Skyway Aviation Handling Company Plc (SAHCO) posted a pre-tax profit of N8.08 billion for the nine months ended September 30, 2026, a 22.13% decline from N10.38 billion recorded in the corresponding period of 2025, as rising direct costs and administrative expenses outpaced revenue growth.
Revenue climbed 8.15% to N34.26 billion from N31.68 billion, supported by passenger handling and import cargo services. Passenger handling and related services grew 4.60% to N24.48 billion, representing approximately 71.45% of total revenue, while import cargo handling rose 24.60% to N8.20 billion. Export cargo handling, however, fell 6.60% to N1.58 billion.
Profitability came under pressure from costs. Direct costs increased 16.54% to N16.37 billion, partly on a 52.81% jump in direct labour costs to N3.92 billion and a 48.06% rise in depreciation charged to direct costs to N2.18 billion. Concession fees also rose to N1.67 billion from N1.55 billion. Administrative expenses climbed 36.00% to N10.09 billion, with employee benefit expenses up 78.72% to N3.94 billion. Gross profit inched up 1.48% to N17.89 billion, leaving the gross margin lower at 52.23% from 55.67%.
Operating profit declined 20.91% to N8.32 billion from N10.52 billion. Net finance expense widened to N236.15 million from N138.74 million, as finance expenses rose 127.62% to N500.73 million. Income tax expenses increased 40.23% to N2.75 billion from N1.96 billion, pushing profit after tax down 36.65% to N5.33 billion. Earnings per share fell to 394 kobo from 622 kobo.
Third-quarter performance improved sharply, with pre-tax profit rising 455.32% to N2.33 billion from N419.98 million in Q3 2025.
Total assets grew 6.17% to N87.79 billion, driven by a 17.98% increase in property, plant and equipment to N57.25 billion. Trade and other receivables declined 20.97% to N16.07 billion, while cash and cash equivalents rose 12.52% to N5.50 billion. Total borrowings stood at N3.97 billion, while shareholders' equity increased 5.08% to N65.37 billion. Net operating cash flow improved 42.99% to N13.74 billion, against N11.60 billion spent on property, plant and equipment.
SAHCO shares closed unchanged at N171.20 on October 30, 2026. The stock has gained 93.56% year-to-date from an opening price of N88.45. The company paid N1.62 billion in dividends during the period, up from N812.15 million, but declared no fresh Q3 interim dividend.
