Medview Airline targets N58.49bn turnover in 2020

Med-View Airline

Med-View Airline

Medview Airline Plc says it is targeting revenue of N58.49 billion for the financial year ending Dec. 31, 2020.

Alhaji Muneer Bankole, Medview, Chief Executive Officer, made this known on Tuesday at the company’s listing of 9.75 billion shares by introduction at N1.50 per share on the Nigerian Stock Exchange (NSE) in Lagos.

Bankole said that the company was also targeting a profit before tax of N9.17 billion in the same period.

He said that the company had also projected revenue of N47.55 billion, N38.66 billion and N31.43 billion for 2019, 2018 and 2017 respectively.

Bankole said that the company was also targeting profit before tax of N8.51 billion, N6.09 billion and N4.35 billion for 2019, 2018 and 2017 respectively.

The company had posted a revenue of N25.85 billion for the 2016 financial year on a profit before tax of N949 million.

The Medview chief attributed the company’s performance to efficient service delivery and professional team.

“Quality of service offered to customers is the key to business,” he said.

Bankole said that the company which commenced operations in 2007 had lifted over 46 million tons of cargo into the country, in partnership with a Saudi cargo airline.

He said that the firm was operating in about 19 approved international routes and was currently designated to 14 more new routes.

Bankole, however, decried the impact of foreign exchange instability in the business operations, especially on maintenance.

According to him, the company spends about two million dollars on maintenance of one aircraft outside the country.

“We do not have those items for maintenance in Nigeria and this is very sad. You have to buy dollar from many sides, very unfortunate, that is where the cash goes.

“We spent about two million dollars on each aircraft before bringing them back into the country.

“We are face with sharp increase in the price of dollar and aviation is dollar-denominated,” Bankole said.

He explained that the company decided to join the league of quoted companies on the exchange in order to enhance its corporate value and brand image of Medview.

Bankole said the company decided to list in order to have better access to long-term capital from a wide range of local and international investors.

Also, Mr Oscar Onyema, NSE Chief Executive Officer, commended the company for taken a strategic step to join the prestigious club of quoted companies in Nigeria.

Onyema said that the listing reaffirmed the belief that in spite of several polices and economic challenges facing the nation, NSE remained one of the best avenues for raising capital and enabling sustainable growth for national development.

He encouraged other participants in the aviation industry value chain to look at leveraging the opportunities that abound in the nation capital market.

Receive News Alerts on Whatsapp: +2348136370421

  • real

    Nigeria companies needs to stop complaining of forex and lack of this or that every time. is there any thing stopping the airlines from investing in a maintenance facility in the country. if all the airlines invest in this facility, they would be saving huge amount of money, reducing their need for forex, providing jobs and capacity building and reducing their operational cost. Invest in a facility and stop complain, invest in a small modular refinery to produce jet fuel.

  • ewucanbeer

    What kind of financial statement gives a three year projection (2020!), before current or previous year results (2016 or 2017). Fair investment on the cargo side. Rate it a buy with caution.

    • obid

      The previous year results were actually posted, you can have a look at the NSE website for their presentation. That said, I agree with you to buy with caution.