SAHCO Plc records 76% increase in 2020 FY pre-tax profits

Skyway Aviation Handling Company Plc, also known as SAHCO (SKYAVN), recorded a significant increase in its 2020 FY pre-tax profits, as its total revenue declined.

The aviation service provider reported pre-tax profit of N962.49 million in 2020 FY, compared to the N545.52 million it recorded in 2019, a 76.44% increase.

Key highlights for 2020 FY

Revenue declined to N6.98 billion from N7.66 billion, -8.94% YoY.
Revenue from foreign handling declined to N885.5 million, -29.70% YoY.
Revenue from domestic handling declined to N438.19 million, -28.72% YoY.
Revenue from Ad-hoc handling declined to N2.30 million, -99.15% YoY.
Revenue from cargo handling increased to N4.86 billion, +9.65% YoY.
Revenue from cargo handling – Export increased to N447.9 million, +40.68% YoY.
Revenue from VIP lounge service declined to N4.07 million, -77.03% YoY.
Revenue from Hajj operations declined to N5.15 million, -97.19% YoY.
Revenue generated from equipment rental declined to N139.3 million, -50.07% YoY.
Revenue from haulage/crew bus services declined to N16.93 million, -60.25% YoY.
Revenue from DCS/PAX handling was N530 thousand, +100% YoY.
Revenue from Airport security services declined to N11.4 million, -59.54% YoY.
Revenue from Christian pilgrimage handling declined to N16.65 million, – 7.83% YoY.
Other operating income increased to N104.58 million, +178.78% YoY.
Cost of sales declined to N3.93 billion, -9.06% YoY.
Finance income increased to N194.43 million, +21503.11% YoY.
Administrative expenses declined to N2.37 billion, -8.07%YoY.
Finance costs declined to N16.96 million, -93.46% YoY.
Pre-tax profit increased to N962.49 million, +76.44% YoY.
Earnings Per Share increased to 47 kobo, +42.42% YoY.