RC:813022
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2024
GBENGA BADEJO & CO. (CHARTERED ACCOUNTANTS)
A Correspondent Firm of Reanda International. An international network of independent accounting and consulting firms.
SKYWAY AVIATION HANDLING COMPANY PLC | |
TABLE OF CONTENTS | PAGES |
CORPORATE INFORMATION | 2-3 |
FINANCIAL HIGHLIGHTS | 4-5 |
REPORT OF THE DIRECTORS | 6-15 |
STATEMENT OF THE DIRECTORS' RESPONSIBILITIES | 16 |
CORPORATE GOVERNANCE REPORT | 17-25 |
STATUTORY AUDIT COMMITTEE REPORT | 26 |
MANAGING DIRECTOR CERTIFICATION REPORT | 27 |
CHIEF FINANCIAL OFFICER'S CERTIFICATION REPORT | 28 |
STATEMENT OF INTERNAL CONTROL OVER FINANCIAL REPORTING | 29 |
REPORT OF THE INDEPENDENT AUDITORS | 30-33 |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | 34 |
STATEMENT OF FINANCIAL POSITION | 35 |
STATEMENT OF CHANGES IN EQUITY | 36 |
STATEMENT OF CASH FLOWS | 37 |
NOTES TO THE FINANCIAL STATEMENTS | 38-85 |
OTHER NATIONAL DISCLOSURES: | |
VALUE ADDED STATEMENT (NON-IFRS) | 86 |
FIVE YEAR FINANCIAL SUMMARY (NON-IFRS) | 87 |
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SKYWAY AVIATION HANDLING COMPANY PLC
CORPORATE INFORMATION
REGISTERED CORPORATION NUMBER:
813022
TAX IDENTIFICATION NUMBER: 04683753-0001
DIRECTORS:
Barrister (Dr.) Taiwo Afolabi Mrs. Adenike Aboderin
Mr. Babatunde Afolabi Mr. Abiodun Adegbesan Mrs. Boma Ukwunna Mr. Herbert Odika Dr. Oluropo Owolabi
Barrister Oladipo Kayode Filani Captain Shehu Iyal
Mr. Anogwi Anyanwu Dr. Bukola Bello Jaiyesimi
Mrs. Laila Jean St. Matthew-Daniel Chairman Managing Director Executive Director Executive Director Executive Director Executive Director Non-Executive Director Non-Executive Director Non-Executive Director Independent Director
Independent Non-Executive Director Independent Non-Executive Director
PRINCIPAL OFFICERS:
Mrs. Adenike Aboderin
Mr. Abiodun Adegbesan Mrs. Boma Ukwunna Mr. Babatunde Afolabi Mr. Herbert Odika Mr Rotimi Omotoso Mr. Olugbenga Okeowo Mr. Donald Adekunle Ms Jesuyemisi Odeyemi Mr. James Oriowo
Mr. Hamzat Bola Olaniyan Mr. Yinka Afolabi Ogungbemi Mr. Taiwo Olayemi Mogaji Mrs. Christie Oseghale Miss Bukola Amele Mrs Bukola Oyinloye Mr. Bamaiya Gumuti Mr. Benjamin Akinola
Mrs. Vanessa Adetola Uansohia Mr. Ifeanyi Onunkwo
Mr. Folarin Ilemoboye
Managing Director/CEO
Executive Director - Finance and Admin. Executive Director - Cargo Services
Executive Director IT and Business Development Executive Director - Operations
Chief Financial Officer
GM - Operations GM - Cargo Services
GM - Legal/ Company Secretary AGM - Engineering and Maintenance AGM - Billing
AGM - Admin Services and Project AGM - Internal Control
AGM - Safety and Quality Assurance Head - Human Resources
Head - Information Technology Head - Security
Head - Internal Audit
Head - Corporate Communications Head - Training
SM- Procurement
REGISTERED OFFICE ADDRESS
54, Warehouse Road, Apapa, Lagos State OPERATIONAL OFFICE ADDRESS: Skyway Aviation Handling Company Plc. Complex,
Cargo Terminal,
Murtala Muhammed International Airport, Ikeja,
Lagos State.
