Med-View MD Assures Investors on Good Returns

The Managing Director /Chief Executive Officer of Med-View Airline Plc, Alhaji Muneer Bankole, has assured investors of return on their investment following the listing of the airline on the Nigerian Stock Exchange (NSE).

The NSE last Tuesday listed total of 9,750,649,400 ordinary shares of 50 kobo each were of MedView at listed at N1.50 per share to become the third airline to list on the NSE. Aviation Development Company Plc and Albarka Air Plc were listed but exited due to various challenges. Speaking during the listing ceremony in Lagos, a shareholder activist and National Chairman, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie asked if Med-View would not go the way of the other two airlines that left investors in the lurch.

“We have invested in airlines that got listed on the exchange before only for them to disappear without returns to us. I hope Med-View will not come and deceive investors like the others,” Okezie said.

Responding, Bankole assured the PSAN chairman and other investors that Med-View is company that has been known for excellent services delivery, noting that the service excellence would be replicated in the company dealing with investors and other market stakeholders.

According to Bankole, despite the challenging operating environment the company has done very well over years with revenue growing from N3.629 billion in 2012 to N14 billion in 2015. Similarly, profit before tax rose from N110 million to N830 million, while total assets increased from N4.879 billion to N12.589 billion within the review period.

Looking forward, the MD said the company would record a revenue of N31.432 billion at the end of 2017, N38.661 billion in 2018 and profit of N4.347 billion, and N6.089 billion in 2017 and 2018 respectively.

He said that the future of the aviation industry is very bright, adding that Med-View is positioning to be a leader hence the decision to list on the NSE.

Bankole explained that the listing will: enhance the corporate value and brand image of the company; give it better access to long term capital from range of local and international investors; give it better clout and rating when obtaining loans from financial institutions; boost the international image and profile of the company and boost its corporate governance and accountability.

Meanwhile, the Chief Executive Officer of the NSE, Mr. Oscar Onyema had said by listing, Med-View was showing its commitment to a culture of strong corporate governance, excellence, professionalism and efficient services to its passengers, as well as providing increased returns to its shareholders.

“This listing has added N14.65 billion to the market capitalisation of the exchange, further deepening the Nigerian capital market. It will also increase the visibility of MedView Airline Plc and differentiate it as a professionally run airline with high corporate governance standards, having met the NSE’s listing criteria,” the NSE boss said.