Med-view Airline Plc has given reason for its recent disengagement of some staff. In a release signed by the company’s secretary, Abdullai Adam Abdullahi noted that the current economic realities has necessitated the restructuring exercise currently ongoing in the company.
He further noted that two of its aircraft are currently undergoing C-check and that it will be added to its fleet in the next one month. He also assured that the 60 workers who were asked to “step aside” will be called back as soon as the financial health of the airline improves.
On the 24th of May this year, Medview sent a notice to the NSE, intimating it of a planned investment by Avmax, a Canadian firm. This would enable the airline to expand its fleet.
NSE rules mandate companies to disclose when trades amounting to 5% or more of their issued share capital takes place. Medview has a share outstanding of 9.7 billion, thus indicating that the investor had acquired about 3.58% of the company’s issued shares.
Figures from the company’s 2017 annual report show that the two largest individual shareholders were:
Abdulmohsen Al-Thunayan, a Saudi prince with 3,510,000,000 shares or 36% of issued share capital. Muneer Bankole, the founder with 3,858,000,000 shares or 40% of issued share capital.
Medview shares are currently trading at N1.93 with a one year return up by 21.38%. Results for the first quarter ended March 2018 show that gross revenue fell sharply from N7.6 billion in 2017 to N3.5 billion in 2018. Profit before tax also dropped sharply from N745 million in 2017 to N264 million in 2018. Profit after tax also fell from N691 million in 2017 to N210 million in 2018.
Med-View Airline Plc was incorporated on August 11, 2004, as a Private Limited Liability Company and by a special resolution, became a Public Liability Company on December 18, 2015. The company was listed on the floor of the Nigerian Stock Exchange (NSE) on January 31st, 2017.