The management of the Nigerian Stock Exchange (NSE) has admitted 9.75 billion ordinary shares of Med-View Airline Plc valued at N14.65 billion on its main board.
The listing of N1.50 kobo per share of Med-View Airline on the daily official list of the Nigerian bourse denotes the beginning of a good year as market regulators efforts are brought to fore.
Speaking on the facts behind the listing at the Exchange, Medview Airline Plc said it was targeting revenue of N58.49 billion for the financial year ending December 31, 2020.
Alhaji Muneer Bankole, Medview’s Chief Executive Officer, said the company was also targeting a profit before tax of N9.17 billion in the same period.
He said that the company had also projected revenue of N47.55 billion, N38.66 billion and N31.43 billion for 2019, 2018 and 2017 respectively.
Bankole said that the company was also targeting profit before tax of N8.51 billion, N6.09 billion and N4.35 billion for 2019, 2018 and 2017 respectively.
The company had posted a revenue of N25.85 billion for the 2016 financial year with a profit before tax of N949 million.
The Medview chief attributed the company’s performance to efficient service delivery and professional team.
“Quality of service offered to customers is the key to business,” he said.
Bankole said that the company which commenced operations in 2007 had lifted over 46 million tonnes of cargo into the country, in partnership with a Saudi cargo airline.
He said that the firm was operating in about 19 approved international routes and was currently designated to 14 more new routes.
He explained that the company decided to join the league of quoted companies on the exchange in order to enhance its corporate value and brand image of Medview.
While speaking at the listing, Chief Executive Officer of NSE, Oscar Onyema stated that the listing added N14.65 billion to the market capitalisation of the exchange, further deepening the Nigerian capital market.
The NSE boss believes that admitted of Med-View Airline Plc into the bourse will increase the visibility of the company and differentiate it as a professionally run airline with high corporate governance standards, having met the NSE’s listing criteria.
While speaking on the efficacy of NSE to the economy, Onyema said NSE platform remains one of the best avenues for raising capital and enabling sustainable growth for national development.
“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 its projected that close to six million jobs would be supported by Africa’s air transport sector over the next 20 years. Domestically, the aviation industry supports over 255,000 jobs and contributes more than US$1 billion (N304.25 billion) to GDP1. Of this sum, 49 per cent is a direct output of the aviation sector via airports, airlines and ground services; while 51 per cent is contributed indirectly by the aviation supply chain. Notably, an additional US$464 million is derived from tourism”, Onyema said.
He however encouraged other participants in the aviation industry value chain to look seriously at leveraging the opportunities that abound in the Nigerian capital market.
Onyema also called on the Minister of Aviation to work towards creating an enabling environment for the revival of the aviation industry in Nigeria.
He encouraged Med-View Airline to always be transparent in all its dealings.
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