Modupe Gbadeyanka
By Modupe Gbadeyanka
Despite the harsh environment that almost crippled the aviation industry in Nigeria last year, Med-View Airline recorded a rise in its profit for the year.
Med-View Airline, in its 2016 full year financial results, declared a profit of N772.9 million compared with N728.5 recorded in the corresponding period of 2015.
During the period under review, the company’s turnover increased to N26 billion from N14.1 billion posted 12 months earlier.
Also, the firm posted a pre-tax profit of N840 million compared with N830.9 million it achieved at the end of December 31, 2015.
It was observed that the total assets of Med-View Airline increased to N15.4 billion during the year against N12 billion it was in 2015.
Business Post gathered from the results that the company spent N3.32 billion as administrative expenses, which included advertisement, office rent, staff cost/medical/training/welfare, electricity, bad debts and others, compared with N2.43 billion used for the same purpose a year earlier.
As at December 31, 2016, the average number of persons, excluding directors, employed by the company during the year was 403 in contrast to 305 persons as at December 2015.
