SKYWAY AVIATION HANDLING : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

SKYWAY AVIATION HANDLING COMPANY PLC

(RC:813022)

UNAUDITED

INTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS ENDED

30 SEPTEMBER 2023

SKYWAY AVIATION HANDLING COMPANY PLC

TABLE OF CONTENTS	PAGES
CORPORATE INFORMATION	2-3
DIRECTORS' CERTIFICATION REPORT	4
CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	5
CONDENSED STATEMENT OF FINANCIAL POSITION	6
CONDENSED STATEMENT OF CHANGES IN EQUITY	7
CONDENSED STATEMENT OF CASH FLOWS	8
FREE FLOAT ANALYSIS	9
CONDENSED NOTES TO THE FINANCIAL STATEMENTS	9 - 25

1

SKYWAY AVIATION HANDLING COMPANY PLC

CORPORATE INFORMATION

REGISTERED NUMBER:	RC:813022
TAX IDENTIFICATION NUMBER:	04683753-0001
DIRECTORS:	Barrister (Dr.) Taiwo Afolabi	Chairman
	Mr. Basil Agboarumi	Managing Director
	Mr. Babatunde Afolabi	Executive Director
	Mr. Olaniyi Adigun	Executive Director
	Mrs. Boma Ukwunna	Executive Director
	Herbert Ijeoma Odika	Executive Director
	Dr. Oluropo Owolabi	Non Executive Director
	Barrister Oladipo Kayode Filani	Non Executive Director
	Captain Shehu Iyal	Non Executive Director
	Mrs. Laila St. Mathew Daniel	Non Executive Director
	Mrs. Bukola Bello-Jayesimi	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
	Herbert Ijeoma Odika	Executive Director - Operations
	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 and Project
	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
	Temitope Olubanji	Head - Legal Services
REGISTERED OFFICE/	54 Warehouse Road, Apapa, Lagos
OPERATIONAL OFFICE ADDRESS:	Skyway Aviation Handling Company Plc. Complex,
	Cargo Terminal,
	Murtala Muhammed International Airport,
	Ikeja,
	Lagos.
COMPANY SECRETARY:	Jesuyemisi Odeyemi
	Skyway Aviation Handling Company Plc. Complex,

Cargo Terminal,

Murtala Muhammed International Airport,

Ikeja, Lagos State

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SKYWAY AVIATION HANDLING COMPANY PLC

CORPORATE INFORMATION (CONT'D)

PRINCIPAL BANKERS:	Access Bank Plc.
	Eco bank Nigeria Limited
	Fidelity Bank Plc.
	First Bank of Nigeria Limited
	First City Monument Bank Plc.
	Guaranty Trust Bank Plc.
	Keystone Bank Limited.
	Polaris Bank Ltd
	Stanbic IBTC Bank Plc.
	Sterling Bank Plc.
	Union Bank of Nigeria Plc.
	United Bank for Africa Plc.
	Wema Bank Plc.
	Zenith Bank Plc.
SOLICITORS	Sceptre Law
	2c Idowu Olaitan Street,
	Gbagada Expressway,
	Gbagada Phase II,
	Lagos.
	H.A. Olaniyan and Co.
	2nd Floor Rear Block,
	208 Ikorodu Road,
	Palmgrove,
	Lagos.
REGISTRARS:	First Registrars and Investors Services Limited
	2 Abebe Village Road, Iganmu
	Postal 12242
	Lagos State.

3

SKYWAY AVIATION HANDLING COMPANY PLC

DIRECTORS' CERTIFICATION REPORT

FOR THE 9 MONTHS ENDED 30 SEPT., 2023

We have reviewed the condensed financial statements of Skyway Aviation Handling Company Plc for the period ended 30 Sept., 2023

Based on our knowledge, these condensed financial statements do not;

1. Contain any untrue statement of a material fact or;
2. Omit to state material fact, which would make the statement misleading in the light of the circumstance under which such statements were made
3. The condensed financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for the periods presented in the condensed financial statements
4. 1. 
      The Directors are responsible for establishing and maintaining internal controls; we have;
   2. designed such internal controls to ensure that material information relating to the Company is made known to us by others within the Company, particularly during the period in which this report is being prepared;
   3. continuously evaluated the effectiveness of the Company's internal controls on a quarterly basis;