COMPANY SECRETARY:
Jesuyemisi Odeyemi
Skyway Aviation Handling Company Plc. Complex, Cargo Terminal,
Murtala Muhammed International Airport, Ikeja,
Lagos State..
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CORPORATE INFORMATION (CONTINUED)
PRINCIPAL BANKERS: INDEPENDENT AUDITORS SOLICITORS REGISTRARS:
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.
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. 0916-901-9711 Email:info@gbc-consult.comwww.gbc-consult.com
Justification Law Firm
7, Kolawole Odunsi Street,
Off Unity Road, Mobolaji Bank, Anthony way, Ikeja,
Lagos State.
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.
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FINANCIAL HIGHLIGHTS
FOR THE YEAR ENDED 31 DECEMBER, 2024
Increase / (Decrease) | |||||
₦'000 | % | ||||
7,713,841 | 23 | ||||
613,482 | 3 | ||||
1,228,442 | 11 | ||||
(754,263) | (22) | ||||
4,427,512 | 69 | ||||
- | - | ||||
6,485,399 | 28 | ||||
(764,416) | (12) | ||||
Revenue | 28,941,270 | 16,546,685 | 12,394,585 | 75 | |
Direct Cost | 12,564,659 | 8,350,701 | 4,213,958 | 50 | |
Gross Profit | 16,376,611 | 8,195,984 | 8,180,627 | 100 | |
Administrative Expenses | 10,047,156 | 5,473,249 | 4,573,907 | 84 | |
Profit Before Income Tax Expenses | 6,486,469 | 2,630,287 | 3,856,182 | 147 | |
Profit for the year | 4,833,586 | 1,954,678 | 2,878,907 | 147 | |
Total Other comprehensive Income | 2,057,888 | 1,511,090 | 546,797 | 36 | |
RATIOS: | |||||
Gross Profit | % | 57 | 50 | 7 | 14 |
Direct Cost to Revenue Ratio | % | 43 | 50 | (7) | (14) |
Administrative Expenses to Revenue Ratio | % | 35 | 33 | 2 | 5 |
Net Profit | % | 17 | 12 | 5 | 41 |
Current Ratio | 2.1 | 2.94 | 2.69 | 0 | 9 |
Return on Capital Employed | % | 17 | 9 | 8 | 92 |
Gearing | % | 15 | 18 | (4) | (21) |
PER SHARE DATA | |||||
Earnings Per Share | Naira | 3.57 | 1.46 | 2 | 145 |
Dividend Per Share | Kobo | 60.00 | 30.00 | 30 | 100 |
Dividend Pay Out Ratio | % | 16.80 | 21 | (4) | (19) |
Net Assets Per Share | Naira | 22 | 17 | 5 | 28 |
Number of Issued Ordinary Share Capital | Units | 1,353,580,000 | 1,353,580,000 | - | |
Market Capitalisation | Naira | 45,277,251,000 | 34,313,253,000 | 32 | |
Market price per share | Naira | 33.45 | 25.35 | 32 |
2024 ₦'000
STATEMENT OF FINANCIAL POSITION ITEMS:
Total Assets Non-Current Assets Total Liabilities Borrowings Retained Earnings Ordinary Share Capital Equity
Non-current liabilities
2023 ₦'000
41,779,738 34,065,897
21,582,059 20,968,577
12,513,991 11,285,550
2,742,265 3,496,527
10,823,937 6,396,426
676,790
676,790
29,265,747 22,780,348
5,644,742 6,409,158
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ITEMS:
- 10,963,998,000 8
Current ratio indicates the company's ability to absorb its current liabilities from its current assets.
Return on capital employed (ROCE) ratio measures the company's profitability and the efficiency with which its capital is employed.
Gearing ratio measures the proportion of the company's borrowed funds to its equity.
Earnings per share and net assets per share are based on profit after income tax expense and net assets respectively and the number of issued and fully paid ordinary shares at the end of each financial year.
