Nigerian’s leading domestic airline, Med-View Airline, recorded a 27 per cent growth in profit in its half year period ended June 30, 2017 at ₦857.3 million from ₦671.5 million in 2016.
Med-View also posted revenue of ₦13.0 billion for the period, representing a growth of 49 per cent from ₦8.7 billion posted as revenue in half year 2016.
The operating cost of the company rose by 30 per cent from ₦7.68 billion in June 2016 to ₦9.98 billion in June 2017.
A breakdown of the operating cost, showed Med-View spent ₦1.3 billion on aircraft lease for local operation in the first half of 2017 as against zero spending in the same period of 2016. Expenses on aircraft maintenance almost halved to ₦235.3 million from ₦417.6 million while spending on aviation fuel –ATK almost doubled from ₦2.8 billion last year June to ₦4.5 billion in the period under review.
Handling charges dropped 10.3 per cent to ₦425 million while statutory charges, Government agency/royalty and weighing charges fell 4 per cent, 24 per cent and 33 per cent respectively.
Med-View also recorded a 65 per cent reduction in depreciation charge on Aircraft that stood at 102.4 million compared to ₦300.4 million spent on Depreciation one year ago.
Consequently, the carrier posted a growth of 28 per cent in Profit before Tax (PBT) which stood at ₦857.3 million in 2017, from ₦671.5 million posted in 2016.
This also reflected on its earnings per share for the period that appreciated by 28 per cent to ₦8.79 per share from ₦6.89 per share earned last year.
The company’s balance sheet, however, revealed that total assets dropped marginally by 1.7 per cent to ₦15.2 billion from ₦15.4 billion reported at year end 2016 while shareholders fund stood at ₦6.98 billion up 9 per cent from ₦6.42 billion recorded in December 2016.