SKYWAY AVIATION HANDLING COMPANY PLC SKYWAY AVIATION HANDLING COMPANY PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER,
2023 | 2022 | ||
NOTE | ₦'000 | ₦'000 | |
Revenue | 6 | 16,546,685 | 11,125,330 |
Direct Cost | 7 | (8,350,701) | (6,759,284) |
Gross Profit | 8,195,984 | 4,366,047 | |
Other Operating Income | 8 | 293,912 | 475,413 |
Administrative Expenses | 9 | (5,545,464) | (4,074,381) |
Profit from operations | 2,944,432 | 767,079 | |
Finance Income | 10 | 400,283 | 19,829 |
Finance Expense | 10 | (714,428) | (317,325) |
Operating Profit Before Income Tax Expenses | 2,630,287 | 469,583 | |
Income Tax Expense | 32 | (675,609) | (160,247) |
Profit for the year | 1,954,678 | 309,336 | |
Other comprehensive income | |||
Item that will not be reclassified to profit or loss | |||
Recognition of foreign exchange difference | 28 | 1,304,796 | - |
(Reversal)/recognition of actuarial loss on defined benefit | 24 | ||
obligation | - | - | |
Recognition of related tax on defined benefit obligation | 24 | ||
206,294 | 155,287 | ||
Other comprehensive income for the year, net of tax | 1,511,090 | 155,287 | |
Total comprehensive income for the year | 3,465,769 | 464,623 | |
Earnings per share | |||
Basic earnings - kobo | 30 | 144.41 | 22.85 |
Diluted earnings - kobo | 30 | 144.41 | 22.85 |
The accompanying notes form an integral part of these financial statements.
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SKYWAY AVIATION HANDLING COMPANY PLC
STATEMENT OF FINANCIAL POSITION AS AT DECEMBER,
2023 | 2022 | ||
NON-CURRENT ASSETS | NOTE | ₦'000 | ₦'000 |
Property, Plant and Equipment | 13 | 15,082,194 | 14,258,905 |
Investment Properties | 14 | 733,627 | 734,531 |
Intangible Assets | 15 | 4,079,240 | 4,081,010 |
Deferred Tax Assets | 33 | 1,073,516 | 926,918 |
20,968,577 | 20,001,363 | ||
CURRENT ASSETS | |||
Inventories | 16 | 915,915 | 615,653 |
Trade and Other Receivables | 17 | 9,716,297 | 4,217,783 |
Cash and Bank Balances | 18 | 950,488 | 4,015,148 |
Short Term Investment | 18 | 1,514,620 | 368,593 |
13,097,320 | 9,217,176 | ||
TOTAL ASSETS | 34,065,897 | 29,218,539 | |
EQUITY | |||
Ordinary Share capital | 23 | 676,790 | 676,790 |
Share Premium | 28 | 4,784,010 | 4,784,010 |
Retained Earnings | 25 | 6,396,426 | 4,665,090 |
Actuarial Valuation Reserve | 27 | 529,431 | 323,137 |
Foreign Exchange Translation Reserve | 28 | 1,304,796 | - |
Revaluation Reserve | 26 | 9,088,895 | 9,088,895 |
22,780,348 | 19,537,921 | ||
NON-CURRENT LIABILITIES | |||
Long Term Borrowings | 20 | 3,372,124 | 3,430,457 |
Deferred Income | 31 | 13,483 | 8,753 |
Deferred Tax Liability | 33 | - | - |
Defined Benefit Obligations | 24 | 3,023,551 | 2,240,086 |
6,409,158 | 5,679,297 | ||
CURRENT LIABILITIES | |||
Trade Payable and Other Payables | 19 | 4,123,184 | 3,550,928 |
Short Term Borrowings | 20 | 124,403 | 204,993 |
Deferred Income | 31 | 46,014 | 35,014 |
Income Tax Liabilities | 32 | 582,791 | 210,387 |
4,876,392 | 4,001,321 | ||
TOTAL EQUITY AND LIABILITIES | 34,065,897 | 29,218,539 |
The financial statements were approved by the Board of Directors on 14 March , 2024 and signed on its behalf by:
…………………………………………… .
Barr. (Dr.) Taiwo Afolabi, MON Chairman FRC/2015/NBA/00000013106
…………………………… .
Mr. Basil Agboarumi Managing Director/CEO FRC/2019/IODN/00000019784
The accompanying notes form an integral part of these financial statements.