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SKYWAY AVIATION HANDLING COMPANY PLC
FINANCIAL HIGHLIGHTS - GRAPHICAL REPRESENTATION FOR THE YEAR ENDED 31 DECEMBER, 2024
STATEMENT OF FINANCIAL POSITION ITEMS
202 4
202 3
45
Millions
40
35
30
25
20
15
10
5
0
5
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER, 2024
The Directors are pleased to present their annual report on the state of affairs of the Company (also referred to as SAHCO PLC) together with the financial statements for the year ended 31 December 2024.
1 PRINCIPAL ACTIVITIES
The principal activities of the Company include provision of aviation handling services including aircraft/ramp handling, cargo handling, passenger handling, premium lounge, aviation security and baggage reconciliation.
2 LEGAL FORM
The Company was incorporated on the 21st of April 2009, 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.
Skyway Aviation Handling Company Limited became a Public Limited Liability 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.
3 | |||
31 December | 31 December | % | |
2024 | 2023 | ||
₦'000 | ₦'000 | ||
Revenue | 28,941,270 | 16,546,685 | 75 |
Profit Before Income Tax Expenses | 6,486,469 | 2,630,287 | 147 |
Income Tax Expense | (1,652,883) | (675,609) | 145 |
Profit After Income Tax Expenses | 4,833,586 | 1,954,678 | 147 |
Total Other Comprehensive Income | 2,057,888 | 1,511,090 | 36 |
Total Comprehensive Income | 6,891,473 | 3,465,769 | 99 |
Earnings Per Share (Naira) | 3.57 | 1.46 | 145 |
4 | OPINION OF THE DIRECTORS | ||
In the opinion of the Board of Directors: - |
RESULT FOR THE YEAR
Highlights of the Company's operating results for the year ended 31 December 2024 is as follows: -
i. The Financial Statements of the Company together with the notes therein are drawn up so as to give a true and fair view of the financial position of the Company as at 31 December, 2024 and of the financial performance, changes in equity and cash flows for the year then ended and;
ii. As at the date of reporting, there are reasonable grounds to believe that the Company will be able to pay its liabilities as and when they fall due.
REPORT OF THE DIRECTORS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER, 2024
5 DIRECTORS AND DIRECTORS' INTEREST
The names of the Directors that served during the year under review are detailed on page 2. The interests of the Directors in the Issued Ordinary Share Capital of the company are listed below in accordance with Section 301 of the Companies and Allied Matters Act, CAP C20 LFN 2020 and the listing requirements of the Nigerian Exchange Limited:
Number of shares held (Unit)
As at 31 December 2024
Number of shares held (Unit)
As at 31 December 2023
Bar. Oladipo Filani
Mr. Olutoye Ariyo Mr. Babatunde Afolabi Captain Shehu Iyal Mr. Anogwi Anyanwu Mr. Basil Agboarumi Mr. Olaniyi Adigun Mrs. Boma Ukwunna Total
6 APPOINTMENT / RESIGNATION OF DIRECTORS
There was an appointment of two new members of the Board of Directors during the year.
