Med-View Airlines Records Turnover Of N36.961B In 2017
…Begins Negotiation With Aircraft Manufacturer To Secure B737-800, B777-200 ER Aircraft
The Chief Executive Officer of Med-View Airlines, Alhaji Muneer Bankole has said that the airline recorded an increase in turnover of 42 per cent at N36.961 billion in 2017 from N26.039 billion in 2016.
This is just as the CEO also disclosed that the company also recorded an increase in Profit After Tax (PAT) at N1.225 billion in 2017 as against the N772 achieved in 2017, which represent 63 per cent increase.
Muneer stated that there were no exceptional costs in the period, adding that the company’s focused on combining controlled growth `with managing and reducing business risk.
He stated that despite the challenging environment, the company’s performance and operating result for the year 2017 was commendable.
The Med-View Airline boss said this while speaking at the company’s Annual General Meeting(AGM) in Lagos today.
Speaking further, Muneer hinted that the revenue also increased from N26. 04 billion in 2016 to N36.91billion at the end of December, 2017.
He added that the Profit Before Tax (PBT) increased from N840million in 2016 to N1.50 billion at the end of 2017.
The airline, he said is firmly on the part of improved performance, sustained growth, profitability and adequate returns to all stakeholders within the shortest possible time, adding that the board and management are up to the task to achieve the objectives before it.
On the company outlook for this year, Muneer, said, “We expect 2018 to be a year that will provide us with the opportunities for growth and investment 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.”
He continued, “We also envisage that the year will not be without its own challenges but your is well positioned to overcome the challenges of the business environment”
The board, the airline’s boss stated would continue to reposition the company to take advantage of the opportunities in the industry, adding that the airline is confident that with the support of shareholders the company would better in 2018.
On the challenges facing the aviation, the CEO stated that lack of adequate government support for the sector and the slow recovery of the country’s economy from recession was still an impediment for the rapid growth of the industry.
He pointed out that this challenge had it toll on the company’s operational activities, adding that notwithstanding the company has navigated the challenging economic situation quite well.
Muneer disclosed that the airline was currently negotiating with aircraft providers to add a new Boeing 737-800 series and a modern Boeing 777-20 Extended Range to its fleet to further boost its international operations.
He also mentioned high maintenance cost and multiple taxes paid by airlines including Med-View as two major factors that plague the company this year but that the airline’s excellent standing in the aviation industry in Nigeria and the sound capabilities of the management team has helped the company position itself properly in the face of these challenges.
Muneer also attributed the company’s ability to overcome these challenges due to the wealth of experience of its staff and management.
Med-View Airline he said has airlifted over 3.5million passengers on its local routes, which includes Abuja, Port Harcourt, Kaduna, Owerri, Yola, Maiduguri, Enugu and Kano.