Connect with us
nairametrics
UBA ads

Business News

Med-View Airline clears the air over operations suspension claim  

Med-View has denied the claims that it suspended its operations and withdrew all its planes for maintenance checks widely reported in a national daily last week.

Published

on

Med-View Airline

Med-View Airline has denied all the claims widely reported in a national daily last week that suggested it suspended its operations and withdrew all its planes for maintenance checks. 

In a notification sent by the Management of Med-View to the Nigerian Stock Exchange, the airline said it never made mention of such occurrence to the Nigerian Civil Aviation Authority (NCAA) or the press. It brandished the information as false and misleading. 

UBA ADS

[READ MOREMed-View increases fleet to compete with Air Peace but there’s a problem] 

That statement read: “The Management of Med-View Airline Plc wishes to inform its shareholders, stakeholders and the general public that the sensationalized headline of BusinessDay Newspaper of August 23, 2019 that Med-View has suspended its operation because all her planes are on maintenance is misleading and tantamount to demarketing. 

Faulty Airlines: The Airline, however, admitted that one of its aircraft, a Boeing 737-500 (5N-BQM) aircraft developed a technical fault on a trip en route Abuja. The airline stated that repairs had begun on the faulty carrier to make it readily available for operation the following week. 

GTBank 728 x 90

It also stated that two of its Boeing aircraft (5N- MAB and 5N-MAA) plying the domestic route also underwent C-Checks at approved repair, maintenance and overhaul centres and is 85% flight-ready. 

Med-View Airline

[ALSO READList of Dividends announced so far in 2019 (August 2019)] 

Deal book 300 x 250

The airline reiterated its dedication to providing quality customer service in its 12 years of existence as well as its knack for safety consciousness while promising a solution to its rift between the airline and the presidency. 

In the last 12 years of operation as Hajj carrier and domestic operator, Med-View Airline is profoundly known and widely recognized for its safety consciousness which cannot be compromised. Our airline is ever committed to its corporate value, which is the ability to succeed in providing the desired services for customers’ satisfaction and return on investment to shareholders. Meanwhile, the on-going rift between our airline and NAHCON is being handled by the Presidency.”  

app

In 2017, Med-View posted revenues of about N36.9 billion and profit after tax of about N1.2 billion. It was its the best performance in over 5 years. Rather than sustain this performance, things went South with revenues tumbling down by over 74% to N9.5 billion in 2018. This was contained in a Nairametrics report. 

Patricia

Bottom line: With a history of financial problems and continuous Aircraft maintenance talks and currently, the rift with the Presidency, isn’t the possibility of shutdown predicted by the National Daily just a matter of time? 

[READ MOREIf you have N1m today, how would you invest it]

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

1 Comment

1 Comment

  1. Lesli

    May 8, 2020 at 2:43 am

    Τhis web site truly has аll of the infoгmation аnd fаcts I needеd abоut this subject
    ɑnd ⅾidn?t кnoᴡ whօ to ask.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

Oando loses Chief Legal Officer

Published

on

Oando loses Chief Legal Officer

Chief Legal Officer of Oando Plc, Ngozi J Okonkwo is dead.

Adewale Tinubu, Group Chief Executive Officer of Oando Plc announced this via a tweet.

UBA ADS

Get breaking news on the Nairametrics News App

Until her death, she was the Chief Legal Officer of Oando Plc, having joined the company as Head, Legal Services of the company in 2009.

GTBank 728 x 90

According to a tweet from one of her nephews, she battled cancer for a while, recovered before having a relapse during the recent COVID-19 crisis.

READ ALSO: NSE, SEC train capital market operators on legal and regulatory requirements for the derivatives market

Before joining Oando, she worked as Junior Counsel  with F.O Akinrele & Co., and also with KPMG Professional Services (previously known as Arthur Andersen) as Manager in the Tax, Regulatory and People Services unit and Head of indirect tax services.

READ ALSO: Common legal and general mistakes made by new businesses (Part 1)

app

She obtained LLB (Hons) from University of Nigeria, Nsukka in 1997 and BL from the Nigerian Law School, Lagos in 1999. She was a member of the Nigerian Bar Association, honorary fellow of the Association of Fellows and Legal scholars of the centre for International Legal Studies, Austria, Associate Member of the Chartered Institute of Arbitrators, United Kingdom and Associate Member of the Chartered Institute of Taxation, Nigeria.

Patricia

 

Continue Reading

Economy & Politics

NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel

The Nigerian National Petroleum Corporation (NNPC) has announced that it is building up business portfolios in the housing, power, and medical sectors.  

