Skyway Aviation Handling Company Plc [SAHCO] plunged a clear 92 percent year-on-year to close the first quarter of the 2022 financial year at N7 million. That sets the aviation services handling company on a downward path for the second year.
The company’s first quarter report at the end of March 2022 shows revenue improvement more than countered by cost increases. That squeezed the bottom line from over N93 million in the same period last year to the N7 million figure in the first quarter.
The company faces the same pattern seen last year where rising costs overtook revenue gains and profit fell by 41.5 percent to N282 million at full year. That ended two years on a recovery course from a loss of N697 million in 2018.
The company grew revenue by 28 percent year-on-year to roughly N2.6 billion in the first quarter. This is a step up from an increase of 24.7 percent in turnover at the end of the 2021 financial year. SAHCO’s revenue is derived from passenger handling services, cargo handling operations, equipment rental and rental income.