Medview Airline Offers N0.03 Dividend, As Net Profit Rises By 62.26%

Directors of Medview Airlines presented its audited the financials for the year ended December 31, 2017 showing that profit after tax grew by 62.26%, faster than the 41.94% rise in revenue for the period, when compared to that of preceding full-year.
Shareholders are expected therefore to vote on the recommendation of directors for a final dividend of three kobo at the annual general meeting of March 28, 2018. The dividend is payable to those whose names are on the register of shareholders scheduled to close between March 21 and 27, 2017, while payment is on April 3, 2018.
According to the financials presented through the Nigerian Stock Exchange (NSE), revenue for the period rose from N26.039bn to N36.961bn, the lion’s share of which was the N14.853bn, or 40.19% of total; compared with N11.691bn in 2017; followed by N13.86bn or 37.5% from international/regional operations, up from N8.728bn. Hajj and cargo operations fetched N8.247bn or 22.31%; as against N5.619bn in the previous year. Domestic operating cost was the largest portion of the operating cost for the period at N13.382bn, representing 43.05%; followed by N11.972bn or 38.51% contributed by the operating operations; while hajj operations cost N5.733bn or 18.44%.
while operating cost increased by 41.35% from N21.895bn to N30.949bn with aviation fuel gulping all of N10.312bn from N8.099bn; followed by statutory charges to the National Civil Aviation Authority (NCAA), Federal Airports Authority of Nigeria (FAAN) and the Nigeria Airspace Management Authority (NAMA) amounting to N4.442bn from N3.717bn. Aircraft lease for local operation ballooned the most from N1.304bn in 2016 to N4.078bn; just as aircraft lease for hajj operation dropped slightly to N2.307bn from N2.672bn; just as aircraft maintenance climbed to N2.34bn from N945.824m. Administrative expenses was up by 25.84% at N4.179bn from N3.321bn, the bulk of which was the N2.086bn spent on staff cost/medical/training/welfare, up from N1.851bn; just as finance cost was up 17.1% from N193.94m to N227.1m, comprising interest on loans of N88.471m, down from N172.626m; while interest on overdraft jumped from N21.311m to N138.63m.
Other income fell to N7.439m from N99.241m; just as forex loss stood at N74.687m from a N56.375m gain; write off on investment stood at N32.585m.
This left profit before tax at N1.506bn from N840.04m, an increase of 79.3%; while net profit jumped from N772.85m to N1.253bn, translating to Earnings Per Share (EPS) of 12.86 kobo, as against the previous 7.93 kobo.