Nigerian carrier, Med-View Airline, is set to pay shareholders their second dividend since becoming quoted on the exchange following an improved performance for the year ended December 31, 2017.
Med-View’s revenue grew by 41 per cent from N26.039 billion in 2016 to N36.962 billion in 2017. Operating cost rose from N21.895 billion to N30.949 billion, while gross profit stood at N6.012 billion, showing an increase of 45 per cent above N4.144 billion in 2016. Administrative expenses moved up to N4.179 billion, from N3.321 billion, while finance cost was driven by high charges on overdraft to N227 million, from N193 million.
Med-View Airline ended the year with a profit before tax of N1.506 billion, up 79 per cent from N840 million. However, higher tax of N252 million in 2017, which was an increase of 276 per cent compared with N67 million in 2016, made the profit after tax (PAT) to grow slower. Specifically, PAT rose by 62 per cent from N772 million to N1.253 billion in 2017. Based on the performance, the directors have recommended a dividend of three kobo per share.
This is the second dividend the airline would be paying, having paid the first dividend last year.