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Skyway Aviation Handling Company Plc posted profit after tax of N11.73 billion in the year ended December 31, 2025, more than double the N4.83 billion recorded in 2024, delivering a strong result for the controlling shareholder Taiwo Afolabi, whose combined stake in the business through his personal holdings and the Sifax Group has a market value of approximately N117.68 billion at current prices.
Afolabi holds 60.72% of SAHCO, equivalent to 822,373,080 shares in the company. At the stock's closing price of N143.10 on the Nigerian Exchange as of April 1-2, 2026, the value of that stake stands at N117.68 billion, or approximately $84.06 million at the current exchange rate of N1,400 to the dollar. SAHCO's share price has risen 61.8% year-to-date, making it one of the stronger performers on the exchange in 2026.
The company's 142% increase in net profit came on the back of a 54% rise in revenue, which grew to N44.46 billion from N28.94 billion in the prior year. Profit before tax reached N14.28 billion, a 120.2% increase from N6.49 billion in 2024. Tax expense for the year was N2.55 billion.
Passenger handling was the primary revenue driver, contributing N31.82 billion to the top line, up from N18.60 billion in 2024. Cargo handling generated N12.64 billion during the period, with the company also recording improved contributions from ancillary and value chain operations.
Cost of sales rose to N18.98 billion from N12.56 billion in the prior year, but the increase was outpaced by revenue growth, lifting gross profit to N25.48 billion from N16.38 billion. Administrative expenses were largely contained, rising 11.9% to N11.24 billion, which allowed profit from operations to more than double to N14.62 billion from N6.53 billion in 2024.
Other income rose 90.4% to N381 million from N200.22 million in the prior year. Total comprehensive income for the year came in at N11.42 billion, compared with N6.89 billion in 2024. The gap between net profit and total comprehensive income reflects a foreign exchange loss of N314.5 million during the period, against a gain recorded in 2024.
Earnings per share rose to 867 kobo from 357 kobo in 2024. The board declared a final dividend of N1.6 billion to shareholders for the year under review.
The balance sheet strengthened materially. Total assets expanded to N56.58 billion from N41.78 billion in 2024, driven by investment in property, plant and equipment, which climbed to N24.61 billion from N16.03 billion, reflecting continued capital deployment into operational capacity. Shareholders' equity rose to N39.87 billion from N29.27 billion, supported by retained earnings growth to N21.74 billion.
Cash generation was notably improved. Net cash inflow from operating activities rose to N13.47 billion from N5.01 billion in 2024, a nearly threefold increase that reflects the conversion of higher earnings into cash.
The fourth quarter contributed N3.40 billion to annual profit, compared with N1.60 billion in the same period of 2024, signalling that momentum held through the second half of the year rather than being concentrated in earlier quarters.
Barr Taiwo Afolabi (CON), Chairman of SAHCO, said sustained investment in modern equipment and infrastructure had been instrumental in driving operational efficiency, enhancing service delivery and positioning the company for long-term growth.
SAHCO, a member of the Sifax Group, is listed on the Nigerian Exchange and provides ground handling services across aircraft and ramp handling, cargo handling, passenger handling, premium lounge operations, aviation security and baggage reconciliation. The company was incorporated in April 2009 and operates across Nigeria's major airports. Total market capitalisation as of the date of the results stood at approximately N194 billion, making SAHCO the 46th most valuable stock on the Nigerian Exchange.
