Shareholders of Skyway Aviation Handling Company PLC (SAHCOL) on Tuesday approved a total dividend of N223.34 million for the financial year ended Dec. 31, 2019.
The shareholders unanimously gave the approval at the company’s 10th Annual General Meeting (AGM) by proxy held in Lagos. The dividend translated to 16.50k per share.
Speaking at the meeting, Dr Taiwo Afolabi, the company’s Chairman, assured the shareholders of enhanced returns on their investment in the current financial year.
Afolabi said the company had embarked on the development of business models geared toward ushering in efficient and speedy service delivery. He stated that the business model would change the financials status of the company by the year end. In the last one year, we have made a massive investment in our capacity to serve our clients through the acquisition of modern equipment, provision of new facilities, capacity development for staff and board members,” he said.
Afolabi added that the company had diversified to a new complementary business with a growth potential.
He noted that the company had embarked on an aggressive marketing drive, both local and internationally, to shore up the client base and revenue. Commenting on the company’s financials, the chairman said the performance was not only encouraging, but also a pointer to a future that is bright.
“Compared to the previous financial year of 2018 when it recorded a huge loss of N696.99 million, SAHCO made a net profit of N446.53 million in 2019. The twin factors of cost reduction and new business helped to achieve this feat” he said.
