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 PLCCORPORATE INFORMATION
REGISTERED CORPORATION NUMBER: 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. Olusegun L. Adejo 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 Head - 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 ASkyway 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 PLCCORPORATE 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 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 YEAR ENDED 31 DECEMBER, 2025We have reviewed the condensed financial statements of Skyway Aviation Handling Company Plc for the year ended 31 December, 2025
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
The Directors are responsible for establishing and maintaining internal controls;
we have;
designed such internal controls to ensure that material information relating to the Company is made
continuously evaluated the effectiveness of the Company's internal controls on a quarterly basis;
………………………………………….. Mr. Abiodun Adegbesan Director - Finance and Admin
………………………………………….. …………………………………………..
Barr. (Dr.) Taiwo Afolabi Mrs. Adenike Aboderin
Chairman Managing Director/CEO
FRC/2015/NBA/00000013106 FRC/2021/PRO/00000022723
Date: 29 January 2026 Date: 29 January, 2026
FRC/2024/PRO/DIR/003/831228
Date: 29 January, 2026
MANAGING DIRECTOR'S CERTIFICATION REPORT FOR THE YEAR ENDED 31 DECEMBER, 2025I, ADENIKE ABODERIN, certify that:
I have reviewed this forth quarter report of year 2025 of Skyway Aviation Handling Company Plc
Based on my knowledge, this report does not contain
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,
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:
are responsible for establishing and maintaining internal controls.
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;
have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;
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):
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
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: 29 January, 2026
CHIEF FINANCIAL OFFICER'S CERTIFICATION REPORT FOR THE YEAR ENDED 31 DECEMBER, 2025I, Olusegun L. Adejo , certify that:
I have reviewed this forth quarter report of year 2025 of Skyway Aviation Handling Company Plc
Based on my knowledge, this report does not contain
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,
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:
are responsible for establishing and maintaining internal controls.
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;
have evaluated the effectiveness of the company's internal controls as of date within 90 days prior to the report;
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):
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
Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control system.
…………………………………………..
Mr. Olusegun L. Adejo
Chief Financial Officer
FRC/2026/PRO/ICAN/001/054797
Date: January, 2026
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.
Unaudited Unaudited Audited
3 Months Ended Year Ended Year Ended
NOTE | 31 Dec., 2025 ₦'000 | 31 Dec., 2024 ₦'000 | 31 Dec., 2025 ₦'000 | 31 Dec., 2024 ₦'000 | ||
Revenue | 3 | 12,782,460 | 8,812,160 | 44,459,367 | 28,941,270 | |
Direct cost | 4 | (4,941,398) | (4,366,999) | (18,983,781) | (12,564,659) | |
Gross profit | 7,841,062 | 4,445,161 | 25,475,585 | 16,376,611 | ||
Other operating income | 5 | 76,629 | 85,791 | 381,009 | 200,223 | |
Administrative expenses | 6 | (3,819,161) | (2,554,553) | (11,240,412) | (10,047,156) | |
Profit from operation | 4,098,530 | 1,976,399 | 14,616,182 | 6,529,678 | ||
Finance Income | 7 | 16,042 | 8,399 | 97,288 | 287,848 | |
Finance expense | 7 | (209,558) | (100,381) | (429,538) | (331,057) | |
Operating profit before taxation | 3,905,014 | 1,884,417 | 14,283,932 | 6,486,469 | ||
Tax expense | 28 | (508,350) | (282,031) | (2,552,256) | (1,652,883) | |
Profit for the period | 3,396,664 | 1,602,386 | 11,731,676 | 4,833,586 | ||
Other comprehensive income Item that will not be reclassified to profit or loss Recognition of foreign exchange difference | 24 | (419,030) | (313,907) | (314,504) | 1,891,943 | |
(Reversal)/recognition of actuarial loss on defined benefit obligation | 20 | - | - | - | - | |
Recognition of related tax on defined benefit obligation | 28 | - | - | - | 165,944 | |
Other comprehensive (loss)/income for the period, net of tax | (419,030) | (313,907) | (314,504) | 2,057,888 | ||
Total comprehensive income for the period | 2,977,634 | 1,288,479 | 11,417,172 | 6,891,473 |
Earnings per share | |||||
Basic earnings - kobo | 26 | 251 | 118 | 867 | 357 |
Diluted earnings - kobo | 26 | 251 | 118 | 867 | 357 |
The accompanying notes form an integral part of these condensed financial statements.
