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SAHCO records N665.649 million loss for FY 2018

Skyway Aviation Handling Company Plc (SAHCO) has declared a Loss After Tax of N665.649 MILLION for the full year end 2018. 

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SAHCO

Aviation ground-handling operator, Skyway Aviation Handling Company Plc (SAHCO), has declared a Loss After Tax of N665.649 million for the year ended 2018. 

This and other details of the company’s performance are contained in the SAHCO’s financial statements for the year ended 31st December, 2018, posted on the website of the Nigerian Stock Exchange (NSE) today. 

Key Performance Indices recorded mixed fortunes: The Key Performance Indices (KPI) of SAHCO in the year under review are a mixed bag of positive and negative figures. 

[ALSO READ: SAHCO eyes double digit growth after listing on NSE]

Revenue leapt by 23.19% to N6.136 billion in 2018 from N4.981 billion recorded the year before. 

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Loss Before Tax was N302.895 million in stark contrast to a Profit Before Tax of N125.901 million recorded in 2017.

The company witnessed a reversal of fortune in its profitability, resulting in a Loss After Tax of N665.649 million in the year under review as against the profit of N217.727 million SAHCO posted in 2017.  

Basil Agboarumi, SAHCO MD

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The reversal in profitability is hinged on two key factors. First, the company recorded a direct cost of N3.530 billion in 2018 in significant contrast to the N2.657 billion it posted in 2017. This implies that it spent 32.86% or N873 million more on direct cost in 2018 than it did in 2017.  

[READ FURTHER: Conoil proposes N2 per share dividend for shareholders]

The increase would have been understandable going by the fact that SAHCO recorded a corresponding increase in its revenue. But what makes this difficult to accept is that the increase in revenue had no impact on the company’s profitability, but even made it to record a loss. 

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Another factor responsible for the declaration of loss by the company was that its administrative expenses soared by as much as 32.99% from N2.103 billion recorded in 2017 to N2.796 billion posted in 2018. 

For these reasons, the Earnings Per Share (EPS) of SAHCO plunged from a positive N0.51 per share in 2017 to a negative –N0.49 in 2018. What this means is that every unit of the company’s shares incurred a loss of -N0.49 in the year under review. 

To return to the path of profitability in the current financial year, SAHCO needs to look inwards and cut its expenses significantly. 

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Recall that SAHCO debuted on the main board of the NSE in April, when it listed 1,353,580,000 ordinary shares priced at N4.65 per share. It currently trades on the floor of the NSE at N4.65 per share.

[READ MORE: Neimeth Pharmaceuticals records high Topline, as earnings stay downbeat]

 

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Ronald Adamolekun is a creative writer with proficiency in journalism, financial reporting, financial analysis and imaginative writing. However, his core competency lies in fiction and short story writing as well as feature writing. He is a graduate of English and Literature from Covenant University, Ota, Nigeria.

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Coronavirus

FG approves N8.49billion to procure COVID-19 testing Kits, others

The fund is to procure 12 items in various quantities to strengthen the testing for COVID-19.

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President Muhammadu Buhari's full speech at China-Africa Extraordinary Summit on June 17, 2020

The federal government has approved N8.49 billion to procure 12 items in various quantities to strengthen the testing for COVID-19 by Nigeria Centre for Disease Control (NCDC).

The approval was given during the 11th virtual meeting of the Federal Executive Council presided over by President Muhammadu Buhari on Wednesday.

The approval was based on a memorandum presented to the council by the Minister of Health, Osagie Ehanire.

He was joined at the post-FEC press briefing by the Minister of Information and Culture, Lai Mohammed; and the Minister of Environment, Muhammad Mahmood.

He explained that the approval was made to further equip the NCDC to respond appropriately to the community transmission phase of the pandemic.

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Coronavirus

COVID-19: Russia to start mass inoculation of vaccine this month as it insists on its safety

The vaccine is said to be undergoing Phase 3 trials, which is the final stage.

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COVID-19: J&J starts vaccine trials on humans after success on monkeys

Russia has announced that it was going to start mass vaccination of the world’s first COVID-19 vaccine this month before the completion of clinical testing. This is just as it waved off concerns by the international community and some scientists about the safety of the vaccine.

These views were made known by the Russian Health Minister, Mikhail Murashko, on Wednesday, August 12, 2020, during a press briefing.

The Health Minister in his statement said, ‘’Western colleagues, who can sense the competitive advantage of the Russian drug, are trying to express some opinions that are completely unjustified in our view. This vaccine is a platform that is already well-known and studied,” he said, adding that other countries have developed antidotes under accelerated testing programs.’’

