SAHCOL To Float $500m Cargo Airline

Skyway Aviation Handling Company Limited (SAHCOL) has concluded plans to float a cargo airline at the cost of $500 million in line with its expansion programme.

The Managing Director of the company, Mr. Isaac Orolugbagbe who disclosed this, said the company was also expanding its ground handling operations to some African countries and Europe as well as collaborating with other ground handling companies anywhere in the world to further boost its business.

He noted that the inability of  Afriqiyah Airways to operate flights to Nigeria since march last year due to the Libyan crisis had cost the company over N50 million.

He however, explained that the last 12 months had been fruitful for the company as it attracted new clients like United Airline, one of U.S. mega carrier and also retained old ones.

“Despite our successes in 2011, we also recorded some challenges in the year. It was the year we had the volcanic has, the crisis in Arab, which made Afriqiyah to stop or suspend their flight operations to Nigeria.

“Egypt Air too had crisis, but inspite of these, our profit for the year is acceptable and encouraging and this year we are going to launch new products, which will further move the company forward”, he said.

On the listing of SAHCOL on the Nigerian Stock Exchange market, he assured that the company would be listed in the next three years as every Nigerian would have the opportunity to invest in the ground handling company.

He also mentioned that the company spent over N457 million in 2011 on capital expenditure.