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Medview Airline, a leading Nigerian carrier, has reported that its 2016 after-tax profit rose by 6.1 per cent to N772.85 million, compared to N728.52 million in the previous year. The marginal increase in the airline's profit  was due mainly to a significant growth in costs of aviation fuel and aircraft leasing.

During the period under review, operating cost rose by 105 per cent to N21.9 billion.

In 2016, the Nigerian aviation industry was hit hard by the country’s economic challenges, particularly the scarcity of foreign exchange and the devaluation of the naira. The shortage of FX affected airlines’ ability to pay for aircraft leasing and maintenance, while also causing a spike in the prices of aviation fuel.

Notwithstanding the challenging economic climate, Medview Airline said revenue rose by 84 per cent to N25.96 billion, compared to N14.1 billion in 2015. The revenue growth was driven mainly by significant increase in revenue from international and domestic operations. Hajj and cargo operations also supported revenue growth in 2016.

Medview Airline said basic earnings per share fell to N7.93 per share as against N9.34 per share a year earlier. No dividend has been announced for the 2016 financial year.

Founded in 2007 as a charter airline for Hajj operations, Medview Airline operates flight services to eight domestic destinations and five international destinations, including London via the Gatwick Airport. The airline has airlifted over three million passengers since inception and has five aircrafts in its fleet.