7
SKYWAY AVIATION HANDLING COMPANY | PLC | ||||
CONDENSED STATEMENT OF FINANCIAL POSITION | |||||
AS AT; | |||||
Unaudited | Audited | ||||
31 Dec., 2025 | 31 Dec., 2024 | ||||
NON-CURRENT ASSETS | NOTE | ₦'000 | ₦'000 | ||
Property, plant and equipment | 9 | 24,610,780 | 16,030,201 | ||
Investment properties | 10 | 709,851 | 720,807 | ||
Intangible assets | 11 | 4,104,154 | 4,077,558 | ||
Deferred tax assets | 29 | 753,494 | 753,494 | ||
30,178,279 | 21,582,059 | ||||
CURRENT ASSETS | |||||
Inventories | 12 | 2,359,985 | 2,705,769 | ||
Trade and other receivables | 13 | 18,343,567 | 14,466,301 | ||
Cash and cash equivalent | 14 | 5,703,082 | 3,025,608 | ||
26,406,634 | 20,197,679 | ||||
TOTAL ASSETS | 56,584,913 | 41,779,738 | |||
EQUITY | |||||
Share capital | 19 | 676,790 | 676,790 | ||
Share premium | 25 | 4,784,010 | 4,784,010 | ||
Retained earnings | 21 | 21,743,465 | 10,823,937 | ||
Actuarial valuation reserve | 23 | 695,375 | 695,375 | ||
Foreign exchange reserve | 24 | 2,882,235 | 3,196,739 | ||
Revaluation reserve | 22 | 9,088,895 | 9,088,895 | ||
39,870,771 | 29,265,747 | ||||
NON-CURRENT LIABILITIES Long term borrowings | 16 | 2,446,014 | 2,042,863 | ||
Deferred income | 27 | 184,481 | 7,948 | ||
Defined Benefit Obligations | 20 | 4,085,581 | 3,593,931 | ||
6,716,076 | 5,644,742 | ||||
CURRENT LIABILITIES | |||||
Trade payable and other payables | 15 | 6,476,198 | 5,271,574 | ||
Short term borrowings | 16 | 1,403,918 | 699,402 | ||
Deferred income | 27 | 31,791 | 31,791 | ||
Current income tax liabilities | 28 | 2,086,159 | 866,482 | ||
9,998,066 | 6,869,249 | ||||
TOTAL EQUITY AND LIABILITIES | 56,584,913 | 41,779,738 | |||
The condensed financial statements were approved by the Board of Directors on 29 January, 2026 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, 2026 | Date: 29 January, 2026 | Date: 29 January, 2026 |
The accompanying notes form an integral part of these condensed financial statements.
SKYWAY AVIATION HANDLING COMPANY PLCSTATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER, 2025 | |||||||
FOREIGN | |||||||
ACTUARIAL | EXCHANGE | ||||||
SHARE | SHARE | RETAINED | VALUATION | TRANSLATION | REVALUATION | TOTAL | |
CAPITAL | PREMIUM | EARNINGS | RESERVE | RESERVE | RESERVE | EQUITY | |
₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | ₦'000 | |
Balance at 1 January 2024 | 676,790 | 4,784,010 | 6,396,426 | 529,431 | 1,304,796 | 9,088,895 | 22,780,348 |
Total Comprehensive Income for the year Profit for the year | - | - | 4,833,586 | - | - | - | 4,833,586 |
Other comprehensive income for the year | - | - | - | 165,944 | 1,891,943 | - | 2,057,888 |
Total Comprehensive Income for the year | - | - | 4,833,586 | 165,944 | 1,891,943 | - | 6,891,473 |
Transactions with owners recorded directly in equity | |||||||
Dividend paid | - | - | (406,074) | - | - | - | (406,074) |
Balance at 31 December 2024 | 676,790 | 4,784,010 | 10,823,937 | 695,375 | 3,196,739 | 9,088,895 | 29,265,747 |
Balance at 1 January 2025 | 676,790 | 4,784,010 | 10,823,937 | 695,375 | 3,196,739 | 9,088,895 | 29,265,747 |
Total Comprehensive Income for the year Profit for the year | - | - | 11,731,676 | - | - | - | 11,731,676 |
Other comprehensive loss for the year | - | - | - | - | (314,504) | - | (314,504) |
Total Comprehensive Income for the year | - | - | 11,731,676 | - | (314,504) | - | 11,417,172 |
Transactions with owners recorded directly in equity | |||||||
Dividend paid | - | - | (812,148) | - | - | - | (812,148) |
Balance at 31 December 2025 | 676,790 | 4,784,010 | 21,743,464 | 695,375 | 2,882,235 | 9,088,895 | 39,870,771 |
The accompanying notes form an integral part of these condensed financial statements.
