Skyway Aviation Handling Company Plc has recorded a significant increase in revenue, reaching ₦28.9 billion in the 2024 financial year.

The company also announced plans to acquire additional ground support equipment to enhance operations and serve more clients.

These details were revealed in the 2024 Financial Year Report presented by the board and management of Skyway Aviation Handling Company Plc during its 15th Annual General Meeting, held virtually on Thursday.

The report indicated that the ₦28.9 billion revenue represented a 74.8% increase from the ₦16.5 billion recorded in the 2023 financial year.

Compared to its 2022 performance, Skyway Aviation Handling Company Plc recorded a remarkable financial growth of over 260%, with revenue rising from ₦11.1 billion in 2022 to ₦28.9 billion in 2024.

The company also reported a gross profit of ₦16.3 billion in 2024, doubling the ₦8.1 billion recorded in 2023.

Additionally, SAHCO announced an operating profit before income tax expenses of ₦6.4 billion for the year.

Speaking at the AGM, the Chairman of SAHCO, Dr. Taiwo Afolabi, noted that the global economy witnessed modest growth in 2024, with the International Monetary Fund projecting a global GDP growth rate of 3.2%.

He attributed this improvement to the gradual easing of supply chain disruptions and a rebound in consumer demand across key economies.

He said, “A Nigerian entrepreneur once had to endure long layovers and multiple connections to secure international deals. Today, improved connectivity allows businesses to move faster, boosting trade and investment.

“To sustain this momentum, the focus must remain on efficiency, innovation and resilience, ensuring that Nigeria’s aviation sector remains competitive on the global stage.”

Dr. Afolabi also projected further expansion for SAHCO within the African continent, highlighting the company’s plans to broaden its operational footprint across the region.

Also speaking, the Managing Director, Mrs. Adenike Aboderin, highlighted that the company made substantial investments in new ground support equipment during the 2024 financial year.

She reaffirmed SAHCO’s commitment to strengthening its core values while advancing its mission and vision.

She said, “As we look ahead to 2025, we remain optimistic about the opportunities that lie before us. Our financial projections for the coming year are built on key assumptions that include an expected increase in the domestic handling rate and a pipeline of new business prospects that we anticipate will further drive our growth.

“We are committed to continuing our upward trajectory and positioning SAHCO as the premier aviation handling company in the region.”