…….. Shelk al-Thunayan injects N50 million
………to build and move to new corporate headquarters next year
Med-view airline PLC has declared a dividend of 3 kobo per share for the year 2015/2016 at its first annual general meeting of its shareholders in Lagos.
At the meeting, the shareholders commended and reaffirmed their confidence in the board and management of the airline for the prudent and management of its resources and the dedication of staff to duty and quality service delivery.
The shareholders said they were happy with the marginal increase of profit after tax from over eight hundred and thirty million to eight hundred and forty million, as the airline is to take delivery of a Boeing 777 and 737 aircraft next month for its route expansion project.
The airline’s profit for the year in 2015 is put at seven hundred and twenty-eighty million, five hundred and twenty one thousand while in 2016, the profit was seven hundred and seventy two million, eight hundred and fifty- one thousand accruing from hajj operations, domestic and international operations and passenger lifting and allied services.
Also the airline in 2015 had a total assets of twelve billion and in 2016 the assets stood at over fifteen billion.
The shareholders in their various contributions noted that with medview airline revenue increased from over fourteen billion Naira(N14 billion) in 2015 to over twenty- five billion Naira (N25 billion) in 2016, the airline has the potential to double the amount in the coming year.
Engagement partner of the auditing firm, Rasheed Oyinlola speaking on the financial report said” the company has kept proper book of accounts, so far as appears from our examination of those books and return adequate for our audit have been received from branches not visited by us”
“The company’s statement of financial position, profit or loss and other comprehensive income are in agreement with the books of account, he added.
Chief executive officer of medview and acting chairman of the event, Alhaji Muneer Bankole while appreciating the confidence reposed on the management by the shareholders noted that despite the challenges encountered the performance of the year under review would be improved upon.
He assured the airline would move to an era of sustained growth, profitability and adequate returns to all stakeholders within the shortest period of time, adding that the projection for this year would be N35 billion.
” I am pleased to inform that despite the challenging environment , your company’s performance and operating result for 2016 was very encouraging, I assure you tha the board is up to the task and measures are in place to achieve these objectives of growing our revenue next year”
” we expect 2017 to be a year that will provide us with the opportunities for the growth and investment and within which we shall consolidate on our past achievements, take advantage if the projected growth of the Nigerian economy will offer and deliver value to our shareholders,he added.
Chairman of medview airline, shelk Abdul mosheen al-Thunayan said the growth of the company in the aviation industry had continued with accelerated efforts and had stood out significantly among her contemporaries.
Shelk al-Thunayan promised that they would continue to demonstrate extraordinary commitment to passengers and all their clients while maintaining focus on all the areas fundamental to adding value to partnership.
He announced at the event a N50 million non fundamental to the airline as he promised they are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate.
Medview airline commenced business with hajj operations in 2007 as a litmus test and later vied into domestic operations in 2012 with a fleet of Boeing 737-400 and another a year later, currently it’s has five aircraft in its fleet with comprehensive insurance for its passengers, cargo and third party.
The airline is majorly owed by Nigerians and a Saudi partner, it is in the process of being an accredited member of IATA , a trade association of the world airlines and has obtained the IATA operational safety audit certificate in 2016.
Med-view currently flies to 8 domestic destinations, 3 regional routes with 6 additions soon and 2 international routes with 4 more additions.