Skyway Aviation Handling Company has disclosed a 81.82 per cent rise in its dividend payout to shareholders to N406.07m in 2023 from N223.34m in the previous year.

The Chairman of the aviation company, Taiwo Afolabi, said at the firm’s annual general meeting in Lagos on Thursday that it was paying 30 kobo dividend per ordinary share of 50k compared to 16.50k 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 announced an increase in the firm’s revenue to N8.2bn in 2023 from N4.3bn realised in the prior year.

He hinged the reason for the successes recorded to staff dedication and activeness, which was aided by 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.

The outgoing Managing Director of SAHCO, Basil Agbarumi, reaffirmed the viability of the country’s aviation sector

He stated that it contributed four per cent of 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, reechoed the viability of the country’s aviation sector

He stated that it contributed four per cent of 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.