Med-View Airline has posted increased revenue from N26.04 billion in 2016 to N36.91 billion at the end of December 2017.
Announcing the figures at the company’s pre-annual general meeting held in Lagos today, the executive director, finance and accounts, Mr. Adedayo Olaniyan said the airline recorded an increase in turnover of 42 per cent at N36.961 billion from N26.039 billion in 2016.
Profit before tax increased from N840 million in 2016 to N1.5 billion at the end of the 2017 financial year.
The company also recorded an increase in profit after tax of 63 per cent at N1.255 billion from N772 million in 2016 and total comprehensive income went up N1.2 billion from N772.8 million in 2016.
Other highlights of the 2017 annual report and financial statements show that total assets recorded an increase of 27 per cent at N19, 598, 138 from N15, 433, 337 in 2016; total liabilities, 36 per cent of N12, 211, 035 from N9, 008, 860 in 2016; net assets, 15 per cent at N7, 387, 103 from N6, 424, 477 in 2016; and total equity, 15 per cent at N7, 387, 103 from N6, 424, 447.
In his address to the shareholders, the chief executive officer of the airline, Mr. Muneer Bankole, said the company “is firmly on the path of improved performance, sustained growth, profitability and adequate returns to all stakeholders within the shortest possible period of time.
He said the airline’s board and management were up to the task to achieve the objectives before it.
He expressed optimism that the current year “will provide us with the opportunities for growth and investment and within which we shall consolidate on our achievements, take advantage of the projected growth the Nigerian economy will offer and deliver value to our shareholders.”
He assured that the board would continue to reposition the company to take advantage of all opportunities in the industry adding that with the support of all the stakeholder the airline would do better.
However, Bankole told the shareholders that the year would not be without its own challenges “but your company is well-positioned to overcome the challenges of the business environment.”