equipment

Repairs and maintenance of building

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

Impairment Allowance on Receivables

Uniform, ODC and Apron Passes

1,752,203

353,719

99,362

626,919

115,890

34,637

297,496

13,499

32,778

250,531

8,724

969

342,238

201,289

118,179

262

-

6,339

317,863

81,494

70,399

27,408

24,784

263,022

59,521

75,429

29,894

33,785

17,808

-

118,271

105,091

49,865

17,205

927,196

-

98,893

6,572,962

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

9 Months Ended

30 Sept. 2024

₦'000

277,647

-

277,647

9 Months Ended

30 Sept. 2025

₦'000

81,245

-

81,245

-

81,245

219,980

-

219,980

-

219,980

7

FINANCE INCOME AND FINANCE COST

Finance Income

Interest Income

Interest on defined benefit obligation

Foreign exchange gain

Finance Expense

Interest on loan

Interest on defined benefit obligation

Foreign exchange Loss

9 Months Ended

30 Sept. 2025

Number

2,306

96

2,402

76

1,561

566

103

52

14

9

6

15

2,402

9 Months Ended

30 Sept. 2024

Number

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

1,967

50

2,017

992

839

118

26

22

15

-

-

5

2,017

222,824

-

222,824

-

222,824

8

EMPLOYEE BENEFIT EXPENSES

Salaries and wages

1,177,222

Pension fund contribution

63,456

Leave allowance

90,365

Gratuity and terminal benefits

420,548

Overtime

43,723

13th month salary

270,744

Other allowance

17,640

ITF contribution

45,222

NSITF Employee Compensation

32,319

Staff welfare expenses

46,008

2,207,246

936,275

51,381

67,963

359,280

41,154

224,354

16,170

28,878

26,748

112,779

1,864,982

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

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 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

40,950

5,932,935

867,427

21,102,902

994,642

238,260

268,795

199,016

29,644,927

Additions

-

385,135

473,838

6,127,896

305,314

140,131

-

213,402

7,645,717

At 30 September 2025

40,950

6,318,070

1,341,265

27,230,798

1,299,956

378,392

268,795

412,418

37,290,644

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

39,858

1,287,766

489,771

10,501,816

780,540

127,759

253,588

133,627

13,614,726

Charge for the period

-

163,907

57,657

1,473,258

63,220

16,176

7,350

17,875

1,799,442

At 30 September 2025

39,858

1,451,673

547,428

11,975,074

843,760

143,935

260,938

151,502

15,414,168

Carrying amount:

At 30 September 2025

1,092

4,866,397

793,837

15,255,724

456,196

234,457

7,857

260,916

21,876,476

At 31 December, 2024

1,092

4,645,169

377,656

10,601,085

214,102

110,501

15,207

65,389

16,030,201

9.1 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.

9.2 Assets pledged as security

Borrowings are secured by a debenture on fixed and floating assets of the company.

9 Months Ended

September 2025

₦'000

1,473,258

326,184

1,799,442

9 Months Ended

September 2024

₦'000

1,400,610

329,390

1,730,001

9.3 Depreciation charged during the period are included in:

Cost of sales

Administrative expenses

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

10

INVESTMENT PROPERTIES

Cost

At 1 January 2024

Additions

At 31 December 2024

Additions

At 30 September 2025

Building

₦'000

877,553

18,000

895,553

21,000

916,553

Accumulated Depreciation

At 1 January 2024

Charge for the year

At 31 December 2024

Charge for the period

At 30 September 2025

143,926

30,819

174,745

23,937

198,682

Carrying amount

At 30 September 2025

At 31 December, 2024

717,870

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.

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.

30 Sept. 2025

30 Sept. 2024

₦'000

₦'000

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

Rental income

Direct operating expenses

Depreciation

128,146

(222,504)

(23,036)

(117,394)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

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

9 Months Ended

Year ended

30 Sept. 2025

31 Dec., 2024

₦'000

₦'000

Within one year

31,791

31,791

Later than one year but not later than 5 years

40,964

7,948

72,755

39,740

11

INTANGIBLE ASSETS

Cost

At 1 January 2024

Additions

At 31 December 2024

Additions

At 30 September 2025

Website

Software

Goodwill

Total

₦'000

₦'000

₦'000

₦'000

1,050

26,320

4,057,388

4,084,758

-

-

-

-

1,050

26,320

4,057,388

4,084,758

-

35,671

-

35,671

1,050

61,990

4,057,388

4,084,758

Amortisation

At 1 January 2024

Amortisation

At 31 December 2024

Amortisation

At 30 September 2025

298

5,221

-

5,519

-

1,682

-

1,682

298

6,903

-

7,201

367

11,158

-

11,525

665

18,060

-

18,725

Carrying amount

At 30 September 2025

At 31 December, 2024

385

43,930

4,057,388

4,101,704

752

19,417

4,057,388

4,077,558

Impairment test

There was no impairment loss on Goodwill during the period.