SKYWAY AVIATION HANDLING COMPANY PLCCONDENSED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER, 2025 | ||||
Unaudited | Audited | |||
31 Dec., 2025 | 31 Dec., 2024 | |||
NOTE | ₦'000 | ₦'000 | ||
Cash flows from operating activities: | ||||
Profit before taxation | 14,283,932 | 6,486,469 | ||
Adjustments for net income to net cash provided by | ||||
operating activites | ||||
Finance Expenses | 7 | 429,538 | 331,057 | |
Allowance for impairment on Receivables | - | 484,265 | ||
Provision for Employee benefit | 20 | 617,501 | 570,380 | |
Foreign Exchange Difference | 24 | (314,504) | 1,891,943 | |
Investment Property- Depreciation | 10 | 31,957 | 30,819 | |
Intangible Asset- Amortisation | 11 | 14,030 | 1,682 | |
Property Plant & Equipment-Depreciation | 9 | 2,443,984 | 2,320,787 | |
17,506,438 | 12,117,402 | |||
Changes in working capital | ||||
Increase in trade and other receivables | (3,877,266) | (5,234,269) | ||
Decrease/(increase) in inventories | 345,784 | (1,789,854) | ||
Increase in trade and other payables | 1,204,624 | 1,148,390 | ||
Increase/(decrease) in deferred income | 176,533 | (19,757) | ||
Cash generated from operations | 15,356,113 | 6,221,912 | ||
Tax paid | 28 | (1,332,579) | (883,226) | |
Payment made by the employer on the Employee Benefit | 20 | (125,851) | - | |
Finance expenses paid | (429,538) | (331,057) | ||
Net cash inflow from operating activities | 13,468,145 | 5,007,629 | ||
Cash flows from investing activities | ||||
Purchase of property, plant and equipment | 9 | (11,024,562) | (3,268,793) | |
Intangible assets | (40,627) | - | ||
Investment Properties | 10 | (21,000) | (18,000) | |
Net cash outflow from investing activities | (11,086,190) | (3,286,793) | ||
Financing Activities: | ||||
Dividend | (812,148) | (406,074) | ||
Additional borrowings | 2,000,000 | - | ||
Repayment of borrowings | 16 | (892,333) | (754,263) | |
Net cash inflow/(outflow) from financing activities | 295,519 | (1,160,337) | ||
Net increase in cash and cash equivalents | 2,677,474 | 560,500 | ||
Cash and cash equivalents at the beginning | 3,025,608 | 2,465,108 | ||
Cash and cash equivalents at the end | 14 | 5,703,082 | 3,025,608 | |
SKYWAY AVIATION HANDLING COMPANY PLC
FREE FLOAT ANALYSIS
Shareholding structure/Free Float Status
Description | 31 December 2025 | 31 December 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 SIFAX SHIPPING COMPANY LTD AFOLABI FOLASHADE A. | 379,041,989 | 28.00 | 379,041,989 | 28.00 |
443,331,091 | 32.75 | 443,331,091 | 32.75 | |
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 | - | - | - | - |
CHIKE OGEAH (Direct) - Retired in June 2022 | - | - | - | - |
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) | - | - | - | - |
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 | 1.28 | 17,372,500.00 | 1.28 |
Share Price as at end of period (₦) | 88.45 | 20.40 | ||
Free Float | 272,007,460 | 20.10 | 272,007,460 | 20.10 |
Free Float in value (₦) | 24,059,059,837 | 5,548,952,184 | ||
Declaration:
SAHCO plc has a free float of 20.10% as at 31 December 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.
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.
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.
Statement of Compliance
The condensed financial statements for the year ended 31 December 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 2025, have had a material effect on the financial statements.
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.
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 YEAR ENDED 31 DECEMBER, 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.
Year ended
Year ended
Revenue from contract with Customers
31 Dec., 2025
₦'000
44,459,367
31 Dec., 2024
₦'000
28,941,270
Total Revenue
44,459,367
28,941,270
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.
i. Major Service Lines
Year ended
31 Dec., 2025
₦'000
Year ended
31 Dec., 2024
₦'000
Passenger Handling and other related services
31,818,597
18,604,738
Cargo Handling - Import
10,441,578
8,653,613
Cargo Handling - Export
2,199,192
1,682,919
44,459,367
28,941,270
ii. Timing of revenue recognition
Service transferred at a point in time
44,459,367
28,941,270
Service transferred over time
-
-
44,459,367
28,941,271
.2 Contract balances
The following provides information about receivables, contract assets and contract liabilities from contracts with customers.
Year ended | Year ended | ||
31 Dec., 2025 N'000 | 31 Dec., 2024 N'000 | ||
Contract liabilities | 216,272 | 39,739 | |
216,272 | 39,739 |
The contract liabilities primarily relate to the advance consideration received from tenants for rent of the investment properties, for which revenue is recognised upon usage by the tenants.
