Med-view Airline reports 62% increase in profit, declares N0.03 dividend

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Med-View Airline has reported 62 per cent increase in profit to N1.25 billion for financial year ended 2017 from N772.85 million reported in 2016.

Following the growth in profits, the management of Med-View Airline announced N0.03 per share dividend to shareholders, whose names appear in the register of members as at close of business on the 20th of March 2018.

The company also reported 72 per cent increase in profit before tax to N1.51 billion in 2017 from N840 million in 2016.

Factors that contributed to increased profits include significant increase in revenue.

Revenue for the period grew by 42 per cent to N36.96 billion as against N26 billion in 2016 while operating costs closed last year at N30.9 billion, up 42 per cent from N21.9 billion reported in 2016.

The company in a statement said, “ We are comfortable with the growth rate experienced which is a result of multiple factors; the continued trust and loyalty of our passengers to our services, the conscious dedication of our team, and our relentless efforts to stabilizing our route networks.

“In line with our company’s strategic plan, we will continue to deliver quality air services to all our passengers and ensure the delivery of value to all our shareholders.”

Med-view Airlines net assets hit N7.4 billion from N6.4 billion in 2016.

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