SKYWAY AVIATION HANDLING : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

(RC:813022)

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 DECEMBER 2022

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	35-84
OTHER NATIONAL DISCLOSURES:
VALUE ADDED STATEMENT (NON-IFRS)	85
FIVE YEAR FINANCIAL SUMMARY (NON-IFRS)	86

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SKYWAY AVIATION HANDLING COMPANY PLC

CORPORATE INFORMATION

REGISTERED CORPORATION

NUMBER:	813022
TAX IDENTIFICATION NUMBER:	04683753-0001
DIRECTORS:	Barrister (Dr.) Taiwo Afolabi	Chairman
Barrister Chike Ogeah	Vice Chairman- Resigned WEF 15 July 2022
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 - Resigned WEF 15 July 2022
Dr. Oluropo Owolabi	Non-Executive Director
Barrister Oladipo Kayode Filani	Non-Executive Director
Captain Shehu Iyal	Non-Executive Director
Dr. Bukola Bello Jaiyesimi	Non-Executive Director
Laila Jean St. Matthew-Daniel	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 Control
Benjamin Akinola	AGM- Internal Audit
Rotimi Omotoso	Chief Finance Officer
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..

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CORPORATE INFORMATION (CONT'D)

PRINCIPAL BANKERS:INDEPENDENT AUDITORSSOLICITORSREGISTRARS:

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. Wema Bank 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]

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

Lagos State.

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.

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FINANCIAL HIGHLIGHTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2021
₦'000	%
24,607,589	4,610,950	18.74
19,093,753	907,611	4.75
5,266,298	4,414,320	83.82
215,866	3,419,585	1,584.13
4,623,746	41,343	0.89
676,790	-	-
19,341,291	196,630	1.02
1,835,102	3,844,195	209.48
Revenue	11,125,330	8,657,635	2,467,695	28.50
Direct Cost	6,759,284	4,850,679	1,908,605	39.35
Gross Profit	4,366,047	3,806,957	559,090	14.69
Administrative Expenses	4,074,381	3,222,661	851,720	26.43
Profit Before Income Tax	469,583	565,148	(95,565)	(16.91)
Profit for the year	309,336	282,030	27,305	9.68
Total other comprehensive income	155,287	83,366	71,921	86.27
RATIOS:
Gross Profit	%	39	44	(4.7)	(10.75)
Direct Cost to Revenue Ratio	%	61	56	4.7	8.44
Administrative Expenses to Revenue Ratio	%	37	78	(41.9)	(53.34)
Net Profit	%	3	3	(0)	(14.65)
Current Ratio	2.1	2.30	1.61	0.70	43.35
Return on Capital Employed	%	2	1	0	8.58
Gearing	%	13	5	7	135.99
PER SHARE DATA
Earnings Per Share	Kobo	22.85	20.84	2	9.68
Dividend Per Share	Kobo	16.50	16.50	-
Net Assets Per Share	Kobo	1,443	1,429	1.02
Number of Issued Ordinary Share Capital	Units	1,353,580,000	1,353,580,000	-
Market Capitalisation	Naira	6,767,900,000	7,173,974,000	(5.66)
Market price per share	Naira	5.00	5.30	(5.66)

Increase / (Decrease)

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ITEMS:

STATEMENT OF FINANCIAL POSITION ITEMS:

2022 ₦'000

Total assets 29,218,539

Non-current assets 20,001,363

Total liabilities 9,680,618

Borrowings 3,635,450

Retained Earnings 4,665,090

Ordinary Share Capital

676,790

Equity 19,537,921

Non-current liabilities 5,679,297

₦'000

- 15 - (406,074,000)

(0.30)

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.

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