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 YEAR ENDED 31 DECEMBER, 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.
Year ended | Year ended | |
31 Dec., 2025 | 31 Dec., 2024 | |
4 | ₦'000 | ₦'000 |
DIRECT COST | ||
Cargo Shed/ Warehouse | 2,254,000 | 1,221,087 |
Concession Fees | 2,180,491 | 1,402,838 |
Oil and Lubricants | 495,362 | 489,502 |
VIP Lounge | 68,993 | 52,337 |
DCS/Check-In Counter Expenses | 51,081 | 117,960 |
Baggage Logistics Expenses | 32,524 | 20,631 |
Equipment Running | 2,549,438 | 1,227,910 |
Equipment Repairs | 4,399,695 | 2,261,392 |
RAMP Expenses | 621,838 | 340,391 |
Hajj Operation | 88,983 | 260,122 |
Christian Pilgrimage | 608 | - |
Direct Labour Cost | 3,681,121 | 2,990,860 |
Other Direct Costs | 283,446 | 171,348 |
Miscellaneous Cost | 263,209 | 126,677 |
16,970,789 | 10,683,055 | |
Depreciation | 2,012,992 | 1,881,603 |
18,983,781 | 12,564,659 |
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.
Year ended | Year ended | |
31 Dec., 2025 | 31 Dec., 2024 | |
5 | ₦'000 | ₦'000 |
OTHER INCOME | ||
Electricity bills, scrap and other miscellaneous income | 196,723 | 26,605 |
Rental Income from Investment Properties | 184,286 | 173,618 |
381,009 | 200,223 |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER, 2025 | ||
Year ended | Year ended | |
31 Dec., 2025 | 31 Dec., 2024 | |
6 | ₦'000 | ₦'000 |
ADMINISTRATIVE EXPENSES Employee benefit expenses (Note 8) | 3,220,705 | 2,851,874 |
Depreciation & amortisation | 476,977 | 471,686 |
Printing and stationery | 131,539 | 143,419 |
Transport and traveling | 979,155 | 1,027,164 |
Vehicle running expenses | 229,510 | 171,260 |
Telecommunication and courier | 93,547 | 45,376 |
Staff training and development | 364,941 | 445,324 |
Advertisement and publications | 93,249 | 45,021 |
Public relations | 58,489 | 67,560 |
Sales promotion | 412,651 | 285,358 |
Subscription | 11,914 | 12,747 |
Newspaper, periodical and magazine | 1,845 | 1,360 |
Rent and electricity | 1,000,736 | 537,868 |
Medical expenses | 657,527 | 339,242 |
Insurance premium | 204,970 | 161,289 |
Legal expenses | 14,129 | 262 |
Audit fees | 11,502 | 9,675.00 |
Repairs of office equipment | 11,283 | 7,478 |
Repairs and maintenance of building | 639,045 | 563,819 |
Entertainment | 179,641 | 30,565 |
Gifts and donations | 665,226 | 115,890 |
Hotel and accommodation | 243,328 | 221,190 |
Repair of furniture and fittings | 51,671 | 36,535 |
Computer support and accessories | 415,157 | 302,813 |
Lighting and fitting expenses | 148,160 | 75,561 |
Premises upkeep and cleaning | 141,193 | 100,832 |
Special security expenses | 61,378 | 44,128 |
Office running expenses | 45,021 | 47,770 |
Board meeting expenses | 29,832 | 23,298 |
Recruitment expenses | 4,845 | - |
Professional and business fees | 307,690 | 148,668 |
Directors expenses | 131,294 | 105,091 |
Bank charges | 119,920 | 66,003 |
Government levies | 26,679 | 23,637 |
Debt Written off | - | 927,196 |
Impairment Allowance on Receivables | - | 484,431 |
Uniform, ODC and Apron Passes | 55,663 | 105,766 |
11,240,412 | 10,047,155 | |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER, 2025 | ||||
7 | Year ended 31 Dec., 2025 ₦'000 | Year ended 31 Dec., 2024 ₦'000 | ||
FINANCE INCOME AND FINANCE COST Finance Income Interest Income | 97,288 | 287,848 | ||
Interest on defined benefit obligation | - | - | ||
Foreign exchange gain | 97,288 - | 287,848 | ||
97,288 | 287,848 | |||
Finance Expense Interest on loan | 429,538 | 331,057 | ||
Interest on defined benefit obligation | - | - | ||
Foreign exchange Loss | 429,538 - | 331,057 - | ||
429,538 | 331,057 | |||
8 EMPLOYEE BENEFIT EXPENSES Salaries and wages | 1,723,638 | 1,316,908 | ||
