LAGOS – Ibom Air, the state-owned carrier earned N96 billion as revenue in the 2024 financial year, indicating 43 per cent growth in revenue when compared to the same period in the previous year.
This was contained in its 2024 financial year period unveiled during its maiden Annual General Meeting (AGM) held in Ikot Ekpene, Akwa Ibom State on Wednesday.
A statement by Aniekan Essienette, Group Manager, Marketing and Communication, Ibom Air, stated that the airline had earned N67 billion in 2023 financial year period.
The report also emphasised that its operational profit grew from N3 billion loss in 2023 to a N16.6 billion profit in 2024, while its net profit in 2024 was N6.8 billion, against N8.7 billion loss in the previous financial year.
The airline had attributed the 2023 financial year loss to the collapse of the naira against the US dollar.
In his address, Pastor Umo Eno, the Governor of Akwa Ibom State and the Shareholder, expressed his satisfaction with the performance of the airline over the last six years.
Eno assured the airline of the government’s support in a bid for the carrier to succeed to the point where the state could successfully divest some of its shareholding and bring on new investors.
He also used the opportunity to announce the appointment of Mfon Udom, the pioneer Chief Executive Officer (CEO) of the company, as the new non-executive Chairman of the Board.
He further approved the appointment of Mr. George Uriesi, the current Chief Operating Officer (COO) as Acting Managing Director of the airline.
Earlier, Mr. Jacob Imo-Abasi, the immediate past Chairman of the Board, Ibom Air, expressed appreciation to the Shareholder, the Akwa Ibom State Government, and the airline’s loyal customers for their continued confidence and support.
Imo-Abasi, reaffirmed the airline’s mission to maintain its industry-leading standards in safety, on-time performance, and service quality.
The new Non-Executive Chairman, Udom was the consultant to the Akwa Ibom State Government that put together the business plan for Ibom Air.
He was then saddled with the responsibility as the CEO, to establish the airline and to build it into what it has become today.
Also Uriesi was part of the consulting team and has worked closely with Udom from the business planning stage of the airline, through establishing and building it into what it has become today.