Med-View Airline Plc has posted a profit after tax of N772.851 million for the financial year ended December 2016, a 6.28 per cent increase over N728.520 million reported a year earlier.
According to a report from the Nigerian Stock Exchange (NSE), the company, which recently got listed on the exchange, also grew its pre- tax profit marginally to N840.033 million during the period under review as against N830.912 million recorded in 2015, accounting for a drop of 1.09 per cent. Gross revenue rose by 84.15 per cent from N14.098 billion to N25.962 billion.
Managing Director, Med- View Airline, Alhaji Muneer Bankole, has said that by April, this year, the airline will expand its operations to Francophone countries within the West African States.
Speaking on the floor of the NSE, he said in the next three months, the airline would be hitting the market with an initial public offering (IPO) to raise funds and enable more investors buy into the company.
Medview had listed its 9,750,649,400 ordinary shares of 50 kobo each at N1.50 each on the NSE on January 31, 2017. Speaking in Lagos on the future plans of the company, Bankole said the airline would expand its operations to Dakar (Senegal), Conakry (Guinea) and Abidjan (Cote D’Ivoire) in the next two months.
He said that the airline had already commenced Lome (Togo) route. He said: “We are in the market not to do anything extraordinary but to let all Nigerians know that there is something to grow together. This is a private entity that starts from zero.
The durable, profitable and safest business you can do is air transport. “To carry cargo from Lagos to Abuja is 45 minutes; London is six hours but by ship you will be there for three months. It is the only way you can move people and communicate to the next neigbhour.”
Bankole said that the aim of the airline was to connect all the West African states before expanding its tentacles to Europe and America.
According to him, the airline will also commence Lagos-Dubai route in April, which has been in pipeline for over two years while the Baltimore, Washington DC in United States will starts soon.