Med-View grows FY’17 profit by 62% declares 30k dividend

Upping it’s ante from half year results declared several months back, Nigeria’s based Med-View airline has recorded a 62.3 per cent increase in its Profit After Tax (PAT) for the full year period ended December 31, 2017 at N1.3bn from N772.9bn in 2016.

In a bid to enhance its corporate value and brand image Med-View decided to get listed on the Nigerian Stock Exchange about a year ago. The firm had, on the day of its listing, projected an 86 per cent growth rate in four years owing to the value and rapid depreciation of the local currency naira.

However, figures from the recently released results show revenue came in at N36.9bn up 41.95 per cent from N26bn recorded in 2016 and Profit before tax stood at N1.5bn a 79 per cent increase from N840m recorded previous year.
Also interesting to note is a 275.4 per cent increase recorded in the company’s tax figures for the period.

Interestingly, Med-View’s tax increased from N67.2m to N252m within the period under review, but Net Assets remained strong as it improved 15 per cent to N7.4bn as against N6.4bn recorded in 2016.

On this note, the airline proposes a 30 kobo dividend to its shareholders. The proposed dividend will be for shareholders who meet the qualification date of 20th March 2018, as the company’s register is billed for closure from 21st – 27th March, 2018, in preparation of the company’s AGM and dividend payment date of 28th March 2018 and 3rd April 2018, respectively.

The company’s share price has risen 35 per cent since it’s half year results were released in July 2017 from N1.60 per share to N2.12 per share in March 2018.