Swissport Tanzania shareholders to pocket 1.5bn/- final dividend

The company board chairman Dirk Goovaerts said following good performance, the dividend will be paid out on or about 21st June. No interim dividend was declared and paid during the year.

According to audited financial results for 2022, dividend per share has therefore jumped 41 percent to 42/- for 2022 compared with 29.80/-paid for the year 2021.

The results show earnings per share increased by 21 percent to 72.39/- last year compared with 59.61/- in 2021, thanks to increased profit for the year.

The company share is currently trading at 1,640/- with the market capitalization of 59.04bn/-, according to the DSE market report on Monday.

During the reported year, the company profit went up by 21 percent to 2.6bn/-, compared with 2bn/- recorded in 2021, while profit before tax growth was 93 percent.

Commenting on the business outlook, Goovaerts said both ground handling and cargo handling business have fully recovered from the impact of Covid-19 as airlines are operating at their full capacity and have plans to increase capacity.

“Planned growth of Air Tanzania is also expected to stir further growth of the aviation market,” the board chairman said. “Cargo exports volume are increasing while imports are expected to remain constant and stable.”

In January 2020, Air Tanzania and Swissport Tanzania inked the service pact at the carrier’s Dar es Salaam and Kilimanjaro Airport hubs.

The pact includes the provision of the entire package, consisting of cargo and baggage handling, security checks, gate services, passenger check-in and the moving of aircraft on the stands.

The chairman further said the recovery of aviation, coupled with improved business environment over the past years are expected to increase flight frequencies and volume of cargo in 2023 and consequently, the financial performance of the company will improve.

According to the financial results, total revenue increased to 38.3bn/- last year from 30.7bn/- in 2021, following an increased revenue, while operating profit went up by 69 percent to 4.5bn/- compared with 2.6bn/- respectively.

Total assets slightly decreased by 1 percent, following the decrease of non-current assets, mainly slight decrease of intangible asset, property and equipment.

Current asset gained to 15.4bn/- compared with 13.9bn/- respectively, due to doubled trade and other receivables and increased inventories.