Skyway Aviation Handling Company (SAHCO) Plc released its 2023 Q2 unaudited results showing pre-tax profits surged by 215.60% to N1.38 billion.
A cursory review of the result reveals 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.
The company recorded a revenue of N4.07 billion in Q2 2023 which is a 30.58% increase from N3.12 billion in the corresponding quarter last year.
The pre-tax profit of N1.38 billion was boosted by an increase in foreign exchange gain as the company gained N607.16 million in finance income this quarter as against N5.23 million recorded in the same period last year.
Here are key highlights from the Q2 Earnings
- Revenue for the quarter was N4.07 billion compared to N3.12 billion in the corresponding quarter of 2022.
- Direct Cost increased by 12.60% to N1.99 billion from N1.77 billion recorded in the same period last year.
- Gross profit increased significantly by 54.07% to N2.08 billion from N1.35 billion reported last year.
- Pre-tax profit for the quarter surged by 215.60% to N1.38 billion from N438.78 million in Q2 2022.
- Earnings Per Share (EPS) increased to N0.69 from N0.24 YoY.
- Cash flow for the half year ended 30th June 2023 was N1.08 billion, an increase of 16.60% from N927.96 million recorded in the same period last year.
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