READ MORE: COVID-19: WHO warns there may never be an immediate solution to the virus

Murashko also said that the authorities plan to start inoculating medical workers and other risk groups within 2 weeks on a voluntary basis while pointing out that the vaccine will be made available to the general public from October.

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Nairametrics had reported yesterday that the Russian President, Vladimir Putin, in a televised meeting, announced that Russia has registered the first COVID-19 vaccine in what they see as a propaganda coup amid the global race for the development of a vaccine against the coronavirus disease.

This announcement has raised a lot of international concerns with the German Health Minister, Jens Spahn, saying on Wednesday, that Russia’s COVID-19 vaccine has not been sufficiently tested, adding that the aim was to have a safe product rather than just being first to start vaccinating people.

He said in a radio chat that it’s not about being first but rather about having an effective, tested and safe vaccine.

Experts have expressed their concerns over Russia’s decision to grant approval before the final trials of the vaccine have been completed.

READ MORE: WHO gives condition for approving Russia’s COVID-19 vaccine as the vaccine gets a name

He said that as much as he will be pleased to have a good vaccine for the virus, he pointed out that the Russians are not disclosing much about this vaccine.

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This vaccine which is developed by Gamaleya Institute in collaboration with the Defence Ministry and the Russian Direct Investment Fund (RDIF), is said to be undergoing Phase 3 trials, which is the final stage.

However, a World Health Organization (WHO) database still lists the vaccine as still only in Phase 1 trial, which is the earliest stage.

The RDIF said that it can produce over 500 million doses of the new vaccine in a year in 5 countries, just as it disclosed that a minimum of 20 countries are currently interested in having access to these vaccines.

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The WHO had earlier revealed that it is currently discussing with Russia and pointed out that in granting prequalification of the vaccine, a detailed review of data from clinical trials will be required.

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Economy & Politics

FG completes 11 projects to drive Digital Economy

The government has been pushing the Digital Economy in a bid to diversify economic productivity.

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FG completes 11 projects to drive Digital Economy, FG orders NIPOST to stop cash transactions , Pantami moves to ban automatic voicemail service by telcos  , Why Nigeria’s Data woes may not end soon , Pantami reacts to CBN’s ATM fee cut, keeps mute on directive to cut data cost , Pantami condemns FIRS move to collect stamp duty, MTN, Airtel, others disregarding Pantami’s voicemail, data directives on all front , FG warns State governments against RoW charge increase, FG reiterates commitment towards implementing broadband strategy ,FG reiterates commitment to 75% broadband penetration in 5 years 

The Federal Ministry of Communications and Digital Economy announced that it has completed 11 projects to drive its Digital Economy programme.

This was announced by the Minister of Communications and Digital Economy, Dr. Isa Pantami, during the phase 2 commissioning of Nigeria’s Digital Economy drive.

The Nigerian Government has been pushing the Digital Economy in a bid to create growth and diversify economic productivity in the nation, starting with the Digital Economy drive which was added to the portfolio of the Ministry of Communications.

READ MORE: Nigeria’s broadband penetration rises, yet internet remains slowest in the world

Nairametrics reported last month that the Nigerian Communications Commission (NCC) also approved the creation of a Digital Economy Department, which will be responsible for promoting the digital economic agenda of the federal government. The department will renew the commission’s strategy for delivering its programmes and policies, and give the necessary push to promote the national digital economy.

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The projects were launched with the supervision of the Ministry of Communications and Digital Economy and would be operated by the Nigerian Communications Commission (NCC), National Information Technology Development Agency, (NITDA) Nigerian Postal Services (NIPOST ) and The Universal Service Provision Fund (USPF) and would be located nationwide.

READ ALSO: NCC issues 10 new VAS licences in 2019, projects market to hit $500 million 

The 11 projects are:

  1. Emergency Communications Centre (ECC) llorin, Kwara State.
  2. Emergency Communications Centre (ECC) Calabar, Cross River State.
  3. School Knowledge Centre (SKC), Gombe State.
  4. Information Technology Innovation Centre, Kogi State.
  5. Tertiary Institution Knowledge Centre (TIKC), Delta State.
  6. New Neighborhood Post Office, Delta State.
  7. Remodelled National Mail Exchange Centre, Bayelsa State.
  8. e-Health/Data Sharing Centre, Bauchi State.
  9. Virtual Examination Centre, Borno State.
  10. Information Technology Capacity Building Centre, Jigawa State.
  11. Information Technology Capacity Building Centre, Imo State.

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