Sahcol

[hispy99]

The Punch: BPE, stakeholders differ on SAHCOL‘s privatisation

[solainvest]

The Punch: BPE, stakeholders differ on SAHCOL‘s privatisation

[ttoladele]

Could SAHCOL be another NAHCO, I hope there will be an IPO. Lets keep our radar on maximum alert for news, i missed out on NAHCO's IPO priced @6.00 (not the last PO).

[hispy99]

BPE begins SAHCOL’s privatisation process

Wednesday, 05 November 2008 00:03 WALE HAASTRUP AND IBUKUN FALASE

Finally, after about six months delay, the Bureau for Public Enterprises (BPE) is set to begin the privatisation exercise of the Skypower Aviation Handling Company Limited (SAHCOL). This is just as the handling company disclosed that it is now properly positioned to give would-be investors the best by ensuring that their investment is worth while. It would be recalled that the Senate Committee on aviation had ordered that that BPE finalises the process of privatisation within six months which elapsed in August.

The managing director, Chike Ogeah, stated that the company has been able to improve in recent times from its N133 million monthly revenue to N190 million, thus signaling a 43 percent increase in its capital growth.

One of the measures further taken to shoot up the company’s financial base, according to Ogeah, was to cut down monthly expenditure on salaries by nearly 50 percent, causing it to drop from its 68 percent impact on revenue to 28 percent.

“In 2006 when Chike Ogeah-led management assumed duty, SAHCOL was generating revenue of approximately N1.6 billion annually, equivalent to N133million per month, and had a monthly salary/wage bill of approximately N90 million.

“This translates to about 68 percent of revenue being allocated to salary expenses alone. The residual 32 percent was unrealistically expected to cover the other general and administrative costs, operational, equipment, maintenance, and reinvestment for future growth of the company,” he said.

Ogeah noted that it took the support of the ministry of aviation and the assistance of all staff of SAHCOL for the recent feat to be attained.
With its current status, Ogeah affirmed that SAHCOL has gained the edge over its competitors in the sector for market share as it now controls 90 percent of the domestic market and 40 percent of the international market.

“In the last two years, SAHCOL has gained the edge over her competitors for market share, and now controls 90 percent of the domestic market and 40 percent of the international market. SAHCOL also now handles more airplanes per day (a turn-around) in Nigeria,” he said.

Ogeah further noted that all the salary arrears totaling about N90 million as well as debts of N350 million had been paid. He said the current situation has now properly positioned the company to give all investors in the privatised SAHCOL better days as they would be investing in a buoyant company.

“The management of the company’s working capital by this administration has placed SAHCOL in a position where she now purchases equipment from internally generated revenue. SAHCOL has also been empowered to purchase brand new operational vehicles to replace the tired unreliable ones,” he said.

[hispy99]

SAHCOL to handle 93 per cent hajj operations
By Chika Ezeokoli

THE Skypower Aviation Handling Company Limited (SAHCOL) says it has won contracts to handle more than 93 per cent of this year's Hajj operations.

In a statement issued by its Media Officer, Mr. Basil Agboarumi, SAHCOL said for the 95, 000 pilgrims expected to perform this year's religious exercise, it would be providing efficient and expeditious handling services for passengers, ramp and cargo for Kabo Airline. Sokoto is to benefit 82 flights, Yola, 32 flights, Katsina, 32 flights while Gombe is to get 32 flights.

SAHCOL will also handle 29, 500 passengers for Medview Airlines in Lagos, Ilorin, Kaduna and Abuja as well as 12, 000 passengers for Meridian Airlines in Minna, Abuja and Kano.

Also to be handled by SAHCOL are IRS (Air Niamey) operating from Abuja, Kano and Maiduguri with a passenger base of 12, 000 and Hansal Air getting 3, 000 passengers, which would all take-off from the Murtala Muhammed International Airport, Lagos.

Consequently, SAHCOL has deployed equipment and men to ensure a hitch-free operations. SAHCOL is arguably the leader in the handling of flight operations to Mecca and Jerusalem.

Meanwhile, The Nigeria Aviation (NIGAV) has picked SAHCOL as the "Most Customer Friendly Ground Handling Company of the year 2008".

The award was received recently by the firm's Group Head, Maintenance & Cargo, Mr. Okey Ezeilo at the 2nd Nigeria International Air Transport Conference & Exhibition at the FAAN Training Centre, Murtala Muhammed International Airport, Lagos.