Cargo Imports Drive Skyway’s Revenue To N9.78bn

Skyway Aviation Handling Company Plc recorded N9.78bn in cargo handling revenue in the nine months ended September 30, 2026, driven largely by increased income from import cargo operations, which strengthened the company’s aviation ground-handling business.

The company’s import cargo handling revenue rose by 24.6 per cent to N8.20bn during the period, compared with N6.58bn recorded in the corresponding period of 2025, according to its unaudited financial statements filed with the Nigerian Exchange Limited (NGX).

However, revenue from export cargo handling declined by 6.6 per cent to N1.58bn from N1.69bn in the preceding year, indicating that the growth in the company’s cargo business was largely driven by import-related activities.

Overall, cargo handling revenue increased by 18.2 per cent from N8.27bn in the nine months ended September 2025 to N9.78bn in the corresponding period of 2026, representing an additional N1.51bn generated from the business segment.

The company’s total revenue also increased by 8.2 per cent to N34.26bn from N31.68bn in the corresponding period of the previous year.

Passenger handling and related services remained the largest contributor to revenue, generating N24.48bn during the nine months, compared with N23.40bn recorded in the corresponding period of 2025, representing an increase of approximately 4.6 per cent.

The figures indicate that passenger handling accounted for about 71.5 per cent of the company’s total revenue, while cargo operations contributed approximately 28.5 per cent.

Despite the growth in revenue, Skyway’s cost of sales increased by 16.3 per cent to N16.37bn from N14.04bn, putting pressure on its gross earnings.

Consequently, gross profit declined by 1.4 per cent to N17.89bn from N17.63bn in the corresponding period of 2025.

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The company’s administrative expenses also increased significantly to N10.09bn from N7.42bn, representing a rise of approximately 36.0 per cent.

This contributed to a decline in operating profit, which fell by 19.0 per cent to N8.32bn from N10.52bn recorded in the previous year.

Similarly, profit before taxation dropped by 19.2 per cent to N8.08bn from N10.38bn, while profit after taxation declined by 36.7 per cent to N5.33bn from N8.42bn.

The financial statement further showed that finance income increased to N264.58m from N81.25m, while finance expenses rose to N177.95m from N99.98m during the period.

For the third quarter ended September 30, 2026, Skyway generated revenue of N11.23bn, compared with N10.61bn in the corresponding quarter of 2025, representing an increase of 5.8 per cent.

Gross profit for the three months stood at N5.60bn, up from N3.16bn recorded in the corresponding quarter of the previous year.

Operating profit increased significantly to N2.37bn from N491.78m, while profit before taxation rose to N2.33bn from N419.98m.

Profit after taxation for the third quarter also increased to N1.81bn from N261.93m in the corresponding period of 2025.

The company reported earnings per share of 394 kobo for the nine months ended September 2026, compared with 622 kobo in the corresponding period of the previous year.

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