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Med-view Airline Grows Half-year Profit to N857m

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medview airline
  • Med-view Airline Grows Half-year Profit to N857m

Med-view Airline Plc has reported a growth of 27 per cent in profit after tax (PAT) to N857 million for the half year ended June 30, 2017, compared with N672 million in the corresponding period of 2016.

The results of the only airline listed on the Nigerian Stock Exchange (NSE), indicated that gross revenue grew by 48 per cent from N8.7 billion to N13.007 billion in 2017.

Operating cost shot up from N7.748 billion to N9.982 billion, propelled by rise in aviation fuel cost and cost of lease of aircraft for local operations.

For instance the airline spent N1.257 billion on lease of aircraft in H1, compared with nothing in the corresponding period of 2016.

Similarly, N4.506 billion was spent on aviation fuel, showing an increase of 60.2 per cent above the N2.811 billion recorded in 2016. The amount spent on aviation alone accounted for 45 per cent of the total operating cost in 2017, compared with 37 per cent in 2016.

Administrative expenses increased marginally from N1.914 billion to N1.978 billion, while finance cost jumped to N171 million, from N55 million in 2016. The rise stemmed from a growth in interest charges on overdraft that soared from N21.3 million in 2016 to N114.636 million in 2017.

Med-view Airline therefore ended the H1 with a profit before tax (PBT) of N945 million, from N739 million and a PAT of N857 million as against N672 million.

The Managing Director of Med-view Airline Plc, Alhaji Muneer Bankole recently told the shareholders at the annual general meeting (AGM), that the company’s growth in aviation industry had continued with accelerated efforts and has stood out significantly among her contemporaries.

According to him, the company has continued to soar higher from the maiden flight in 2007 with Hajj operation.

Bankole explained that the airline has been able to spread to various parts of the world covering domestic, regional and international flights.

He said, demostically, the airline have flights to Abuja, Port Harcourt, Kaduna, Owerri, Yola, Maiduguri, Enugu, and Kano, while on the regional routes, it has Accra (Ghana); Freetown(Sierra Leone) and Monrovia (Liberia), which are currently operational.

The MD said their international route covers Jeddah and London and planning to include Dubai, United States of America and South Africa this year.

Following the need to inject more capital, the shareholders of Medview Airline have already authorised the directors to “raise additional capital via issue of debt instruments, preference shares or ordinary or a combination of any of these options by way of private placement, rights to existing shareholders, offer for subscription or any staff share scheme.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

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Nestle

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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