2017 Financial Result: Medview Airline Declares Massive Profit

R-L: Mr. Bode Oyedele, a Non-executive Director of MedView Airline; Chief Executive Officer, Mr. Muneer Bankole, and Executive Director, Business Development, Mr. Isiaq Na’ Allah at the 2017 pre-annual general meeting which held in Lagos March 21, 2018.
Despite huge challenges that faced the aviation sector in the country occasioned by the economic recession, Med-View Airline has posted increased revenue from N26.04 billion in 2016 to N36.91 billion in the financial year ending December 2017. Announcing the figures at the company’s pre-annual general meeting held in Lagos on Wednesday March 21, 2018, the executive director, finance and accounts, Mr. Adedayo Olaniyan disclosed that the airline recorded an increase in turnover of 42 per cent at N36.961 billion from N26.039 billion in 2016.

He said profit before tax increased from N840 million in 2016 to N1.5 billion at the end of the 2017 financial year. Medview Airline, according to him 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.

Speaking in the same vein 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 however assured that the board of the upwardly mobile airline 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. He also told the shareholders that the year would not be without its own challenges, adding; “but your company is well-positioned to overcome the challenges of the business environment.”

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