Skyway Aviation Handling Company Plc reached a 52-week high on the Nigerian Exchange (NGX) as its shares surged by 10% following strong earnings performance
According to dmarketforces.com, In the equities market, investors increased stakes in Skyway Aviation as the company reported its profit grew to N4.638 billion at the end of 9-month of financial year 2024.
Its share price rose to N27.5 at the end of trading session on Friday from N25 at the beginning of the week—with just one day of rally. This lifted its market valuation to N37.223 billion, spread over its 1,353 shares outstanding on the Nigerian Exchange last week.
In its unaudited report, Skyway Aviation grew revenue by more than 117% year on year to N4.634 billion at the end of 9M-2024 earnings period from N2.134 billion in the equivalent period in 2023.
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The improved performance was supported by significant growth in topline. Details from the aviation handling company revealed that revenue increased by more than 71% to N20.121 billion in 12 months from N11.737 billion.
Skyway Aviation generates revenue primarily from foreign and domestic handling, cargo handling, and equipment rental. Other sources of revenue include rental income from investment properties.
Breakdown showed that passenger handling drive most income into the company, up by 161% year on year to N14.200 billion from N5.438 billion in the equivalent period in 2023.
But revenue from the import segment of its cargo handling business fell, and this was compensated for by increased income from cargo handling export. In its financials, the company stated that direct costs climbed to N8.105 billion from N5.961 billion, translating to a year-on-year increase of 35.96%.
The feat lifted Skyway Aviation Handling Company gross profit margin in the period. Specific details revealed that gross profit which came in at N12.016 billion was more than 108% above N5.776 billion the company reported 12 months ago.
Other operating income performance also bolstered growth in the bottom line. On the downside, Skyway Aviation Handling Company’s administrative spending nearly doubled down, up by 94.1% to N6.685 billion in 12 months from N3.444 billion in the equivalent period in 2023.
Pretax profit grew to N5.59 billion, up by 66% from N3.368 billion. A lower tax expense in the period strengthened the aviation handling company’s net income, up by 117% year on year to N4.638 billion. #Skyway Aviation Hits 52-Week High after Impressive Earnings Growth# CBN Sells US Dollars to Banks at N1630
