Shareholders endorse Med-View’s 3 kobo dividend
Shareholders of Med-View Airline Plc yesterday approved a dividend payment of 3 kobo per ordinary share of 50 at the company’s Annual General Meeting (AGM) held in Lagos. Accordingly, all shareholders whose names appear in the company’s register of members at the close of business on March 20, 2018 qualified for the dividend.
As part of special business, the shareholders also authorised the directors to offer for subscription a total of 2.249 billion ordinary shares of 50 kobo each at a price to be determined by the directors acting in the best interests of the company.
They also endorsed the directors’ quest to appoint any such professional parties and perform all such other acts and do all such other things as may be necessary resolutions, including without limitation, complying with directives of any regulatory authority among other resolutions.
The Chief Executive Officer, Alhaji Muneer Bankole, speaking at the AGM, said the company was able to increase its revenue by expanding to new markets such as Abidjan, Conakry and Dakar.
Bankole explained that the addition of these new destinations was in addition to the previous destinations of Accra, Monrovia and Freetown, increasing destinations in the West Africa to six. He noted that lack of adequate government support for the aviation sector and the slow recovery of the country’s economy from recession was still an impediment for the rapid growth of the aviation industry.
“This had its toll on the company’s operational activities. Notwithstanding, the company has navigated the challenging economic situation quiet well.
The company is currently in negotiations with aircraft providers to add a new B737-800 and modern B777-200 ER to its fleet to further boost its international operations. High maintenance cost and multiple taxes are still major factors that plague the company, the year in view is not an exception.
Med-View’s excellent standing in the aviation industry in Nigeria and the sound capabilities of the management team have helped the company position itself properly in the face of these challenges,” Bankole said. He explained that the company’s revenue increased from N26.046 billion in 2016 to N36.91 billion at the end of December 2017.
“The profit before tax increased from N840 million in 2016 to N1.50 billion at the end of 2017. The company also increased profit after tax by 63 per cent to N1.255 billion from N772 million in 2016. The company is firmly on the path of improved performance, sustained growth, profitability and adequate returns to all stakeholders within the shortest possible period of time,” he added.
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