Unaudited

9 Months Ended Yea

30 Sept. 2025 31 D

₦'000

12

INVENTORIES

Spares

Oil and lubricants

Unaudited

Audited

9 Months Ended

Year ended

30 Sept. 2025

31 Dec., 2024

₦'000

₦'000

8,587,781

7,085,257

(1,573,600)

(1,573,870)

7,014,182

5,511,387

1,585,644

2,667,131

9,485,840

4,960,220

447,340

743,722

666,672

521,997

192,137

61,845

19,391,814

14,466,302

13

TRADE AND OTHER RECEIVABLES

Trade Receivables

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

1,818,658 2,470,124

(665) 235,645

1,817,993 2,705,769

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))

Unaudited

Audited

9 Months Ended

Year ended

30 Sept. 2025

31 Dec., 2024

a) Allowance for impairment

₦'000

₦'000

Balance at the beginning of the year

1,678,870

1,194,605

Write off Debts

(270)

-

Allowance for Impairment for the year

-

484,265

Balance at end of the year

1,678,600

1,678,870

i.) Allowance for impairment is further analysed below

Trade Receivables

Advance payments to Suppliers

Other Receivables

1,573,600

1,573,870

105,000

105,000

-

-

1,678,600

1,678,870

Unaudited

Audited

9 Months Ended

Year ended

30 Sept. 2025

31 Dec., 2024

₦'000

₦'000

b) Advance to Suppliers

Advance payments to Suppliers

9,590,840

5,065,220

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

(105,000)

(105,000)

9,485,840

4,960,220

c) Other Receivables

Withholding Tax Receivables

447,340

630,817

Other Receivables

-

51,837

Other Receivables Employee Benefit Trust Scheme

-

61,069

447,340

743,722

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.

Unaudited

Audited

9 Months Ended

Year ended

30 Sept. 2025

31 Dec., 2024

14

₦'000

₦'000

CASH AND CASH EQUIVALENTS

Cash

8,356

15,958

Bank

3,356,432

2,177,246

Short term deposits

1,000,550

832,404

4,365,338

3,025,608

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

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

Unaudited

Audited

9 Months Ended

Year ended

30 Sept. 2025

31 Dec., 2024

₦'000

₦'000

Cash

8,356

15,958

Bank

3,356,432

2,177,246

Short term deposits

1,000,550

832,404

4,365,338

3,025,608

Bank Overdrafts

-

-

4,365,338

3,025,608

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

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.

Unaudited

9 Months Ended

30 Sept. 2025

₦'000

Audited

Year ended

31 Dec., 2024

₦'000

15.2

Accruals

Stamp Duties

Others Accrued expenses

23,085 20,235

1,488,771 244,252

1,511,856 264,487

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

126,829

99,448

1,007,676

609,212

6,654

9,985

9,424

12,514

283,510

242,002

51,747

47,188

131,356

68,903

1,079

1,052

1

1

1,618,277

1,090,305

Unaudited

9 Months Ended

30 Sept. 2025

₦'000

Audited

Year ended

31 Dec., 2024

₦'000

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)

1,158,330

1,404,888

-

873,012

3,004,961

1,597,794

227,217

41,088

1,511,856

264,487

1,618,277

1,090,305

7,520,642

5,271,574

Unaudited

9 Months Ended Yea

30 Sept. 2025 31 D

₦'000

16

BORROWINGS

Bank of Industry

Wema Bank

2,217,265 2,742,265

766,667 -

2,983,931 2,742,265

Classification of borrowings:

Current

Non Current

699,402

699,402

2,284,529

2,042,863

2,983,931

2,742,265

Audited

Year ended

31 Dec., 2024

₦'000

3,496,527

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

Unaudited

9 Months Ended

30 Sept. 2025

₦'000

2,742,265

800,000

(558,333)

-

(754,263)

219,980

331,057

(219,980)

(331,057)

-

-

2,983,931

2,742,265

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:

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.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

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 Skyway Aviation Handling Company Plc. on behalf of Sifax Shipping Company Ltd.

