Skyway Aviation Handling Co. PlcNSENG: SKYAVN

Year end financial statement for 2024

Jan 30, 2025 at 12:51 PM UTC · Issued by Skyway Aviation Handling Co. Plc

SKYWAY AVIATION HANDLING COMPANY PLC

(RC:813022)

UNAUDITED

INTERIM FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

SKYWAY AVIATION HANDLING COMPANY PLC

TABLE OF CONTENTS	PAGES
CORPORATE INFORMATION	2-3
DIRECTORS' CERTIFICATION REPORT	4
MANAGING DIRECTOR'S CERTIFICATION REPORT	5
CHIEF FINANCIAL OFFICER'S CERTIFICATION REPORT	6
CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	7
CONDENSED STATEMENT OF FINANCIAL POSITION	8
CONDENSED STATEMENT OF CHANGES IN EQUITY	9
CONDENSED STATEMENT OF CASH FLOWS	10
FREE FLOAT ANALYSIS	11
CONDENSED NOTES TO THE FINANCIAL STATEMENTS	12 - 27

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..

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 YEAR ENDED 31 DECEMBER 2024

We have reviewed the condensed financial statements of Skyway Aviation Handling Company Plc for the period ended 31 December, 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
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: 29 January, 2025	Date: 29 January, 2025

…………………………………………..

Mr. Abiodun Adegbesan

Director - Finance and Admin

FRC/2024/PRO/DIR/003/831228

Date: 29 January, 2025

SKYWAY AVIATION HANDLING COMPANY PLC

MANAGING DIRECTOR'S CERTIFICATION REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

I, ADENIKE ABODERIN, certify that:

I have reviewed this fourth quarter report of year 2024 of Skyway Aviation Handling Company Plc
Based on my knowledge, this report does not contain
1. any untrue statement of a material fact or omit to state a material fact necessary to make the statements untrue, in light of the circumstances under which such statements were made,
2. misleading with respect to the period covered by this report;
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;
The company's other certifying officer(s) and I:
1. are responsible for establishing and maintaining internal controls.
2. 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;
3. have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;
4. have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date;
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):
1. 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
2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control system.
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: 28 January, 2025	5

SKYWAY AVIATION HANDLING COMPANY PLC

CHIEF FINANCIAL OFFICER'S CERTIFICATION REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

I, ROTIMI OMOTOSO, certify that:

I have reviewed this fourth quarter report of year 2024 of Skyway Aviation Handling Company Plc
Based on my knowledge, this report does not contain
1. any untrue statement of a material fact or omit to state a material fact necessary to make the statements untrue, in light of the circumstances under which such statements were made,
2. misleading with respect to the period covered by this report;
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;
The company's other certifying officer(s) and I:
1. are responsible for establishing and maintaining internal controls.
2. 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;
3. have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;
4. have presented in the report their conclusions about the effectiveness of their internal controls based on their evaluation as of that date;
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):
1. 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
2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control system.
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: 28 January, 2025	6

SKYWAY AVIATION HANDLING COMPANY PLC

CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

		Unaudited		Unaudited		Audited
		3 Months Ended		Year Ended		Year Ended
		31 Dec., 2024	31 Dec., 2023		31 Dec., 2024		31 Dec., 2023
	NOTE	₦'000	₦'000		₦'000		₦'000
Revenue	3	8,812,160	4,997,408	28,928,059	16,546,685
Direct cost	4	(4,366,999)	(2,431,410)		(12,505,295)		(8,350,701)
Gross profit		4,445,161	2,565,998	16,422,764	8,195,984
Other operating income	5	85,791	32,051	290,359	293,912
Administrative expenses	6	(2,554,553)	(1,580,028)		(9,240,287)		(5,545,464)
Profit from operation		1,976,399	1,018,021	7,472,835	2,944,432
Finance Income	7	8,399	491,226	286,046	400,283
Finance expense	7	(100,381)	(117,099)		(323,205)		(714,428)
Operating profit before taxation		1,884,417	1,392,148	7,435,676	2,630,287
Tax expense	28	(282,031)	(244,819)		(1,268,340)		(675,609)
Profit for the year		1,602,386	1,147,330	6,167,336	1,954,679
Other comprehensive income
Item that will not be reclassified to profit or loss
Recognition of foreign exchange difference	24	(313,907)	-	2,132,155	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		(313,907)	-		2,132,155		1,511,090
Total comprehensive income for the year		1,288,479	1,147,330	8,299,491	3,465,769
Earnings per share

Basic earnings - kobo	26	118	85		456		144
Diluted earnings - kobo
26	118	85	456	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		Audited
		31 Dec., 2024		31 Dec., 2023
NON-CURRENT ASSETS	NOTE	₦'000		₦'000
Property, plant and equipment	9	16,046,078	15,082,195
Investment properties	10	720,807	733,627
Intangible assets	11	4,077,556	4,079,240
Deferred tax assets	29	1,073,516		1,073,516
		21,917,957	20,968,578
CURRENT ASSETS
Inventories	12	2,902,112	915,915
Trade and other receivables	13	14,200,664	9,716,297
Cash and cash equivalent	14	3,204,157		2,465,108
		20,306,934		13,097,320
TOTAL ASSETS		42,224,891	34,065,898
EQUITY

Share capital	19	676,790	676,790
Share premium	25	4,784,010	4,784,010
Retained earnings	21	12,157,689	6,396,427
Actuarial valuation reserve	23	529,431	529,431
Foreign exchange reserve	24	3,436,951	1,304,796
Revaluation reserve	22	9,088,895		9,088,895
		30,673,766	22,780,349
NON-CURRENT LIABILITIES
Long term borrowings	16	2,609,561	3,372,124
Deferred income	27	-	13,483
Defined Benefit Obligations	20	3,323,694	3,023,548
		#REF!		#REF!
CURRENT LIABILITIES
Trade payable and other payables	15	4,485,822	4,123,186
Short term borrowings	16	124,403	124,403
Deferred income	27	39,739	46,014
Current income tax liabilities	28	967,905		582,790
		5,617,869	4,876,393
TOTAL EQUITY AND LIABILITIES		#REF!		#REF!

The condensed financial statements were approved by the Board of Directors on 29 January, 2025 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: 29 January, 2025	Date: 29 January, 2025	Date: 29 January, 2025

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

SKYWAY AVIATION HANDLING COMPANY PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 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 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	-	-	6,167,336	-	-	-	6,167,336
Other comprehensive income for the year	-	-	-	-	2,132,155	-	2,132,155
Total Comprehensive Income for the year	-	-	6,167,336	-	2,132,155	-	8,299,491
Transactions with owners recorded directly in equity

Dividend paid	-	-	(406,074)	-	-	-	(406,074)

Balance at 31 December 2024	676,790	4,784,010	12,157,689	529,431	3,436,951	9,088,895	30,673,766

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

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