An indigenous airline, Med-View Airline Plc, on Wednesday said it recorded an increase of N10.87 billion revenue in 2017.
The Chief Executive Officer, Med-View Airline, Alhaji Muneer Bankole, disclosed this during the 2nd Annual General Meeting (AGM) of the airline in Lagos.
He said that the company’s revenue had increased from N26.04 billion in 2016 to N36.91 billion as at December 2017.
According to him, profit before tax also increased from N840 million in 2016 to N1.50 billion in 2017.
Bankole said that Med-View Airline would continue to target opportunities that would bring growth and investment for the airline in the 2018 financial year.
He said that the airline would consolidate on its past achievements, take advantage of the projected growth the Nigerian economy would offer and deliver value to its shareholders.
Bankole said, “We also envisage that the year will not be without its own challenges, but your company is well positioned to overcome the challenges of the business environment.
“Your board will continue to reposition the company to take advantage of all opportunities in the industry.
“We are confident that with the support of all stakeholders, our company will perform better in 2018.”
He, however, said that lack of adequate government support for the aviation sector and the slow recovery of the country’s economy from recession were challenges the airline contended with.
According to him, the factors affected the company’s operational activities during the year under review and were an impediment for the rapid growth of the aviation industry.
He said notwithstanding, the company had navigated the challenging economic situation quite well.
Bankole said the airline was currently in negotiations with aircraft providers to add a new B737-800 and a modern B777-200 ER to its fleet to further boost its international operations.
He said the high maintenance cost and multiple taxes were still major factors that plague the company, adding that the year under review was not an exception.
Bankole said, “Med-View’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.
“Med-View Airline has dealt successfully with the situation in the aviation industry due to the wealth of experience of its staff and management.”
He said the demand for air travel in Nigeria had been growing consistently in the last few years, adding that the past year was not an exception.
Bankole said more prospective passengers were choosing to travel by air, irrespective of their finances and engagements.
“The numbers of individuals who book air ticket daily is on the increase and Med-View Airline Plc has positioned itself to provide quality on-time delivery of various aviation services to the travelling public.
“Transportation by air cuts across age, gender and social status. During the year, the company took the decision to expand its routes within Nigeria, by including Ilorin operations in mid-2017.
“This is part of the growth strategy of the airline to properly integrate the Nigerian populace,” he said.