Unaudited

Audited

9 Months Ended

Year ended

18.2 Outstanding Balances

30 Sept. 2025

31 Dec., 2024

₦'000

₦'000

Due from related entities

Trade customers

18,379

-

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

152,163

SIFAX Oil and Gas Company Limited

350,400

1,470,400

Sifax Shipping Company Limited

39,915

39,915

SIFAX Sipunga Global Services Limited

62,252

62,252

SIFAX Sahco Travels Limited

223,788

232,122

1,585,644

2,667,131

Unaudited

9 Months Ended

30 Sept. 2025

Unit

Audited

Year ended

31 Dec., 2024

Unit

19

SHARE CAPITAL

Issued and fully paid

Ordinary shares of 50k each

(2024: Ordinary shares of 50k each)

Unaudited Audited

9 Months Ended Year ended

30 Sept. 2025 31 Dec., 2024

₦'000 ₦'000

Issued and fully paid

Balance at the beginning of the period 676,790 676,790 Issued during the period - -

Balance at the end of the period 676,790 676,790

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

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

9 Months Ended

Year ended

30 Sept. 2025

31 Dec., 2024

N'000

N'000

Balance at beginning

242,002

196,306

Charge to profit or loss

339,553

396,280

Payments during the period

(298,045)

(350,583)

Balance at the end

283,510

242,002

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

Unaudited

9 Months Ended

30 Sept. 2025

N'000

3,899,106

-

3,899,106

Audited

Year ended

31 Dec., 2024

N'000

3,593,931

-

3,593,931

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

Unaudited

9 Months Ended

30 Sept. 2025

N'000

3,593,931

419,216

(114,041)

-

3,899,106

Audited

Year ended

31 Dec., 2024

N'000

3,023,551

623,669

(243,970)

190,683

3,593,931

22

REVALUATION RESERVE

As at beginning of the period

9,088,895

Other Comprehensive Income

-

As at the end of the period

9,088,895

9,088,895

-

9,088,895

The revaluation reserve relates to the revaluation of Property, Plant & Equipment (Refer to Note 9.1).

Unaudited

Audited

9 Months Ended

Year ended

30 Sept. 2025

31 Dec., 2024

23

₦'000

₦'000

ACTUARIAL VALUATION RESERVE

As at beginning of the period

695,375

529,431

Other Comprehensive Income

-

165,944

As at the end of the period

695,375

695,375

24

FOREIGN EXCHANGE TRANSLATION RESERVE

As at beginning of the period

3,196,739

Other Comprehensive Income

104,526

As at the end of the period

3,301,265

1,304,796

1,891,943

3,196,739

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

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

Unaudited

9 Months Ended

30 Sept. 2025

21

₦'000

RETAINED EARNINGS

As at beginning of the period

10,823,938

Profit for the period

8,419,471

Dividend

(812,148)

As at the end of the period

18,431,260

Audited

Year ended

31 Dec., 2024

₦'000

6,396,426

4,833,586

(406,074)

10,823,938

Unaudited

9 Months Ended

Audited

Year ended

30 Sept. 2025

31 Dec., 2024

Net profit attributable to ordinary equity holders

₦'000

8,419,471

₦'000

1,954,678

Number

Number

Weighted average number of ordinary shares

1,353,580,000

1,353,580,000

Basic earning per Ordinary Shares (Kobo)

622

144

Diluted earnings per ordinary shares (Kobo)

622

144

Audited

Year ended

31 Dec., 2024

₦'000

As at beginning of the period

866,482

Current income tax charge for the period

1,959,445

2,825,927

Less: Payment during the period

Withholding Tax Credit Notes

-

Cash

(1,255,269)

As at the end of the period

1,570,658

582,791

1,166,916

1,749,707

(471,064)

(412,161)

866,482

31,791

7,948

39,739

757,251

227,175

324

16,216

165,950

1,166,916

485,967

485,967

1,652,883

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

Unaudited

9 Months Ended

30 Sept. 2025

27

₦'000

DEFERRED INCOME

Rental Income

72,755

Amount received during the period are categorized as follows:

Current portion

31,791

Non-Current portion

40,964

72,755

28

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

1,530,901

Education tax

428,545

Police Levy

-

NASENI

-

Underprovision for Previous Year

-

Total Current Tax

1,959,445

Deferred tax:

Origination and reversal of temporary differences (Note 33)

-

Total Deferred Tax

-

Income Tax Expense

1,959,445

As per other comprehensive Income:

Origination and reversal of temporary differences

-

29

DEFERRED TAX LIABILITIES/(ASSETS)

As Per Statement of Financial Position:

Summarized Reconciliation of Total deferred tax assets (Net):

As at beginning of the period

753,494

Relating to origination and reversal of temporary differences

-

As at the end of the period

753,494

1,073,516

(320,022)

753,494

Deferred tax assets and liabilities relates to the unutilised capital allowances, Employee benefit and

receivables/intangible assets to the extent that the realisation of the related tax benefits through future

taxable profits is probable. All deferred tax assets/liabilities are deemed to be recoverable after 12months.

Deferred tax on revaluation surplus is based on capital gains tax of 10%.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)

FOR THE 9 MONTHS ENDED 30 SEPT., 2025

29

SECURITIES TRADING POLICY

In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the

Exchange 2015 (Issuers Rule) Skyway Aviation Handling Company Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorized as insiders as to their dealing in the Company's shares. The Policy undergoes periodic reviews by the Board and is updated accordingly. The Company has made specific inquiries of all its directors and other insiders and is not aware of any

infringement of the policy during the period.