Pension fund contribution | 92,518 | 71,463 | ||
Leave allowance | 130,764 | 94,011 | ||
Gratuity and terminal benefits | 642,108 | 795,109 | ||
Overtime | 61,445 | 51,489 | ||
13th month salary | 391,005 | 311,481 | ||
Other allowance | 22,580 | 21,330 | ||
ITF contribution | 60,795 | 40,106 | ||
NSITF Employee Compensation | 46,740 | 37,147 | ||
Staff welfare expenses | 49,112 | 112,829 | ||
3,220,705 | 2,851,874 | |||
Year ended | Year ended | |||
31 Dec., 2025 | 31 Dec., 2024 | |||
8.1 The Average number of employees per department: Operations | Number 2,244 | Number 1,918 | ||
Administrations | 196 | 196 | ||
2,440 | 2,114 | |||
8.2 Employees remuneration Scale RANGE < 1000000 | - | 1,336 | ||
1000000-2000000 | 1,043 | 578 | ||
2000001-3000000 | 889 | 105 | ||
3000001-4000000 | 287 | 52 | ||
4000001-5000000 | 81 | 7 | ||
5000001-6000000 | 62 | 16 | ||
6000001-7000000 | 32 | 4 | ||
7000001-8000000 | 3 | 11 | ||
8000001-14000000 | 34 | 5 | ||
14000000 & Above | 9 | 0 | ||
2,440 | 2,114 | |||
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER, 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 | - | 503,130 | 881,337 | 8,857,109 | 365,142 | 192,459 | (0) | 225,384 | 11,024,562 |
At 31 December 2025 | 40,950 | 6,436,065 | 1,748,765 | 29,960,011 | 1,359,784 | 430,720 | 268,795 | 424,400 | 40,669,489 |
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 year | - | 218,203 | 71,125 | 2,012,992 | 83,918 | 21,182 | 9,522 | 27,041 | 2,443,983 |
At 31 December 2025 | 39,858 | 1,505,969 | 560,897 | 12,514,808 | 864,458 | 148,942 | 263,110 | 160,668 | 16,058,709 |
Carrying amount: At 31 December 2025 | 1,092 | 4,930,096 | 1,187,868 | 17,445,203 | 495,326 | 281,778 | 5,685 | 263,732 | 24,610,780 |
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 |
Property, plant and equipment includes right-of-use assets of N10.9 Million related to leased hold land.
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.
Leasehold Land is stated at cost and as such do not fall under any class of the revalued assets by the Independent Valuers.
9.2 Assets pledged as security | ||
Borrowings are secured by a debenture on fixed and floating assets of the company. | ||
Year ended 31 Dec., 2025 | Year ended 31 Dec., 2024 | |
9.3 Depreciation charged during the year are included in: | ₦'000 | ₦'000 |
Cost of sales | 2,012,992 | 1,881,603 |
Administrative expenses | 430,992 | 439,183 |
2,443,984 | 2,320,787 | |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER, 2025
10 INVESTMENT PROPERTIES | |
Building | |
Cost | ₦'000 |
At 1 January 2024 | 877,553 |
Additions | 18,000 |
At 31 December 2024 | 895,553 |
Additions | 21,000 |
At 31 December 2025 | 916,553 |
Accumulated Depreciation | |
At 1 January 2024 | 143,926 |
Charge for the year | 30,819 |
At 31 December 2024 | 174,745 |
Charge for the year | 31,957 |
At 31 December 2025 | 206,702 |
Carrying amount At 31 December 2025 | 709,851 |
At 31 December, 2024 | 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.
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.
31 Dec., 2025 31 Dec., 2024
₦'000 ₦'000
Net amounts recognised in profit or loss for investment properties are as follows:
Rental income
184,286
173,618
Direct operating expenses
(447,332)
(112,764)
Depreciation
(31,957)
(30,819)
(295,002)
30,035
Depreciation has been included in Administrative expenses in the Statement of Profit or Loss and Other Comprehensive Income.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER, 2025
Non-current assets pledged as security
Refer to note 9.2 for information on non-current assets pledged as security by the company.
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.
