The management of Med-View Airline Plc has announced that a 42 per cent increase in revenue in 2017.
The Executive Director, Finance and Accounts, Med-View Airline, Mr. Adedayo Olaniyan, stated at a pre-Annual General Meeting get-together with shareholders on Wednesday that the airline’s total revenue rose from N26.04bn in 2016 to N36.9bn last year.
Olaniyan said, “In 2017, we had revenue of N36.9bn, which is an increase of 42 per cent over the 2016 revenue. Profit before income tax rose from N840m to N1.5bn, which accounted for 79 per cent increase, and profit after tax also increased in that manner from N772.851m to N1.55bn, which is 62 per cent increase from the previous year’s result.
“Our total assets also increased from N15.4bn to N19.5bn, which is an increase of N4.1bn or 27 per cent, while our total liability increased from N9bn to N12.2bn, an increase of N3.2bn or 36 per cent.”
According to him, the increase in liability arose from the international operations that the company went into in the last one year, which came in foreign currencies and became ambiguous when converted.
“All the liabilities have been taken into consideration for investors’ interest to be safe and sound with us,” Olaniyan added.