SAHCO Boosts Dividend Payout by 81.82% to N406.07m in 2023



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Skyway Aviation Handling Company (SAHCO) announced an 81.82% increase in its dividend payout, distributing N406.07 million to shareholders in 2023, up from N223.34 million the previous year. At the company’s annual general meeting in Lagos on Thursday, Chairman Taiwo Afolabi stated that SAHCO would pay a dividend of 30 kobo per ordinary share of 50 kobo, compared to 16.5 kobo in 2022.

He said, “The Board of Directors, subsequent to the reporting date, recommended the payment of a dividend of 30 kobo (2022: 16.5 kobo) per share on the issued ordinary share capital of 1,353,580,000 ordinary shares, amounting to NGN406,074,000 (2022: NGN223,340,700). The dividend proposed is subject to the approval of shareholders at the next Annual General Meeting; withholding tax will be deducted at the point of payment.”

Afolabi also announced a significant increase in the company’s revenue, rising to N8.2 billion in 2023 from N4.3 billion in the previous year. He attributed the company’s success to staff dedication, training, and regular engagements.

“Regardless of the challenges we faced during the year in review, it is my pleasure to inform you that we were able to record some positive points in our performance.

“In our last AGM, we announced total revenue of about N11.1 billion for 2022, but as of the end of the 2023 financial year, our company’s revenue stood at N16.5 billion.

“We have also grown our gross profit from N4.3 billion in 2022 to N8.2 billion in the year under review,” he added.

Afolabi also highlighted the impressive performance of the company’s assets, with total current assets standing at N34 billion, up from N29.2 billion in 2022.

Outgoing Managing Director Basil Agbarumi reaffirmed the viability of Nigeria’s aviation sector, stating it contributed 4% of the national GDP in the first quarter of 2023.

“Data from the National Bureau of Statistics shows that the aviation sector contributed about N117 billion, which is 4% of the national GDP in the first quarter of 2023; it supports about 200,000 jobs and pays about N8.5 billion in tax annually,” he noted.

Gbenga Samson
Gbenga Samson
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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