Med-View Airline Plc shareholders on Wednesday lauded the board and management for listing on the Nigerian Stock Exchange (NSE) in spite of challenging operating environment.
The shareholders stated this at the company’s first Annual General Meeting (AGM) in Lagos.
They also commended the management for 3k dividend declared for the financial year ended Dec. 31, 2016 and authorised the raising of additional capital via debt instruments, preference shares or ordinary shares.
Mr Nona Awo, a shareholder, lauded the company for seeking quotation at the most difficult time in the Nigerian Stock market.
Awo said that the company took the bold step to list its shares on the NSE to allow Nigerians to be part owners in spite of the market situation.
He also said that the shareholders were very pleased with the company for getting dividend in less than four months of listing.
Awo, however, urged the company to ensure timeliness of its proposed capital raising exercise for maximum subscription.
Mr Boniface Okezie, National Cordinator, Progressive Shareholders Association of Nigeria (PSAN), called on the company to protect the interest of the shareholders and ensure strict compliance to good corporate governance.
Okezie said that airline companies that were listed on the NSE in the past had not been friendly to the Nigerian shareholders.
He stated that Med-View must be different in order to boost shareholders confidence, noting that the company needed fresh funds to execute bigger businesses.
Mr Patrick Adidua, another shareholder, said that the company achieved a giant stride by listing the airline on the exchange.
Adidua said that shareholders reposed their trust on the management by buying into the company in spite of past experiences.
He urged the management not to disappoint the shareholders, noting that, they would support the company to achieved the desired growth and development.
Alhaji Muneer Bankole, Med-View, Chief Executive Officer, said that the company would consolidate on its past achievements in 2017, especially in Hajj operations.
Bankole said that the company would take advantage of the projected growth the Nigerian economy would offer and deliver value to its stakeholders.
He stated that the company was well positioned to overcome the challenges of the business environment with its enhanced human capital and vast experience.
The chief executive officer said that the company was making arrangements to bring in additional aircraft and commence the Dubai route to maximise profit.
Bankole said that the board would continue to reposition the company to take advantage of all opportunities in the aviation industry.
“We are confident that with the right support of all stakeholders, our company will perform better in 2017,” he said.
Bankole said that access to funds was a major key factor to the survival of any airline, as the major funds required were in foreign currency.
He said that scarcity of foreign exchange, devaluation of Naira, high cost of maintenance, low patronage and multiple taxes affected the company adversely in 2016.
The company during the period under review posted a revenue of N25.96 billion against N14.16 billion achieved in the previous year.
Its profit after tax stood at N772.85 million compared with N728.52 million in the corresponding period of 2015.
Also, the company’s total assets rose to N15.43 billion from N12.01 billion 2015, while shareholders’ funds appreciated to N6.42 billion from N4.97 billion in 2015.
The News Agency of Nigeria (NAN) reports that the company on Jan. 31 joined the league of quoted companies with the listing of 9.75 billion shares by introduction at N1.50 per share. (NAN)