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SAHCO Plc records 76% increase in 2020 FY pre-tax profits

SAHCO recorded a significant increase in its 2020 FY pre-tax profits, although total revenue declined.

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SAHCO suffers 92% decline in profit, as travel restrictions bite harder

Skyway Aviation Handling Company Plc, also known as SAHCO (SKYAVN), recorded a significant increase in its 2020 FY pre-tax profits, as its total revenue declined.

The aviation service provider reported pre-tax profit of N962.49 million in 2020 FY, compared to the N545.52 million it recorded in 2019, a 76.44% increase.

Key highlights for 2020 FY

  • Revenue declined to N6.98 billion from N7.66 billion, -8.94% YoY.
  • Revenue from foreign handling declined to N885.5 million, -29.70% YoY.
  • Revenue from domestic handling declined to N438.19 million, -28.72% YoY.
  • Revenue from Ad-hoc handling declined to N2.30 million, -99.15% YoY.
  • Revenue from cargo handling increased to N4.86 billion, +9.65% YoY.
  • Revenue from cargo handling – Export increased to N447.9 million, +40.68% YoY.
  • Revenue from VIP lounge service declined to N4.07 million, -77.03% YoY.
  • Revenue from Hajj operations declined to N5.15 million, -97.19% YoY.
  • Revenue generated from equipment rental declined to N139.3 million, -50.07% YoY.
  • Revenue from haulage/crew bus services declined to N16.93 million, -60.25% YoY.
  • Revenue from DCS/PAX handling was N530 thousand, +100% YoY.
  • Revenue from Airport security services declined to N11.4 million, -59.54% YoY.
  • Revenue from Christian pilgrimage handling declined to N16.65 million, – 7.83% YoY.
  • Other operating income increased to N104.58 million, +178.78% YoY.
  • Cost of sales declined to N3.93 billion, -9.06% YoY.
  • Finance income increased to N194.43 million, +21503.11% YoY.
  • Administrative expenses declined to N2.37 billion, -8.07%YoY.
  • Finance costs declined to N16.96 million, -93.46% YoY.
  • Pre-tax profit increased to N962.49 million, +76.44% YoY.
  • Earnings Per Share increased to 47 kobo, +42.42% YoY.

READ: SAHCO suffers 92% decline in profit, as travel restrictions bite harder

Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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Company Results

Rak Unity Petroleum Company Plc Posts N63 million loss in 2020 FY results

Rak Unity Petroleum Company Plc reported revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

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on

Focus: This small-cap oil company is seriously lagging behind

Rak Unity Petroleum Company Plc released its 2021 FY results reporting total revenue of N1.41 billion representing a 68.14% decline from the N4.42 billion revenue reported a year earlier.

  • Operating expenses during the year was N149.65 million in 2020 compared to N221.89 million in 2019. –32.56% YoY
  • The company reported a loss after tax of N63.02 million in 2020 compared to N14.52 million loss after tax in 2019.
  • It reported a loss per share of N1.11  in 2020 compared to N0.26 loss per share reported in 2019.
  • No dividend announcement was made in their press release.
  • The company share price of N0.30 unchanged YTD.

See link to results here

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Company Results

Conoil posts 23% post-tax profit decline in 2020 FY results

Conoil Plc reported a revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.

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Conoil Plc released its 2021 FY results reporting revenue of N117.47 billion representing a 15.95% decline from the N139.76 billion revenue reported a year earlier.  

  • Operating expenses during the year was N7.64 billion in 2020 compared to N9.68 billion in 2019. 20.9% YoY 
  • The company reported a profit after tax of N1.52 billion in 2020 compared to N1.97 billion in 2019. –22.97% cut YoY.  
  • It reported an earnings per share of 219 kobo in 2020 compared to 284 kobo earnings per share reported in 2019. 22.89% YoY. 
  •  No dividend announcement was made in their press release. 
  • The company share price of N20.85, up +0.72% YTD. 

See link to results here

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