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Skyway Aviation Reports Robust Profit Growth, Revenue Up 54% in 2025

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Skyway Aviation Handling Company Plc delivered a robust financial performance for the year ended December 31, 2025, with profit after tax more than doubling to N11.73 billion, underscoring strong operational momentum and improved efficiency across its business lines.

The company’s audited results show revenue rose significantly by 54 per cent to N44.46 billion in 2025, up from N28.94 billion recorded in 2024. The growth was driven largely by increased demand for passenger and cargo handling services, alongside improved contributions from ancillary and Value Chain operations.

Costs of sales also climbed during the period, rising to N18.98 billion from N12.56 billion in the prior year. However, the increase was outpaced by revenue growth, resulting in gross profit expanding to N25.48 billion from N16.38 billion in 2024.

Operating performance remained strong, with profit from Operations nearly doubling to N14.62 billion compared with N6.53 billion recorded a year earlier. This was achieved despite higher administrative expenses, which rose to N11.24 billion from N10.05 billion, reflecting inflationary pressures, increase in utility and increased personnel costs.

After accounting for a tax expense of N2.55 billion, profit after tax stood at N11.73 billion, representing a 142 per cent increase from N4.83 billion in the previous year.

Total comprehensive income for the year came in at N11.42 billion, compared with N6.89 billion in 2024, reflecting a foreign exchange loss of N314.5 million during the period, in contrast to a gain recorded in the prior year.

The company’s balance sheet remained solid, with total assets increasing to N56.58 billion as at December 31, 2025, from N41.78 billion in 2024. The growth was largely driven by a significant rise in property, plant and equipment, which climbed to N24.61 billion from N16.03 billion, indicating continued investment in operational capacity.

Shareholders’ equity also strengthened, rising to N39.87 billion from N29.27 billion, supported by retained earnings growth to N21.74 billion.

Cash flow generation improved markedly, with net cash inflow from operating activities rising to N13.47 billion from N5.01 billion in the previous year. The company ended the year with cash and cash equivalents of N5.70 billion, up from N3.03 billion in 2024.

Despite increased capital expenditure of over N11 billion on fixed assets, Skyway maintained positive financing cash flow, supported by additional borrowings during the year.

Earnings per share rose to 867 kobo from 357 kobo in 2024, reflecting the strong profitability performance and enhanced shareholder value.

The company, however, declared a final dividend of N1.6 billion to its shareholders for the year under review.

Overall, Skyway Aviation Handling Company’s 2025 results highlight strong revenue expansion, good operational efficiency, and sustained investment in infrastructure, positioning the firm for continued growth amid rising demand in Nigeria’s aviation services sector.
Speaking on the Company’s financial performance, the Managing Director/CEO stated that the results reflect the strength of SAHCO’s strategic direction, the resilience of its business model, and the unwavering commitment of its workforce. She noted that despite a challenging operating environment marked by inflationary pressures and rising costs, the Company sustained strong margins and nearly doubled its operating profit.
Dr. Barr Taiwo Afolabi (CON), Chairman of Skyway Aviation Handling Company PLC commenting on the financial report, emphasized that sustained investments in modern equipment and infrastructure have been instrumental in driving operational efficiency, enhancing service delivery, and positioning SAHCO for long-term growth.

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Business

BREAKING: No return to fuel subsidy, multiple exchange rates, Oyedele insists

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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Saturday said there will be no reversal of the government’s policies on fuel subsidy removal and foreign exchange market liberalisation.

Mr Oyedele spoke in response to concerns raised in the wake of the debates over subsidy policies ahead of the 2027 elections.

PREMIUM TIMES reports that the minister spoke on the sidelines of the World Bank/IMF meetings in Bangkok, Thailand.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele

Nigeria has introduced a series of reforms the government said were focused on fixing the structure of the economy, although the impact has been enormous for many Nigerians grappling with the cost-of-living crisis.

The government introduced reforms in the foreign exchange market, abolished what it termed a wasteful, corruption-ridden subsidy regime amid fiscal pressures, and institutionalised tax reforms.

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While the Nigerian government, led by President Bola Tinubu, has defended its economic policy of subsidy removal as critical to the nation’s fiscal survival, opposition politicians—such as Atiku Abubakar of the ADC and Peter Obi of the NDC—have canvassed for and promised a return to different subsidy arrangements if elected into power.

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Although the reforms have been hailed as positive for the nation’s fiscal health by global development and financial institutions, many Nigerians have expressed frustrations over their impact on the domestic front amid skyrocketed energy prices, high cost of living and sundry inflationary pressures.

Mr Oyedele said on Saturday that there will be no return to subsidy regimes, adding that the 30-day retail margin discount isn’t a subsidy arrangement.

“And let me be clear as well, this was a recurring question almost through all our engagements, but also with the rating agencies, with the investors, and the multilateral institutions. Every time they ask, are you reversing your plans? Are you bringing back subsidies? Let me be clear, there will be no return to fuel subsidies or multiple exchange rates,” he said.

READ ALSO: Oyedele warns against tax burden on poor people as G-24 seeks concessional lending support

PREMIUM TIMES reports that the government recently announced an intervention by the state-owned oil company, NNPC, that it would sell petrol at the cost price for about 30 days; a move many described as some form of subsidy. The government, however, insists the intervention is not a subsidy.

“The recent 30-day retail margin discount… is a time-bound commercial decision by the NNPC to reduce margins and support Nigerians. It is not a subsidy paid from public funds,” Mr Oyedele said.


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Business

NSIB kicks off probe into aircraft door loss incident

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The Nigerian Safety Investigation Bureau (NSIB) has begun an investigation into an incident involving a foreign-registered aircraft operated by Triton Aviation after the airline’s crew reported that a door of the aircraft opened mid-air shortly after taking off from Abuja on Thursday.

The Challenger 604 aircraft, with registration number T7-SEI, departed the Nnamdi Azikiwe International Airport on Thursday for Lagos.

It was about three nautical miles from the airport, climbing through 3,500 feet, when its crew declared a Mayday emergency, according to the NSIB.

The aircraft returned to Abuja and landed safely on Runway 22 at 16:34 Coordinated Universal Time (UTC), with nine people on board, comprising three crew members and six passengers.

In a statement issued Friday and signed by its director-general and CEO, Alex Badeh Jr., the NSIB said it recovered the missing door and secured it at its wreckage hangar.

“The bureau has commenced its investigation to establish the circumstances surrounding the occurrence,” the statement said.

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PREMIUM TIMES earlier reported that the aircraft’s crew declared a Mayday emergency after reporting that a door had opened during flight shortly after take-off.

Airport fire, rescue personnel and medical teams were placed on standby while air traffic controllers directed the aircraft back to Abuja.

The aircraft landed safely, and the air traffic controller subsequently observed that the door was missing from the fuselage.

A video circulating on social media also appears to show the missing door. In the footage, an unidentified man said farmers had found the object while returning from their farm in the Abuja area.

The NSIB said its investigation will establish the circumstances surrounding the incident, including what caused the door to detach and the sequence of events during the flight.

The aircraft is registered in San Marino, a small European country surrounded by Italy, according to the NSIB statement.

The bureau said it will provide further updates as the investigation progresses.


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