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SAHCO Reports 74.8% Revenue Increase Amid Easing Supply Chain Issues

SAHCO Reports 74.8% Revenue Increase Amid Easing Supply Chain Issues
Skyway Aviation Handling Company (SAHCO) Plc has announced a significant financial upturn for the 2024 fiscal year, with revenues reaching N28.9 billion, marking a 74.8% increase from N16.5 billion in 2023. This growth also represents a 260.3% rise compared to the N11.1 billion recorded in 2022. The company revealed these figures during its 15th Annual General Meeting (AGM), held virtually on Thursday.
Financial Performance and Shareholder Returns
SAHCO’s gross profit surged to N16.3 billion in 2024, up from N8.1 billion the previous year, while operating profit before income tax stood at N6.4 billion. The company’s total assets expanded to N41.7 billion from N34 billion in 2023. Reflecting confidence in its financial health, shareholders approved a final dividend of 60 kobo per share.
Chairman Taiwo Afolabi attributed the company’s strong performance to the gradual easing of global supply chain disruptions and a rebound in consumer demand, aligning with the International Monetary Fund’s projection of 3.2% global GDP growth for 2024. He emphasized Nigeria’s position as one of Africa’s largest aviation markets, driven by increasing passenger traffic and expanding international routes. Nonetheless, Afolabi cautioned that the sector continues to grapple with high operational costs, infrastructure deficiencies, and foreign exchange constraints.
“A Nigerian entrepreneur once had to endure long layovers and multiple connections to secure international deals. Today, improved connectivity allows businesses to move faster, boosting trade and investment,” Afolabi remarked. He underscored the importance of sustained focus on efficiency, innovation, and resilience to maintain Nigeria’s competitive edge in the global aviation industry.
Industry Context and Future Outlook
SAHCO’s growth unfolds against a backdrop of a complex global logistics environment. Although supply chain bottlenecks have eased, the sector faces persistent challenges such as tariff disputes and ongoing uncertainty within logistics networks. The U.S. Federal Reserve’s decision to maintain steady interest rates has contributed to a cautious market outlook. Additionally, strategic mergers and acquisitions in transportation and logistics are increasingly influenced by market volatility. Legislative changes, including the U.S. Senate’s move to end California’s truck emissions regulations, may also reshape industry standards. Furthermore, continuing U.S.-China trade tensions exert pressure on global technology supply chains, while mixed deal activity in the first quarter highlights the sector’s ongoing instability.
Looking ahead, SAHCO plans to expand its footprint across Africa by capitalizing on regional aviation opportunities. The company intends to invest in technology and digital transformation initiatives aimed at enhancing operational efficiency and improving customer experience.
Managing Director Adenike Aboderin highlighted substantial investments in new Ground Support Equipment (GSE) over the past year, including towed passenger steps, belt loaders, pallet dollies, forklifts, and cargo tractors. She emphasized that these acquisitions are critical to meeting rising operational demands while ensuring that services remain safe, efficient, and environmentally sustainable.
For 2025, SAHCO reaffirmed its commitment to reinforcing its core values and sustaining growth, even as the broader logistics and aviation sectors continue to navigate global uncertainties.

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