Skyway Aviation Handling Company Plc (SAHCO) recorded a 143 percent surge in net profit for the year ended December 31, 2025, underscoring a strong recovery in Nigeria’s aviation support sector.
The company’s unaudited results highlight significant growth across revenue, operational performance, and balance sheet strength, driven by rising passenger and cargo volumes.
Revenue for the year rose 53.6 percent to N44.46 billion from N28.94 billion in 2024. Passenger handling continued to dominate the revenue mix, contributing N31.82 billion, while cargo handling (import) added N10.44 billion.
Gross profit increased to N25.48 billion from N16.38 billion in the prior year, reflecting the firm’s ability to scale operations efficiently while managing direct costs.
Administrative expenses, in contrast, were largely contained, rising 11.9 percent to N11.24 billion, allowing profit from operations to more than double to N14.62 billion.
The disparity between revenue growth and administrative expense growth illustrates improved operational leverage, with each additional naira of revenue contributing disproportionately to operating profit.
Profit before tax surged 120.2 percent to N14.28 billion from N6.49 billion in 2024. After accounting for a tax expense of N2.55 billion, net profit for the year reached N11.73 billion.
The fourth quarter alone contributed N3.40 billion to annual profit, compared with N1.60 billion in the same period of 2024, signalling sustained performance through the second half of the year.
The magnitude of growth at both top and bottom lines demonstrates SAHCO’s resilience in capturing the benefits of increased aviation activity while controlling costs.
On the balance sheet, SAHCO strengthened its financial position. Total assets expanded to N56.58 billion from N41.78 billion in 2024, driven by investments in property, plant, and equipment, as well as growth in current assets to support higher operational volumes.
Total equity rose to N39.87 billion from N29.27 billion, reflecting retained earnings and a stronger capital base. Total liabilities increased to N16.71 billion from N12.51 billion, remaining proportionate to asset growth and indicating a stable leverage position.
The company ended the year with N6.54 billion in cash and cash equivalents, while net cash generated from operating activities amounted to N12.14 billion, a level sufficient to fund N11.04 billion in capital expenditures during the period.
Earnings per share rose sharply to 867 kobo from 357 kobo in 2024. The company also increased dividend payments to N812 million, double the N406 million paid in the previous year, reflecting a commitment to returning value to shareholders while maintaining funds for continued investment in operations.
The combination of higher revenue, operating efficiency, and capital allocation underpins the strong profitability and balance sheet improvements.
SAHCO’s financial results highlight the impact of the aviation sector’s recovery on ground handling operators. The increase in passenger and cargo volumes has translated into higher revenues and improved operating margins.
By maintaining administrative expenses at a slower pace than revenue growth and reinvesting in infrastructure, the company has enhanced both efficiency and capacity. The results illustrate a clear trend: operational leverage in ground handling is magnified when flight activity rises, as fixed costs are spread across a larger revenue base.
The fourth-quarter performance further confirms that SAHCO’s growth is not limited to seasonal spikes but is sustained across the year.
The expansion of both current and non-current assets indicates strategic investments designed to support future growth, while the strong cash generation and higher equity provide flexibility to fund additional capacity or respond to market opportunities.