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
Year ended Year ended 31 Dec., 2025 31 Dec., 2024
₦'000 ₦'000
Within one year | 31,791 | 31,791 | |||
Later than one year but not later than 5 years | 184,481 | 7,948 | |||
216,272 | 39,740 | ||||
11 | |||||
INTANGIBLE ASSETS | |||||
Cost | Website ₦'000 | Software ₦'000 | Goodwill ₦'000 | Total ₦'000 | |
At 1 January 2024 | 1,050 | 26,320 | 4,057,388 | 4,084,758 | |
Additions | - | - | - | - | |
At 31 December 2024 | 1,050 | 26,320 | 4,057,388 | 4,084,758 | |
Additions | - | 40,627 | - | 40,627 | |
At 31 December 2025 | 1,050 | 66,946 | 4,057,388 | 4,084,758 | |
Amortisation | |||||
At 1 January 2024 | 298 | 5,221 | - | 5,519 | |
Amortisation | - | 1,682 | - | 1,682 | |
At 31 December 2024 | 298 | 6,903 | - | 7,201 | |
Amortisation | 367 | 13,663 | - | 14,030 | |
At 31 December 2025 | 665 | 20,565 | - | 21,230 | |
Carrying amount At 31 December 2025 | 385 | 46,381 | 4,057,388 | 4,104,154 | |
At 31 December, 2024 | 752 | 19,417 | 4,057,388 | 4,077,558 | |
a | |||||
Impairment test |
There was no impairment loss on Goodwill during the year.
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER, 2025 | ||
12 | Unaudited Year ended 31 Dec., 2025 ₦'000 | Audited Year ended 31 Dec., 2024 ₦'000 |
INVENTORIES Spares | 2,339,686 | 2,470,124 |
Oil and lubricants | 20,299 | 235,645 |
2,359,985 | 2,705,769 | |
None of the company's inventories were pledged as collateral for borrowings. | ||
The company's inventories were also not written down during the year (2024 : Nil). | Unaudited | Audited |
13 | Year ended | Year ended |
TRADE AND OTHER RECEIVABLES Trade Receivables | 31 Dec., 2025 ₦'000 7,986,139 | 31 Dec., 2024 ₦'000 7,085,257 |
Less: Allowance for Impairment (Note 13(a)(i)) | (1,533,108) | (1,573,870) |
6,453,031 | 5,511,387 | |
Due from related parties (Note 18.2) | 1,586,394 | 2,667,131 |
Advance payments to Suppliers (Note 13(b)) | 8,500,131 | 4,960,220 |
Other Receivables (Note 13(c)) | 918,106 | 743,722 |
Staff Loan (Note 13(d)) | 742,643 | 521,997 |
Prepayments (Note 13(e)) | 143,262 | 61,845 |
18,343,567 | 14,466,302 | |
The company determines its recoverability of trade receivable after considering any changes in the credit quality of the trade receivables from the date credit is granted up to the end of the reporting period.
Unaudited Year ended | Audited Year ended | |
a) Allowance for impairment | 31 Dec., 2025 ₦'000 | 31 Dec., 2024 ₦'000 |
Balance at the beginning of the year | 1,678,870 | 1,194,605 |
Write off Debts | (40,762) | - |
Allowance for Impairment for the year | - | 484,265 |
Balance at end of the year | 1,638,108 | 1,678,870 |
i.) Allowance for impairment is further analysed below Trade Receivables | 1,533,108 | 1,573,870 |
Advance payments to Suppliers | 105,000 | 105,000 |
Other Receivables | - | - |
1,638,108 | 1,678,870 |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER, 2025 | ||
Unaudited Year ended 31 Dec., 2025 ₦'000 | Audited Year ended 31 Dec., 2024 ₦'000 | |
b) Advance to Suppliers | ||
Advance payments to Suppliers | 8,605,131 | 5,065,220 |
Allowance for impairment of advance to suppliers (Note 13(a)(i)) | (105,000) | (105,000) |
8,500,131 | 4,960,220 | |
c) Other Receivables | ||
Withholding Tax Receivables | 918,088 | 630,817 |
Other Receivables | 18 | 51,837 |
Other Receivables Employee Benefit Trust Scheme | - | 61,069 |
918,106 | 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 Year ended | Audited Year ended | |
14 | 31 Dec., 2025 ₦'000 | 31 Dec., 2024 ₦'000 |
CASH AND CASH EQUIVALENTS | ||
Cash | 18,371 | 15,958 |
Bank | 4,972,442 | 2,177,246 |
Short term deposits | 712,269 | 832,404 |
5,703,082 | 3,025,608 |
Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Company, and earn interest at the respective short-term deposit rates.
