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. (NAN)
JNC/GOK