Hajj Operations Generate More Revenue For Med-View Airline Compared To Int’l, Domestic—-Bankole

*From left, Chairman, Med-View Airline Plc, Sheik Abdul Mosheen Al-Thunayan, Chief Executive Officer, Alhaji Muneer Bankole and Executive Director/Chief Operating Officer, Engr. Lookman Animashaun during the company’s Annual General Meeting held yesterday at Renaissance Hotel, GRA, Ikeja, Lagos.

 

…Turns Over N25.9B In 2016

…Takes Delivery Of 2 Airplanes In The Next One Month

Med-View Airline PLC, the only airline in the country quoted on the Nigerian Stock Exchange (NSE) has stated that it made the highest revenue from its hajj operations compared to international and domestic operations.

The Chief Executive Officer of the airline, Alhaji Munir Bankole, made this known during the airline maiden Annual General Manager(AGM) at Renaissance Hotel , Ikeja Lagos recently .

According to CEO, the revenue the airline made from its hajj operations as at December 31,2016 stood at N5,619,552 billion ,operating cost N2,964,139 billion and gross profit N2, 655,413 billion .

Domestic operations recorded revenue N11,614,874 billion ,operating cost N11,476,103 billion and  made a gross  profit of N1,138,771 billion.

The international route as at December 31, 2016 made a total revenue of N8, 728, 119 billion , operating cost N8, 455,058 billion  and gross profit of N273, 061million.

Altogether, the airline made a total gross profit of N4, 067,245 billion in 2016 as against N3, 398, 041 billion in 2015

This is just as the airline has projected a total of N35 billion for the year 2017.

The airline also declared a total turnover of N25, 962,545 billion in 2016 as against N14, 162,204 billion raked in by the entity at the end of December 31, 2015.

The figure increased by N11, 80, 341, representing 83 per cent growth.

Bankole, who also made this known, added that a dividend of 3 Kobo would be paid on every 50 Kobo ordinary to shareholders, hoping that the dividend would increase.

Recalled that Med-View Airline was listed in the Nigeria Stock Exchange (NSE) at 9,750,649,400 units of 50kobo each at N1.50Kobo per share January 31, 2017 to become the only Nigerian airline currently on NSE.

The CEO also stated that the company’s Profit Before Tax stood at N840,033 million as at December 31,2016 , as against N830,913 in 2015, an increase of N9.120 million representing 1 per cent increase.

On the other hand Profit After Tax(PAT)stood at N772.851 million as at December 31,2016 as against N728.521 million in 2015 , an increase N44,330 million ,which represent an increase of 6 per cent.

Bankole while presenting the entity’s 2016 Annual Report and Financial Statement revealed that the company’s total assets which was N12,009,225 billion in 2015 stood at  N15, 433,337 billion in 2016 , an increase of N3,424,112 billion ,an increase of 29 per cent .

He added that the company is acquiring assets to further consolidate the business.

Total equity and liabilities stood at N15,433,337 in 2016 as against N12,009,229 in 2015.

Fielding question from shareholders on the number of aircraft that that is owned by Med-View Airline , Bankole stated that four of the aircraft are owned by the airline 100 per cent, adding that in the next one month the airline will be taken delivery of two aircraft ; Boeing 777-200 series and Boeing 737—800 series

He stated that very soon, the company would be moving its corporate headquarters from the present location to No17 Bank Anthony Way.

The Chief Executive Officer stated that the company had made huge progress in view  of the fact that the airline with two leased aircraft in 2012 with a turnover of N3.6billion  now made a turnover of N25 .9 billion in 2017.

According to him, “There have been significant improvements in our finances over the years since we started scheduled flights in 2012 till date .The revenue of the company has shown an upward surge from N3.6 billion in 2012 to N25.9 billion in 2016. This is based on the dedication of staff and the environment provided by the management.”

He appealed to shareholders to be patient, as the management team of the airline has been in the industry for about 20 -30 years.

Stakeholders at the event commended the airline for going to the Nigerian Stock Exchange)(NSE)at a critical time of recession and for also given shareholders dividend of 3 Kobo per share first year after listing.

A stakeholder Boniface Okezie commended the airline for taken the courage to go into NSE advising Medview airline to go into public offer or right issue.

According to him, “If people are bold enough to come to NSE at a very difficult time, we must thank them.”

 

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