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following:
Unaudited Year ended | Audited Year ended | |
Cash | 31 Dec., 2025 ₦'000 18,371 | 31 Dec., 2024 ₦'000 15,958 |
Bank | 4,972,442 | 2,177,246 |
Short term deposits | 712,269 | 832,404 |
Bank Overdrafts | 5,703,082 - | 3,025,608 - |
5,703,082 | 3,025,608 |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER, 2025 | ||
Unaudited | Audited | |
Year ended | Year ended | |
31 Dec., 2025 | 31 Dec., 2024 | |
15 | ₦'000 | ₦'000 |
TRADE AND OTHER PAYABLES Trade Payables | 42,368 | 1,404,888 |
Customers Deposits | - | 873,012 |
Provision for concession fee | 3,565,363 | 1,597,794 |
Other Payables | 288,327 | 41,088 |
Accruals (Note 15.2) | 1,070,367 | 264,487 |
Statutory obligations payables - tax and social security payments (Note 15.3) | 1,509,772 | 1,090,305 |
6,476,198 | 5,271,574 | |
15.1 Terms and conditions of the above financial liabilities:
| Unaudited | Audited |
15.2 | Year ended 31 Dec., 2025 ₦'000 | Year ended 31 Dec., 2024 ₦'000 |
Accruals Stamp Duties | 24,228 | 20,235 |
Others Accrued expenses | 1,046,139 | 244,252 |
1,070,367 | 264,487 | |
15.3 Statutory obligation payables - tax and social security payments Withholding tax payables | 40,040 | 99,448 |
Value added tax payable | 996,729 | 609,212 |
ITF contribution | 4,430 | 9,985 |
NSITF contribution payable | 7,359 | 12,514 |
Pension | 321,708 | 242,002 |
PAYE | 61,038 | 47,188 |
Cooperative and thrift | 77,117 | 68,903 |
Union dues | 1,350 | 1,052 |
National Housing Fund | 1 | 1 |
1,509,772 | 1,090,305 |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER, 2025 | ||
Unaudited | Audited | |
Year ended | Year ended | |
31 Dec., 2025 | 31 Dec., 2024 | |
16 | ₦'000 | ₦'000 |
BORROWINGS | ||
Bank of Industry | 2,042,265 | 2,742,265 |
Wema Bank | 1,807,667 | - |
3,849,932 | 2,742,265 | |
Classification of borrowings: | ||
Current | 1,403,918 | 699,402 |
Non Current | 2,446,014 | 2,042,863 |
3,849,932 | 2,742,265 |
ii. Bank of Industry
This is a facility of ₦3,500,000,000 which was sourced for the procurement of equipment and machinery for aviation ground handing services. It is for six(6) years (inclusive of a 12 (twelve) months moratorium on principal repayment commencing from the date of first disbursement. The interest rate is 9% per annum "all in" (subject to review) payable monthly in arrears commencing from the date of first disbursement.
17 Reconciliation of movements of Liabilities to cash flows arising from Financing Activities | Unaudited Year ended | Audited Year ended |
31 Dec., 2025 | 31 Dec., 2024 | |
Opening Balance | ₦'000 2,742,265 | ₦'000 3,496,527 |
Changes from Financing Cash flows Additional Borrowing | 2,000,000 | - |
Repayment of Borrowings | (892,333) | (754,263) |
Other Changes Interest Expense | 429,538 | 331,057 |
Interest Paid | (429,538) | (331,057) |
- | - | |
Closing amount as at ending | 3,849,932 | 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:
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 YEAR ENDED 31 DECEMBER, 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
Year ended
Audited
Year ended
18.2 Outstanding Balances
31 Dec., 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
428,874
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
1,586,394
2,667,131
Unaudited
Audited
Year ended
Year ended
31 Dec., 2025
31 Dec., 2024
19
Unit
Unit
SHARE CAPITAL
Issued and fully paid
Ordinary shares of 50k each
1,353,580,000
1,353,580,000
(2024: Ordinary shares of 50k each)
Unaudited
Audited
Year ended
Year ended
31 Dec., 2025
31 Dec., 2024
₦'000
₦'000
Issued and fully paid
Balance at the beginning of the year Issued during the year
676,790 676,790
- -
Balance at the end of the year
676,790 676,790
All ordinary shares rank equally with regard to the Company's residual assets
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER, 2025
20 Employee Benefits Obligation
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
Year ended
Audited
Year ended
31 Dec., 2025
31 Dec., 2024
N'000
N'000
Balance at beginning
242,002
196,306
Charge to profit or loss
490,598
396,280
Payments during the year
(410,892)
(350,583)
Balance at the end
321,708
242,002
The company's contributions to this scheme is charged to the profit or loss account in the year to which they relate. Contributions to the scheme are managed by Stanbic IBTC pension manager, and other appointed pension managers on behalf of the beneficiary staff in line with the provisions of the Pension Reform Act.
Consequently, the company has no legal or constructive obligations to pay further contributions if the funds do not hold sufficient assets to meet the related obligations to employees.
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.