. …………………………… Mr. Rotimi Omotoso Chief Finance Officer FRC/2016/ICAN/00000014593
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SKYWAY AVIATION HANDLING COMPANY PLC
STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER, 2023
ORDINARYSHARESHARE CAPITAL PREMIUMBalance at 1 January 2022
Impact of correction of errors
Balance after adjustment for Prior year errors Total Comprehensive Income for the year Profit for the year
Other comprehensive income for the year Total Comprehensive Income for the year
Transactions with owners recorded directly in equity Dividend Paid (Note 33)
Issue of Ordinary Shares
Balance at 31 December 2022
Balance at 1 January 2023
Total Comprehensive Income for the year Profit for the year
Other comprehensive lncome for the year Total Comprehensive Income for the year
Transactions with owners recorded directly in equity Dividend Paid (Note 33)
Issue of Ordinary Shares
Balance at 31 December 2023
NOTE
25
The accompanying notes form an integral part of these financial statements.
RETAINED EARNINGS
₦'000
676,790
676,790
₦'000
₦'000
676,790
676,790
676,790
4,784,010
4,623,746
(44,650)
4,784,010
4,579,096
- - -
- -
-
- - -
309,336 - 309,336
- -
(223,342)
(223,342)
4,784,010
4,665,090
4,784,010 4,665,090
- -
- 1,954,678
-4,784,010
- --- 1,954,678
6,396,426
(223,342)
(223,342)
ACTUARIAL VALUATION
RESERVE
₦'000
- 155,287 155,287
323,137
206,294
529,431
167,850
167,850
323,137
206,294 1,304,796
- --
FOREIGN | ||
EXCHANGE | REVALUATION | TOTAL |
TRANSLATION | RESERVE | EQUITY |
RESERVE | ||
₦'000 | ₦'000 | ₦'000 |
9,088,895 | 19,341,291 | |
(44,650) | ||
9,088,895 | 19,296,641 | |
- | 309,336 | |
- | 155,287 | |
- | 464,623 | |
- | (223,342) | |
- | (223,342) | |
9,088,895 | 19,537,921 | |
9,088,895 | 19,537,921 | |
- | 1,954,678 | |
- | 1,511,090 | |
- | 3,465,769 | |
- | ||
- | (223,342) | |
9,088,895 | 22,780,348 |
- -
-
-
- - -
-
1,304,796
-1,304,796
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SKYWAY AVIATION HANDLING COMPANY PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER, 2023
Cash flows from operating activities: |
Profit for the year |
Adjustments for net income to net cash provided by |
operating activites |
Impact of Prior year Adjustment |
Finance Expenses |
Allowance for Impairment on Receivables |
Provision for Employee Benefit |
Foreign Exchange Difference |
Investment Property- Depreciation |
Intangible Asset- Amortisation |
Property Plant and Equipment-Depreciation |
Changes in working capital |
Increase in Trade and Other Receivables |
Decrease/(Increase) in Inventories |
(Decrease)/ increase in Trade and Other Payables |
(Decrease/)Increase in Deferred Income |
Cash generated from operations |
Tax Paid |
Payment made by the employer on Employee |
Benefit |
Finance Expenses Paid |
Net cash inflow from operating activities |
Cash flows from investing activities |
Purchase of Property, Plant and Equipment |
Acquisition of Investment Properties |
Purchase of Intangible Asset |
Net cash outflow used in investing activities |
Financing Activities: |
Dividend Paid |
Loan Received |
Repayment of Borrowings |
Net cash inflow used in financing activities |
Net increase/ (decrease) in cash and cash equivalents |
Cash and cash equivalents at the beginning |
Cash and cash equivalents at 31 December |
Represented By |
Cash and Bank Balances |
Short Term Investment |
2023 | 2022 | |
NOTE | ₦'000 | ₦'000 |
2,630,287 | 469,583 | |
- | (44,650) | |
10 | 714,428 | 314,546 |
166,724 | 128,073 | |
24 | 662,986 | 460,533 |
1,304,796 | - | |
14 | 27,268 | 28,342 |
1,770 | 1,770 | |
13 | 2,125,083 | 1,992,747 |
7,633,342 | 3,350,944 | |
(5,665,238) | (977,239) | |
(300,262) | (304,891) | |
572,257 | 846,455 | |
15,729 | (68,494) | |
2,255,827 | 2,846,775 | |
32 | (243,509) | (636,545) |
24 | (226,736) | (130,921) |
(367,214) | (73,133) | |
1,418,368 | 2,006,176 | |
13 | (2,948,373) | (2,630,103) |
14 | (26,364) | (7,015) |
15 | - | (16,018) |
(2,974,737) | (2,653,136) | |
(223,341) | (223,341) | |
- | 3,500,000 | |
20 | (138,923) | (80,415) |
(362,264) | 3,196,244 | |
(1,918,632) | 2,549,283 | |
4,383,740 | 1,834,458 | |
2,465,108 | 4,383,740 | |
950,488 | 4,015,148 | |
1,514,620 | 368,593 | |
2,465,108 | 4,383,740 |
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Skyway Aviation Handling Company plc published this content on 28 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2024 14:50:26 UTC.