APPOINTED
i Mrs Adenike Aboderin
ii Mr. Abiodun Adegbesan
REPORT OF THE DIRECTORS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER, 2024
7
ANALYSIS OF SHAREHOLDING
The shareholding structure of the Company is as stated below:
As at 31 December 2024
Range of Shareholding | Num. of Holders | Holder % | Holders Cumulative | Units | Units % | Cumulative Units |
1 - 1,000 | 834 | 44.29102 | 834 | 370,325 | 0.03 | 370,325 |
1,001- 5,000 | 445 | 23.6325 | 1,279 | 1,329,431 | 0.10 | 1,699,756 |
5,001- 10,000 | 166 | 8.81572 | 1,445 | 1,437,285 | 0.11 | 3,137,041 |
10,001- 50,000 | 302 | 16.03824 | 1,747 | 8,405,540 | 0.62 | 11,542,581 |
50,001- 100,000 | 45 | 2.389804 | 1,792 | 3,896,934 | 0.29 | 15,439,515 |
100,001- 500,000 | 60 | 3.186405 | 1,852 | 12,984,651 | 0.96 | 28,424,166 |
500,001- 1,000,000 | 10 | 0.531067 | 1,862 | 6,817,444 | 0.50 | 35,241,610 |
1,000,000- and above | 21 | 1.115242 | 1,883 | 1,318,338,390 | 97.40 | 1,353,580,000 |
Grand Total | 1,883 | 100% | 1,353,580,000 | 100% |
As at 31 December 2023
Range of Shareholding | Num. of Holders | Holder % | Holders Cumulative | Units | Units % | Cumulative Units |
1 - 1,000 | 600 | 43.60465 | 600 | 331,785 | 0.02 | 331,785 |
1,001- 5,000 | 374 | 27.18023 | 974 | 1,167,091 | 0.09 | 1,498,876 |
5,001- 10,000 | 134 | 9.738372 | 1,108 | 1,310,248 | 0.10 | 2,809,124 |
10,001- 50,000 | 174 | 12.64535 | 1,282 | 4,717,878 | 0.35 | 7,527,002 |
50,001- 100,000 | 38 | 2.761628 | 1,320 | 3,869,123 | 0.29 | 11,396,125 |
100,001- 500,000 | 33 | 2.398256 | 1,353 | 7,856,723 | 0.58 | 19,252,848 |
500,001- 1,000,000 | 4 | 0.290698 | 1,357 | 3,075,200 | 0.23 | 22,328,048 |
1,000,000- 5,000,000 | 10 | 0.726744 | 1,367 | 28,817,200 | 2.13 | 51,145,248 |
10,000,001- 50,000,000 | 5 | 0.363372 | 1,372 | 179,909,112 | 13.29 | 231,054,360 |
50,000,001-100,000,000 | 1 | 0.072674 | 1,373 | 58,760,600 | 4.34 | 289,814,960 |
100,000,000- 1,353,580,000 | 3 | 0.218023 | 1,376 | 1,063,765,040 | 78.59 | 1,353,580,000 |
Grand Total | 1,376 | 100% | 1,353,580,000 | 100% |
SUBSTANTIAL INTEREST IN SHARES
According to the Register of Members as at 31 December, 2024, the following shareholders of the Company held more than 5% of the issued ordinary share capital of the Company;
2024 | 2023 | |||
Shareholders | Num. of share | Shareholding (%) | Num. of share | Shareholding (%) |
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 |
1,064,190,040 | 78.62 | 1,064,190,040 | 78.62 |
SKYWAY AVIATION HANDLING COMPANY PLC
REPORT OF THE DIRECTORS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER, 2024
7.1 FREE FLOAT ANALYSIS
Shareholding Structure/Free Float Status
Description | 31 December 2024 | 31 December 2023 | ||
Units | Percentage (in relation to issued Share | 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 | 379,041,989 | 28.00 | 379,041,989 | 28.00 |
SIFAX Shipping Company Limited | 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 | 1,064,190,040 | 78.62 | 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 | - | - | - | - |
Aboderin Adenike | - | - | - | - |
Adegbesan Abiodun | - | - | - | - |
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 | - | - | - | - |
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 | 350,000 | 0.03 | - | - |
Afolabi Babatunde Olanrewaju | - | - | - | - |
Laila ST. Mathew Daniel | - | - | - | - |
Bukola Bello-Jayesimi | - | - | - | - |
Total Directors' Shareholdings | 17,722,500 | 1.31 | 17,427,500 | 1.29 |
Share Price as at end of period (₦) | 33.45 | 25.35 | ||
Free Float | 271,667,460 | 20.07 | 271,962,460 | 20.09 |
Free Float in value (₦) | 9,087,276,537 | 6,894,248,361 |
Declaration:
SAHCO Plc has a free float of 20.07% as at 31 December 2024 in line with the Nigeria Exchange Limited's rules on the requirement for all listed companies to maintain a free float of 20% and above
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