Medview airline has recorded 42% increase in its revenue at the end of December 2017 as it declares a dividend of 3k per share.
The company’s revenue increased from N26.04 billion in 2016 to N36.91 billion in 2017.
At the Medview airline pre-Annual General Meeting and presentation of its 2017 Annual Report and Financial Statements to representative of shareholders in Lagos, the Chief Executive officer CEO, Alhaji Muneer Bankole said despite the challenging economic problems, the airline was able to stay above water and generate a significant increase in its revenue.
“Lack of adequate government support for the the aviation sector and the slow recovery of the country’s economy from recession is still an impediment for the rapid growth of the aviation industry”.
“This had its toll on the company’s operational activities. Notwithstanding, the company has navigated the challenging economic situation quite well”,Bankole added.
He noted that high maintenance cost and multiple taxes were still major factors plaguing the airline, adding that Medview’s excellent standing in the industry and the sound capacities of the Management team had helped the airline position itself properly in the face of these challenges.
Alhaji Bankole assured that the airline was on the path of improved performance, sustained growth, profitability and,” adequate returns to all stakeholders within the shortest possible period of time”.
On future operations, Bankole said the airline was in negotiations with aircraft providers to add B737-800 and a modern B777-200ER to its fleet to further boost its International operations.
“We expect 2018 to be a year that will provide us with the opportunities for growth and investment and within which we shall consolidate on our past achievements, take advantage of the projected growth the Nigerian economy will offer and deliver value to our shareholders”.
Speaking on the accounts, the Executive Director, Finance and Accounts, Mr. Olaniyan Ademola Adedayo said profit before income tax rose from N840 million in 2016 to N1.50 billion at the end of 2017 which accounted for 79% increase and in profit after tax also increased with that margin from N772,851 to N1,253,991 which is 62% increase from the previous year results.
“Our total assets also increased from N15,433,336 to N19,598,138 which is an increase of N4.1 billion a percentage increase of 27 billion. Also in our total liability increased from N9 billion to N10.2 billion an increase of N3.2 billion which is an increase of 36%”.
According to the statement of financial position the total equity and liabilities in 2016 was N15,433,336 while in 2017 was N19,598,138.
Mr.Adedeyo emphasized that despite the economic situation the airline was poised for future and “our going concern is not in doubt”.
Representative of shareholders of the company lauded the CEO and his executive for being able to weather the economic storm and generate a significant amount for a 3k dividend to its shareholders.
They however, appealed that more efforts was required on the part of the Management in its operations, reduction in overhead cost to boost revenue and have more to share in the coming years.
In the year under review as part of its corporate social responsibility, Medview airline built and completed a police post for the residents of Primed Eleko in the Ibeju Lekki Local Government Area of Lagos. The project is currently awaiting official inauguration y the state Governor Akinwunmi Ambode.
Another project completed and delivered is the renovation of Jamatal Islammiya School 1-6 at NAAPE street, Igbo-Efun, Lekki, Lagos.
According to the MD/CEO, Alhaji Muneer Bankole, Medview airline had never been a company to shy away from the challenges being faced by the less privileged in the society and to this end, ” during the year, the airline visited two recognized establishments for the physically challenged and orphanage homes to distribute relief materials like foodstuffs, clothing and some household needs”.