Published

on

NNPC, Domestic Crude Allocation, Why NNPC’s Duke Oil is quitting London operations for Dubai , NNPC divests stake in four oil wells to NPDC , How NNPC discovered oil, gas deposits in the North , Nigeria to leverage on condensate refineries to be petrol net exporter, How NNPC saved $3 billion from arbitration , NNPC, IPPG donate medical supplies to South West state governments, NNPC discloses bases for employment and managerial progression in the oil firm, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel

To cushion against the volatility in the global crude market and strengthen profitability, the Nigerian National Petroleum Corporation (NNPC) has announced that it is building up business portfolios in the housing, power, and medical sectors.

This is one of several measures the corporation is taking to sustain revenue generation for Nigeria, and cope with the boom and bust cycles which are gradually becoming a feature of the global crude oil market.

UBA ADS

NAN reports that this was contained in a statement from the Corporation Chief Operating Officer, Ventures and Business Development, Mr. Roland Ewubare, and signed by NNPC Spokesman, Kennie Obateru.

According to Ewubare, the NNPC will establish Independent Power Plants using the Ajaokuta-Kaduna-Kano (AKK) pipeline network, and consolidate its presence in the power sector.

(READ MORE: COVID-19: Nigerians react as CBN partners NNPC to feed, accommodate Nigerian returnees)

GTBank 728 x 90

The statement reads in part; “NNPC is creating an energy company that would have portfolios in renewable energy; we have initiatives on solar that is ongoing.

“We have got biofuels agreements with some state governments that would soon be activated. We do have a lot of non-core businesses that are aggregated under the Ventures and Business Development Autonomous Business Unit of the NNPC. 

“This would be expanded through effective collaboration and partnership with the private sectors,” 

NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel

Lower costs, more profits

As part of moves to improve profitability, the NNPC also announced plans to drive crude oil production cost down to 10 dollar per barrel by Q4 2021,

app

This according to the statement would be done by systematically and gradually beating down logistics costs.

Patricia

The Corporation’s revenue took a major hit in 2020 due to the slump in global oil prices, and this in turn affected the Nigerian budget given that oil proceeds account for a significant fraction of her income.

“When you have a low commodity price regime, as the case now, the only way we are able to squeeze out some reasonable cash and financial gain to the nation is by curtailing and constraining our costs in line with the GMD’s aspiration to push for a 10 dollar per barrel cost of production,” Ebuware said.

(READ MORE: NNPC pipeline vandalism up by 50% in January, may suspend crude oil production)

There is also an ongoing collaboration with selected partners to commercialise flared gas in order to preserve the flora and fauna of the country.

This would be done by converting it to Compressed Natural Gas (CNG) and Liquefied Natural Gas, for sale to consumers.

app

The NNPC is partnering with private developers to reduce the housing deficit in the country and also partnering with medical centres to provide innovative healthcare for Nigeria.

 

Continue Reading

Business News

Microsoft Teams’ rival, Slack shares drop on withdrawal of full-year billings guidance

Slack reported steady revenue growth 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis this brought in more customers

Published

on

 Slack shares dropped as much as 17% yesterday after the company’s reported first-quarter earnings.

Investors and stock traders were not happy with Slack’s annual revenue forecast of $855 million to $870 million, up just slightly from Slack’s projection in March stock analysts, on the average, estimated $856.5 million, according to data obtained from Bloomberg.

UBA ADS

“Slack’s withdrawal of full-year billings guidance looks conservative to us and likely suggests a pull-forward of revenue amid faster new-customer additions due to remote work,” Mandeep Singh, a Bloomberg Intelligence analyst, wrote in a note yesterday.

Slack grew revenue 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis.

However, Slack reported steady revenue growth during  Q1 2020 brought in more customers, as organizations sought to keep communications going with their newly remote workforces during coronavirus pandemic. It had earnings per share of 2 cents loss per share, adjusted and adjusted revenue of $201.7 million

GTBank 728 x 90

(READ MORE: How to Profit from Directors’ Share Dealing Notifications)

Slack, in a statement, yesterday reported that it added a record 12,000 paid customers Q1 2020 as against two prior quarters when it added about 5,000 new customers. Slack’s top competitor, Microsoft’s Teams, has also experienced growth in recent months.

“What you saw with Zoom, what you saw with Teams is a great indication that this is not apples-to-apples and that the products are not truly competitive with one another,” Butterfield the Chief Executive Officer of Slack told Investment analysts on a conference call yesterday.

READ ALSO: Jumia is optimistic of COVID-19 boost, despite poor Q1 2020 earnings report

Paid users spent over 120 minutes per day in Slack at the end of the quarter, up from below 90 minutes one quarter earlier. 

app

“I can’t care about the stock price on the level of individual days,” Butterfield said when asked about the reaction to earnings. “I just wouldn’t be able to do my job. I care about where the share price is five years from now and 10 years from now. This is just a very volatile time.” 

Patricia

 

Continue Reading