…………………………………………..	…………………………………………..
Barr. (Dr.) Taiwo Afolabi	Mr. Agboarumi Basil
Chairman	Managing Director/CEO
FRC/2015/NBA/00000013106	FRC/2019/IODN/00000019784
Date: ………………….26th Oct 2023	26th Oct
Date: …………………. 2023
	…………………………………………..
	Mr. Rotimi Omotoso
	Chief Financial Officer
	FRC/2016/ICAN/00000014593
	Date: 26th Oct
	…………………. 2023

4

SKYWAY AVIATION HANDLING COMPANY PLC

CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE 9 MONTHS ENDED 30 SEPT., 2023

		Unaudited	Unaudited	Audited
		3 Months Ended	9 Months Ended	Year Ended
		30 Sept. 2023	30 Sept. 2022	30 Sept. 2023		30 Sept. 2022	31 Dec., 2022
	NOTE	₦'000	₦'000	₦'000		₦'000	₦'000
Revenue	3	4,073,731	3,119,984	11,737,469	8,592,467	11,125,330
Direct cost	4	(1,993,222)	(1,766,578)	(5,961,392)		(4,837,472)	(6,759,284)
Gross profit		2,080,509	1,353,407	5,776,076	3,754,996	4,366,047
Other operating income	5	22,760	17,924	73,847	53,399	475,413
Administration expenses	6	(1,241,600)	(919,834)	(3,444,419)		(2,881,084)	(4,074,381)
Profit from operation		861,669	451,497	2,405,503	927,311	767,079
Finance Income	7	607,158	5,227	1,213,068	35,389	19,829
Finance expense	7	(84,045)	(17,944)	(250,115)		(16,986)	(317,325)
Operating profit before taxation		1,384,782	438,779	3,368,456	945,714	469,583
Tax expense	27	(457,096)	(112,457)	(1,233,783)		(314,072)	(160,247)
Profit for the year		927,686	326,323	2,134,674	631,642	309,336
Other comprehensive income
Item that will not be reclassified to profit or loss
(Reversal)/recognition of actuarial loss on defined
benefit obligation	20	-	-	-	-	-
Recognition of related tax on defined benefit
obligation	27	-	-	-		-	155,287
Other comprehensive income for the year, net of tax				-		-	155,287
Total comprehensive income for the year		927,686	326,323	2,134,674	631,642	464,623
Earnings per share
Basic earnings - kobo	25	69	24	158	47	21
Diluted earnings - kobo	25	69	24	158	47	21

The accompanying notes form an integral part of these condensed financial statements.

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SKYWAY AVIATION HANDLING COMPANY PLC

CONDENSED STATEMENT OF FINANCIAL POSITION

AS AT,

		Unaudited		Unaudited		Audited
		30 Sept. 2023		30 Sept. 2022		31 Dec., 2022
NON-CURRENT ASSETS	NOTE	₦'000		₦'000		₦'000
Property, plant and equipment	9	14,930,949	14,138,843	14,258,905
Investment properties	10	718,133	741,979	734,531
Intangible assets	11	4,079,682	4,077,260	4,081,010
Deferred tax assets	28	926,918		649,449		926,918
		20,655,682	19,607,530	20,001,364
CURRENT ASSETS
Inventories	12	782,611	509,215	615,653
Trade and other receivables	13	7,205,213	3,684,509	4,217,783
Cash and cash equivalent	14	2,719,718		1,170,190		4,383,740
		10,707,541		5,363,914		9,217,176
TOTAL ASSETS		31,363,223	24,971,445	29,218,541
EQUITY
Share capital	19	676,790	676,790	676,790
Share premium	24	4,784,010	4,784,010	4,784,010
Retained earnings	21	6,576,422	5,032,049	4,665,090
Actuarial valuation reserve	23	323,137	167,850	323,137
Revaluation reserve	22	9,088,895		9,088,895		9,088,895
		21,449,255	19,749,594	19,537,922
NON-CURRENT LIABILITIES
Long term borrowings	16	3,372,208	76,974	3,430,457
Deferred income	26	86,791			8,753
Defined Benefit Obligations	20	2,348,610		1,779,649		2,240,086
		5,807,610	1,856,623	5,679,297
CURRENT LIABILITIES
Trade payable and other payables	15	2,665,691	2,588,186	3,550,928
Short term borrowings	16	204,993	79,116	204,993
Deferred income	26	35,014	50,512	35,014
Current income tax liabilities	27	1,200,661		647,415		210,387
		4,106,358		3,365,229		4,001,321
TOTAL EQUITY AND LIABILITIES		31,363,223	24,971,445	29,218,541

