SKYWAY AVIATION HANDLING : AUDITED FINANCIAL STATEMENT FOR 2021

(RC:813022)

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 DECEMBER 2021

GBENGA BADEJO & CO.

(CHARTERED ACCOUNTANTS)

A Correspondent Firm of Reanda International. An international network of independent accounting and consulting firms.

SKYWAY AVIATION HANDLING COMPANY PLC
TABLE OF CONTENTS	PAGES
CORPORATE INFORMATION	2-3
FINANCIAL HIGHLIGHTS	4
REPORT OF THE DIRECTORS	5-13
STATEMENT OF DIRECTORS' RESPONSIBILITIES	14
CORPORATE GOVERNANCE REPORT	15-24
AUDIT COMMITTEE REPORT	25
REPORT OF THE INDEPENDENT AUDITORS	26-30
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	31
STATEMENT OF FINANCIAL POSITION	32
STATEMENT OF CHANGES IN EQUITY	33
STATEMENT OF CASH FLOWS	34
NOTES TO THE FINANCIAL STATEMENTS	35-83
OTHER NATIONAL DISCLOSURES:
VALUE ADDED STATEMENT	84
FIVE YEAR FINANCIAL SUMMARY	85

1

SKYWAY AVIATION HANDLING COMPANY PLC

CORPORATE INFORMATION

REGISTERED NUMBER:	RC:813022
TAX IDENTIFICATION NUMBER:	04683753-0001
DIRECTORS:	Barrister (Dr.) Taiwo Afolabi	Chairman
Barrister Chike Ogeah	Vice Chairman
Mr. Basil Agboarumi	Managing Director
Mr. Babatunde Afolabi	Executive Director
Mr. Olaniyi Adigun	Executive Director
Mrs. Boma Ukwunna	Executive Director
Mr. Olutoye Ariyo	Non-Executive Director
Dr. Oluropo Owolabi	Non-Executive Director
Barrister Oladipo Kayode Filani	Non-Executive Director
Captain Shehu Iyal	Non-Executive Director
Mr. Anogwi Anyanwu	Independent Director
PRINCIPAL OFFICERS:	Basil Agboarumi	Managing Director/CEO
Olaniyi Adigun	Executive Director - Sales and Marketing
Boma Ukwunna	Executive Director - Cargo Services
Babatunde Afolabi	Executive Director IT and Business Development
James Oriowo	AGM- Engineering and Maintenance
Olugbenga Okeowo	AGM- Operations
Olajide Kafidipe	AGM- Cargo Services
Hamzat Bola Olaniyan	AGM- Billing
Yinka Afolabi Ogungbemi	AGM- Admin Services an Project
Omolara Bello	AGM- Legal/ Company Secretary
Taiwo Olayemi Mogaji	AGM- Internal Audit
Rotimi Omotoso	Chief Finance Officer
Oyeyemi George Ademeso	Head- Business Development
Folorunso Elegbede	AGM - Human Resources
Christie Oseghale	AGM - Safety and Quality Assurance
Adebowale Okunlola	Head - Security
Ayodele Taoheed Sanusi	Head - Procurement
REGISTERED OFFICE
OPERATIONAL OFFICE ADDRESS:
COMPANY SECRETARY:

54, Warehouse Road, Apapa, Lagos State

Skyway Aviation Handling Company Plc. Complex, Cargo Terminal,

Murtala Muhammed International Airport, Ikeja,

Lagos State.

Ms. Omolara Bello

Skyway Aviation Handling Company Plc. Complex, Cargo Terminal,

Murtala Muhammed International Airport, Ikeja,

Lagos State..

2

CORPORATE INFORMATION (CONT'D)

PRINCIPAL BANKERS:INDEPENDENT AUDITORS

Access Bank Plc. Ecobank Nigeria Limited Fidelity Bank Plc.

First Bank of Nigeria Limited First City Monument Bank Plc. Guaranty Trust Bank Limited Keystone Bank Limited. Polaris Bank Limited Stanbic IBTC Bank Plc. Sterling Bank Plc.

Union Bank of Nigeria Plc. United Bank for Africa Plc. Zenith Bank Plc.

Gbenga Badejo and Co. (Chartered Accountants)

A Correspondent Firm of Reanda International Plot 8A, Ajumobi Olorunoje Street,

Off Acme Road, By First Bank, Agidingbi, Ikeja, Lagos State Tel.: [phone].

Email:[e-mail]

SOLICITORS

Sceptre Law

2c, Idowu Olaitan Street, Gbagada Expressway, Gbagada Phase II, Lagos State.

H.A. Olaniyan and Co. 2nd Floor Rear Block, 208, Ikorodu Road, Palmgrove,

Lagos State.

REGISTRARS:

First Registrars and Investors Services Limited 2, Abebe Village Road, Iganmu,

Lagos State.

ADVISERS

J. Ajayi Patunola & Co. FRC/2013/0000000000679 Estate Surveyors & Valuers

3, Adelabu Close, Opp Custom Training College Gate, Off Ola-Ayinde/Toyin Street, Ikeja, Lagos State.

Seyi Katola & Co. (Chartered Accountants) FRC/2013/ICAN/00000003609 Actuarial Valuers

1, Babatunde Ladega Street Omole Bus-Stop

Lagos State.

3

FINANCIAL HIGHLIGHTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2021	2020	Increase / (Decrease)
₦'000	₦'000	₦'000
STATEMENT OF FINANCIAL POSITION ITEMS:
Total assets	24,607,589	23,626,187	981,402
Non-current assets	19,093,753	18,224,947	868,806
Total liabilities	5,266,298	4,426,950
Equity	19,341,291	19,199,237
Non-current liabilities	1,835,103	1,674,464

%

4.15

4.77

839,348
142,053
160,639
Revenue	8,707,448	6,981,593	1,725,856
Direct Cost	4,850,679	3,952,899	897,779
Gross Profit	3,856,770	3,028,693	828,077
Profit Before Income Tax	565,148	566,665	(1,517)
Profit for the year	282,030	482,377	(200,346)
Total other comprehensive income / (loss)	83,366	(84,839)	168,205
RATIOS:
Gross Profit (%)	44	43	0.9
Net Profit (%)	3	7	(4)
Current Ratio (times)	1.61	1.96	(0.36)
Return on Capital Employed (%)	1	3	(1)
Gearing (%)	5	2	3
PER SHARE DATA
Earnings Per Share (Kobo)	21	36	(15)
Dividend Per Share (Kobo)	16.50	16.50	-
Net Assets Per Share (Kobo)	1,429	1,418	10
1,353,580,000	-
4,331,456,000	2,842,518,000
3.20	2.10

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ITEMS:

18.96

0.74

9.59

24.72

22.71

27.34

(0.27)

(41.53)

(198.26)

2.10

(53.12)

(18.11)

(41.96)

145.42

Number of Issued Ordinary Share Capital (Units)1,353,580,000

Market Capitalisation Market price per share

(41.53)

- 0.74 -7,173,974,000 65.63

5.30 65.63

Current ratio indicates the company's ability to pay its current liabilities from its current assets.

Return on capital employed (ROCE) ratio measures the company's profitability and the efficiency with which its capital is employed.

Gearing ratio measures the proportion of the company's borrowed funds to its equity.

Earnings per share and net assets per share are based on profit after taxation and net assets respectively and the number of issued and fully paid ordinary shares at the end of each financial year.

4