Med-view Airline Shareholders Approve Fund Raising, N29m Dividend
The shareholders of Med-view Airline Plc has given the company the go ahead to raise an additional capital to expand operation.
Also, the shareholders approved a total dividend payout of N29.25 million, representing three kobo per share.
According to the company, the funds will be raised through debt instrument or a combination of private placement, right issues, among others.
The shareholders commended the company performance, urging the management to ensure sustainability of the performance.
Speaking to shareholders at the Annual General Meeting held in Lagos, Wednesday, the chairman of the company, Seik Abdul-Mosheen Al-Thunayan said the company has continued to soar higher from the maiden flight in 2007 with Hajj operation, saying, “Since the commencement of the Hajj operation in Nigeria, Med-vieew Airline has airlifted more than 300,000 pilgrims to Saudi Arabia till date.
“The Lagos-Jeddah commercial route was also opened up. For cargo freights in 2009 which is in partnership with S.V. Cargoes and about 46 million tonnes of cargoes are being airlifted annually, this has created more than job opportunities. Also, there have been occasional charter services by football clubs, organisations and various agencies.”
He stated that the shareholders should expect a robust dividend in 2017, saying that the company will buy three aircraft in the next three years.
Also, speaking the chief executive Officer of Med-view Airline, Alhaji Muneer Bankole added that, “There have been significant improvements in our finance over the years since we started scheduled flights in 2012 till date.
“The revenue of the company has shown an upward surge from N3.6 billion in 2012 to N25.8 billion in 2016, while the profit after tax. Grew fromm N110 million to N1 billion, this is as a result of hard work.”
He however stated that in Nigeria, the scarcity of forex, devaluation of naira, high cost of maintenance, low patronage and multiple taxes are major factors that affected the company adversely during the year, 2016, saying “In thee face of these challenges, Med-view’s resolve to excel has not been in question as the company equipped herself with knowledgeable board members who have serviced. In the aviation industry.”
He added that the challenges before the company are to ensure the improvement of its performance and move to an era of sustained growth, profitability and adequate returns to all stakeholders within the shortest period of time and measures are being put in place.
He added that the year 2017 is expected to provide the company with the opportunities for the growth and investment and within which Med-view Airline can consolidate on its past achievement, take advantage of the projected growth the economy will offer and deliver value too stakeholders.
It would be recalled that Med-View Airline got listed on Nigerian Stock Exchange in January, 2017.
