Skyway Aviation Handling Company (SAHCO) Plc recorded a net loss of N665.65 million in 2018 despite almost a quarter increase in the aviation handling company’s turnover.
Key extracts from the audited report and accounts SAHCO for the year ended December 31, 2018 showed that the company recorded a net loss of N665.65 million in 2018 as against net profit of N217.73 million in 2017. Loss before tax had stood at N302.9 million in 2018 compared with pre-tax profit of N125.90 million in 2018.
Total turnover had however increased by 23.19 per cent from N4.98 billion in 2017 to N6.14 billion in 2018. Earnings per share consequently turned negative from positive earnings of 51.23 kobo in 2017 to loss per share of 49.18 kobo in 2018. The company’s total assets meanwhile rose by 58.75 per cent from N14.59 billion in 2017 to N23.09 billion in 2018. Net assets per share also improved from N12.95 in 2017 to N14.01 in 2018.
The board of directors of the company has indicated it would not be recommending any dividend payment based on the 2018 results.
SAHCO had in April 2019 listed its shares on the Nigerian Stock Exchange (NSE), after an initial public offering (IPO) that was undersubscribed by 35.35 per cent.
