During the event, SAHCO declared a dividend of N223,340,700, resulting in 16.5k (sixteen and a half kobo) per share.
Dr Taiwo Afolabi, Chairman of the company, said that when SIFAX Group bought SAHCO, only 7% of the market share was controlled by SAHCO but that had increased to 55% over the years for ground handling, while in cargo handling SAHCO now held a 70% market share.
In his remarks, Basil Agboarumi, Managing Director/CEO, SAHCO, said that the Single Africa Air Transport Market initiative had contributed to the growth of the Nigerian aviation industry and that of the ground handling sub-sector in 2019. “Essentially, three African carriers made their entrance into the Nigerian market: TAAG Angola, Cabo Verde Airlines and Air Senegal. However, Air Namibia suspended their flights to Lagos over unresolved diplomatic issues” He added that the company was ready to attract new airlines and expected new start-up airlines before the year end, namely NG Eagle and Green Africa.
Agboarumi went on to say that in the year under review, SAHCO recorded an increase of 24.5% in its revenues. He emphasised that this remarkable shift was achieved through the resilience of the entire workforce, aggressive marketing strategies that saw additions to the clientele list, concerted efforts towards cost containment and effective internal control processes.