The condensed financial statements were approved by the Board of Directors on26th……………….Oct, 2023 and signed on its behalf by:

…………………………………………….	………………………………	.………………………………
Barr. (Dr.) Taiwo Afolabi, MON	Mr. Agboarumi Basil	Mr. Rotimi Omotoso
Chairman	Managing Director/CEO	Chief Financial Officer
FRC/2015/NBA/00000013106	FRC/2019/IODN/00000019784	FRC/2016/ICAN/00000014593

The accompanying notes form an integral part of these condensed financial statements.

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SKYWAY AVIATION HANDLING COMPANY PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE 9 MONTHS ENDED 30 SEPT., 2023

				ACTUARIAL
	SHARE	SHARE	RETAINED	VALUATION	REVALUATION	TOTAL
	CAPITAL	PREMIUM	EARNINGS	RESERVE	RESERVE	EQUITY
NOTE	₦'000	₦'000	₦'000	₦'001	₦'000	₦'000
Balance at 1 January 2022	676,790	4,784,010	4,623,746	167,850	9,088,895	19,341,291
Impact of correction of errors			(44,650)			(44,650)
Balance after adjustment for Prior year errors	676,790	4,784,010	4,579,096	167,850	9,088,895	19,296,641
Total Comprehensive Income for the year
Profit for the year	-	-	309,336		-	309,336
Other comprehensive income for the year	-	-	-	155,287	-	155,287
Total Comprehensive Income for the year	-	-	309,336	155,287	-	464,623
Transactions with owners recorded directly in equity
Dividend Paid	-	-	(223,342)	-	-	(223,342)
Balance at 31 December 2022	676,790	4,784,010	4,665,090	323,137	9,088,895	19,537,922
Balance at 1 January 2022	676,790	4,784,010	4,623,747	167,850	9,088,895	19,341,292
Total Comprehensive Income for the period
Profit for the period	-	-	631,642	-	-	631,642
Other comprehensive income for the period	-	-	-	-	-	-
Total Comprehensive Income for the period	-	-	631,642	-	-	631,642
Transactions with owners recorded directly in equity
Dividend Paid	-	-	(223,342)	-	-	(223,342)
Balance at 30 Sept., 2022	676,790	4,784,010	5,032,048	167,850	9,088,895	19,749,592
Balance at 1 January 2023	676,790	4,784,010	4,665,090	323,137	9,088,895	19,537,922
Total Comprehensive Income for the period
Profit for the period	-	-	2,134,674	-	-	2,134,674
Other comprehensive income for the period	-	-	-	-	-	-
Total Comprehensive Income for the period	-	-	2,134,674	-	-	2,134,674
Transactions with owners recorded directly in equity
Dividend Paid	-	-	(223,341)	-	-	(223,341)
Balance at 30 Sept., 2023	676,790	4,784,010	6,576,422	323,137	9,088,895	21,449,254

The accompanying notes form an integral part of these condensed financial statements.

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SKYWAY AVIATION HANDLING COMPANY PLC

