Skyways Air Services Limited IPO

Our dependence on carriers for cargo transportation exposes us to risks related to capacity availability, cost fluctuations, and service disruptions. Our entire revenue is dependent upon the availability of the carriers and any disruption will materially and adversely affect our business, results of operations, and financial condition.

We rely on limited number of suppliers and procure 32.08%, 38.29%, 39.12 and 39.52% of our cost of service for the nine months period ended December 31, 2024, Financial Year 2024, 2023 and 2022 respectively from our Top 5 suppliers and 47.05%, 54.31%, 52.69% and 50.87% of our cost of service from our top 10 suppliers for the nine months period ended December 31, 2024, Financial Year 2024, 2023 and 2022 respectively. Any failure of us to maintain good business relations and continued arrangements with such suppliers may adversely affect our results of operations and financial condition.

Some of our subsidiaries including step down subsidiary(ies), including the ones acquired by us, have incurred, or continue to incur, losses, which could negatively impact our financial performance.

Any adverse developments affecting trade volumes and freight rates may have an adverse effect on our business, results of operations, and financial condition.

We have significant working capital requirements which have historically been funded through borrowings. Any inability to access adequate working capital loans on commercially reasonable terms may adversely effect our business, financial condition and results of operations.

We have had negative cash flows in the past. Sustained negative cash flow could adversely impact our business, financial condition and growth.

The agreements governing our indebtedness contain conditions and restrictions on our operations, additional financing, and capital structure.

If we are not able to sell container space that we purchase from sea shipping lines, we will not be able to recover our costs and our profitability may suffer.

We enter into certain related party transactions in the ordinary course of our business and we cannot assure you that such transactions will not have an adverse effect on our results of operations and financial condition.

We are highly dependent on our workforce, which is a key asset for our logistics operations, and any inability to attract, retain or effectively manage our personnel may adversely affect our business and results of operations.