LAGOS, Nigeria (VOICE OF NAIJA)-Skyway Aviation Handling Company (SAHCO) has disclosed an 81.82% rise in its dividend payout to shareholders, reaching N406.07 million in 2023 from N223.34 million the previous year.
This announcement was made by the Chairman of the aviation company, Taiwo Afolabi, during the firm’s annual general meeting held in Lagos on Thursday.
He announced a dividend payout of 30 kobo per ordinary share of 50 kobo, up from 16.50 kobo paid 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.”
The chairman also disclosed that the firm’s revenue rose to N8.2 billion in 2023 from N4.3 billion the previous year.
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He attributed these successes to the dedication and diligence of the staff, supported by ongoing 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 N11.1bn for 2022, but as of the end of the 2023 financial year, our company’s revenue stood at N16.5bn.
“We have also grown our gross profit from N4.3bn in 2022 to N8.2bn in the year under review,” he added.
He highlighted that the company’s assets also contributed to its impressive performance, with total current assets increasing to N34 billion from N29.2 billion in 2022.
The outgoing Managing Director of SAHCO, Basil Agbarumi, reiterated the robustness of Nigeria’s aviation sector, noting its contribution of four percent to the national GDP in the first quarters of the year under review.
“Data from the National Bureau of Statistics shows that the aviation sector contributed about N117bn, which is 4 per cent of the national GDP in the first quarter of 2023; it supports about 200,000 jobs and pays about 8.5bn in tax annually,” he noted.
The outgoing Managing Director of SAHCO, Basil Agbarumi, emphasized the vitality of Nigeria’s aviation sector.
noting its significant contribution of four percent to the national GDP in the first quarters of the year under review.
“Data from the National Bureau of Statistics shows that the aviation sector contributed about N117bn, which is 4 per cent of the national GDP in the first quarter of 2023; it supports about 200,000 jobs and pays about 8.5bn in tax annually,” he noted.