NSE Budget N14.6bn Med-View Airline Shares

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Akamanu Jennifer

MED-View Airline Plc, joined the league of quoted companies as the Nigerian Stock Exchange,( NSE) admitted its 9,750,649,400 ordinary shares of 50 kobo each at N1.50 each, totalling N14.6 billion on the Daily Official List.

The NSE Chief Executive Officer, Mr. Oscar Onyema, commended the airline for the bold step taken to list the company on the Main Board of the Exchange.

According to Onyema “It further reaffirms our belief that in spite of several policy and economic challenges facing the nation, our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development.”

Onyema stated that despite the challenging operating environment in the aviation industry globally, the air transport industry continues to contribute about $10 billion to Gross Domestic Product (GDP) of African countries, and it is projected that close to six million jobs would be supported by Africa’s air transport sector over the next 20 years.

In his remark at the fact behind the listing of Med-View, Managing Director of the Airline, Alhaji Muneer Bankole, said, “Despite the vast environment and enormous resources in the country, the Nigerian aviation sector is still largely untapped.”

He stressed that the Nigerian Aviation industry saw devaluation in activity between the second halves of 2014 and 2016 in terms of number of transactions, aircraft, the weight of cargo and mail moved, and attributed these to the downturn in the economy and various other challenges faced by operators in the industry.

Bankole said that the company revenue had grown from N3.629 billion in 2012 to N25.852 billion in 2016. He further stressed that gross profit grew from N847 million to N1.627 billion in 2016; Administrative expense declined from N673 million in 2012 to N577 million in 2016; Total assets grew from N4.879 billion in 2012 to N14.079 billion in 2016; Total liabilities surged from N1365 billion in 2012 to N7.473 billion in 2016, while shareholders’ fund increased from N3.514 billion to N6.606 billion in 2016.

The stockbrokers and other stakeholders commended Med-View Airline for the remarkable listing on the Exchange despite the economic downturn of the country.

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