Skyway Aviation Handling Company (SAHCO) Plc has reported a profit before tax of N14.28 billion for the 2025 financial year, representing a strong 120.2% increase from N6.49 billion recorded in 2024.
This is according to the company’s audited financial statement for the period ended December 31, 2025, released on the Nigerian Exchange (NGX) on Wednesday, April 1, 2026.
The aviation ground handling firm also proposed a total dividend of N812.15 million for the year, up from N406.07 million declared in the prior year.
Key financial highlights:
- Revenue: N44.46 billion (+53.7% YoY)
- Gross Profit: N25.48 billion (+55.6% YoY)
- Operating Profit: N14.62 billion (+123.9% YoY)
- Pre-tax Profit: N14.28 billion (+120.2% YoY)
- Profit After Tax: N11.73 billion (+142.5% YoY)
- Earnings Per Share (EPS): 867 kobo (up from 357 kobo)
- Dividend: N812.15 million
Revenue growth driven by passenger operations:
SAHCO’s performance was primarily driven by the 53.7% surge in revenue to N44.46 billion.
- Passenger handling services emerged as the leading contributor, with revenue rising sharply to N31.82 billion from N18.60 billion in the prior year.
- Cargo handling also contributed to the strong performance, generating N12.64 billion during the period.
- The company’s gross profit rose by 55.6% to N25.48 billion, reflecting improved margins despite rising operating costs.
- In a similar vein, operating profit more than doubled, increasing by 123.9% to N14.62 billion as a result of heightened activity levels and greater operational efficiency.
- Profit after tax (PAT) surged by an impressive 142.5%, reaching N11.73 billion, primarily driven by robust core earnings.
- Other income rose by 90.4% to N381 million, up from N200.22 million in 2024.
The increase in other income was largely fueled by stronger performance in ancillary services and rental income from investment properties.
However, the administrative expenses rose by 11.9% to N11.24 billion, largely due to higher employee benefit costs, rising utility expenses, and increased professional fees. Additionally, finance costs climbed to N429.54 million, while finance income experienced a sharp decline.
Balance sheet performance:
SAHCO also saw significant improvement in its balance sheet position with total assets growth outpace liabilities.
- Total assets rose by 35.4% to N56.58 billion, up from N41.78 billion in 2024, largely driven by a 53.5% increase in property, plant and equipment to N24.61 billion.
- Trade receivables rose to N18.34 billion while cash and cash equivalents surged 88.1% surge to N5.70 billion.
- Total liabilities increased to N16.72 billion, while long-term borrowings edged up to N2.45 billion.
- Shareholders’ equity grew to N39.87 billion.
- Total equity attributable to shareholders grew 36.3% to N39.87 billion up from N29.27 billion in the prior year, supported by a significant 101% jump in retained earnings to N21.74 billion.
However, the company reported a slight decline in its foreign exchange reserves, which stood at N2.88 billion.
Market reaction
As of Wednesday, April 1, 2026, the market has yet to fully respond to the earnings report as it closed flat despite declaring impressive returns to shareholders.
- The company declared a total dividend of N812.15 million, double the amount declared in 2024 (N406.07 million).
- This represents a payout of 867 kobo per share compared to 357 kobo in the prior year.
- As of March 31, 2026, the stock closed at N143.10 per share, reflecting a 10% decline from the previous day’s close.
- However, the stock has seen a 61.8% increase year-to-date, ranking it 32nd on the Nigerian Exchange (NGX) in terms of year-to-date performance.
With 1.35 billion shares outstanding and a market capitalization of N194 billion, SAHCO currently ranks as the 46th most valuable stock on the exchange, accounting for 0.15% of the total market value.