CONDENSED STATEMENT OF CASH FLOWS

FOR THE 9 MONTHS ENDED 30 SEPT., 2023

		Unaudited		Unaudited		Audited
	9 Months Ended	9 Months Ended		Year Ended
		30 Sept. 2023		30 Sept. 2022		31 Dec., 2022
	NOTE	₦'000		₦'000		₦'000
Cash flows from operating activities:
Profit for the period		3,368,456	945,714	469,583
Adjustments for net income to net cash provided by
operating activites
Impact of prior year adjustment		-	-	(44,650)
Finance Expenses	7	250,115	16,986	314,546
Allowance for impairment on Receivables		-	-	128,073
Provision for Employee benefit	20	285,500	209,032	460,533
Investment Property- Depreciation	10	19,719	20,894	28,342
Intangible Asset- Amortisation	11	1,328	1,328	1,770
Property Plant & Equipment-Depreciation	9	1,566,674		1,484,823		1,992,747
		5,491,792	2,678,776	3,350,944
Changes in working capital
Increase in trade and other receivables		(2,987,430)	(315,893)	(977,239)
Increase in inventories		(166,958)	(198,452)	(304,891)
(Decrease)/Increase in trade and other payables		(885,236)	(116,287)	846,455
Increase/(Decrease) in deferred income		78,038		(61,750)		(68,494)
Cash generated from operations		1,530,206	1,986,394	2,846,773
Tax paid	27	(243,509)	(231,158)	(636,545)
Payment made by the employer on the Employee
Benefit	20	(176,975)	(98,579)	(130,921)
Finance expenses paid		(250,115)		(16,986)		(73,133)
Net cash inflow from operating activities		859,607	1,639,670	2,006,175
Cash flows from investing activities
Purchase of property, plant and equipment	9	(2,222,841)	(2,001,982)	(2,630,103)
Investment Properties	10	(3,321)	(7,015)	(7,015)
Purchase of Intangible asset	11	-		(11,825)		(16,018)
Net cash outflow used in investing activities		(2,226,163)	(2,020,822)	(2,653,136)
Financing Activities:
Dividend		(223,341)	(223,341)	(223,341)
Loan Received		-	-	3,500,000
Repayment of borrowings	16	(58,249)		(59,776)		(80,415)
Net cash inflow used in financing activities		(281,590)		(283,116)		3,196,244
Net (decrease)/increase in cash and cash equivalents		(1,648,145)	(664,268)	2,549,283
Cash and cash equivalents at the beginning		4,383,740		1,834,458		1,834,458
Cash and cash equivalents at the end	14	2,735,595	1,170,190	4,383,740

8

SKYWAY AVIATION HANDLING COMPANY PLC

FREE FLOAT ANALYSIS

Shareholding structure/Free Float Status

	30 September 2023	31 December 2022
				Percentage (in
Description		Percentage (in		relation to
		relation to issued		issued Share
	Units	Share Capital)	Units	Capital)
Issued Share Capital	1,353,580,000	100%	1,353,580,000	100%
Details of Substancial Shareholdings (5% and above)
AFOLABI TAIWO OLAYINKA	378,616,989	27.97	379,041,989	28.00
SIFAX SHIPPING COMPANY LTD	443,331,091	32.75	443,331,091	32.75
AFOLABI FOLASHADE A.	241,816,960	17.86	241,816,960	17.86
Total Substantial Shareholdings	1,063,765,040	78.59	1,064,190,040	78.62
Details of Directors Shareholdings (Direct and indirect), excluding directors' holding substantial interests
Name(s) of Directors
AFOLABI TAIWO OLAYINKA	-	-	-	-
CHIKE OGEAH (Direct) - Retired in June 2022	537,600	0.040	537,600	0.040
ANOGWI ANYANWU (Direct)	50,000	0.004	50,000	0.004
OLUROPO SAKA OWOLABI(Direct)	5,322,500	0.393	5,322,500	0.393
SHEHU USMAN IYAL	-	-	-	-
ARIYO OLUTOYE OLUWOLE - Retired in June 2022	-	-	-	-
FILANI KAYODE OLADIPUPO (Direct)	4,000,000	0.296	4,000,000	0.296
FILANI KAYODE OLADIPUPO (Indirect)	8,000,000	0.591	8,000,000	0.591
BASIL AGBOARUMI U (Direct)	55,000	0.004	55,000	0.004
OLANIYI ALAMU ADIGUN	-	-	-	-
BOMA UKWUNNA	-	-	-	-
AFOLABI BABATUNDE OLANREWAJU	-	-	-	-
LAILA ST. MATHEW DANIEL - Appointed in June 2022	-	-	-	-
BUKOLA BELLO-JAYESIMI - Appointed in June 2022	-	-	-	-
Total Directors' Shareholdings	17,965,100.00	1.33	17,965,100.00	1.33
Share Price as at end of period (₦)	25.35		5.00
Free Float	271,849,860	20.08	271,849,860	20.08
Free Float in value (₦)		6,891,393,951		1,359,249,300
Declaration:
SAHCO plc has a free float of 20.08% as at 30 September 2023 is in
compliance with the Exchange' rules on the requirements for all
companies listed on the Main Board to maintain a free float of 20%
and above.

9