The amount included in the statement of financial position as a result of the entity's obligation in respect of its defined benefit plans is as follows:
Unaudited Year ended | Audited Year ended | |
31 Dec., 2025 | 31 Dec., 2024 | |
N'000 | N'000 | |
Present value of the defined benefit plan | 4,085,581 | 3,593,931 |
Fair value of plan assets | - | - |
Funded Status | 4,085,581 | 3,593,931 |
Reconciliation of change in the present value of the defined benefit plan are as follows:
Unaudited Year ended | Audited Year ended | |
31 Dec., 2025 | 31 Dec., 2024 | |
N'000 | N'000 | |
Statement of Financial Position - Opening | 3,593,931 | 3,023,551 |
Net Periodic Benefit Cost recognised in the Profit or loss | 617,501 | 623,669 |
Benefit paid by employer during the year | (125,851) | (243,970) |
Amount recognised in Other Comprehensive income | - | 190,683 |
4,085,581 | 3,593,931 |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER, 2025 | |||
Unaudited | Audited | ||
Year ended | Year ended | ||
31 Dec., 2025 | 31 Dec., 2024 | ||
21 | ₦'000 | ₦'000 | |
RETAINED EARNINGS | |||
As at beginning of the year | 10,823,938 | 6,396,426 | |
Profit for the year | 11,731,676 | 4,833,586 | |
Dividend | (812,148) | (406,074) | |
As at the end of the year | 21,743,465 | 10,823,938 | |
22 | |||
REVALUATION RESERVE | |||
As at beginning of the year | 9,088,895 | 9,088,895 | |
Other Comprehensive Income As at the end of the year | - 9,088,895 | - 9,088,895 | |
The revaluation reserve relates to the revaluation of Property, Plant & Equipment (Refer to Note 9.1). | |||
Unaudited | Audited | ||
Year ended | Year ended | ||
31 Dec., 2025 | 31 Dec., 2024 | ||
23 | ₦'000 | ₦'000 | |
ACTUARIAL VALUATION RESERVE | |||
As at beginning of the year | 695,375 | 529,431 | |
Other Comprehensive Income | - | 165,944 | |
As at the end of the year | 695,375 | 695,375 | |
24 | |||
FOREIGN EXCHANGE TRANSLATION RESERVE | |||
As at beginning of the year | 3,196,739 | 1,304,796 | |
Other Comprehensive Income | (314,504) | 1,891,943 | |
As at the end of the year | 2,882,235 | 3,196,739 | |
25 | |||
SHARE PREMIUM | |||
As at beginning of the year | 4,784,010 | 4,784,010 | |
Issued during the year As at the end of the year | - 4,784,010 | - 4,784,010 | |
26
EARNINGS PER SHARE
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year.
Unaudited Year ended | Audited Year ended | ||
31 Dec., 2025 | 31 Dec., 2024 | ||
Net profit attributable to ordinary equity holders | ₦'000 11,731,676 | ₦'000 1,954,678 | |
Weighted average number of ordinary shares | Number 1,353,580,000 | Number 1,353,580,000 | |
Basic earning per Ordinary Shares (Kobo) | 867 | 144 | |
Diluted earnings per ordinary shares (Kobo) | 867 | 144 |
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER, 2025 | |||
Unaudited | Audited | ||
Year ended | Year ended | ||
31 Dec., 2025 | 31 Dec., 2024 | ||
27 | ₦'000 | ₦'000 | |
DEFERRED INCOME Rental Income | 216,272 | 39,739 | |
Amount received during the period are categorized as follows: | |||
Current portion | 31,791 | 31,791 | |
Non-Current portion | 184,481 | 7,948 | |
216,272 | 39,739 | ||
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 | 1,986,909 | 757,251 | |
Education tax | 565,347 | 227,175 | |
Police Levy | - | 324 | |
NASENI | - | 16,216 | |
Underprovision for Previous Year | - | 165,950 | |
Total Current Tax | 2,552,256 | 1,166,916 | |
Deferred tax: | |||
Origination and reversal of temporary differences (Note 33) | - | 485,967 | |
Total Deferred Tax | - | 485,967 | |
Income Tax Expense | 2,552,256 | 1,652,883 | |
As per other comprehensive Income: Origination and reversal of temporary differences | - | (165,944) | |
As Per Statement of Financial Position: | |||
As at beginning of the year | 866,482 | 582,791 | |
Current income tax charge for the year | 2,552,256 | 1,166,916 | |
3,418,738 | 1,749,707 | ||
Less: Payment during the year | |||
Withholding Tax Credit Notes | - | (471,064) | |
Cash | (1,332,579) | (412,161) | |
As at the end of the year | 2,086,159 | 866,482 | |
29 | |||
DEFERRED TAX LIABILITIES/(ASSETS) | |||
As Per Statement of Financial Position: | |||
Summarized Reconciliation of Total deferred tax assets (Net): | |||
As at beginning of the year | 753,494 | 1,073,516 | |
Relating to origination and reversal of temporary differences | - | (320,022) | |
As at the end of the year | 753,494 | 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%.