Aero Contractors, Nigeria’s oldest airline has said for the first time in eight years, it recorded 14 percent profit, signaling the airline’s recovery and a move to attract investors into the company.
The company, which had faced financial challenges for some years that led to its take over by Asset Management Corporation of Nigeria (AMCON) said it’s modest profit of about 14 percent is a testimony of the hard work the staff management have done to ensure that the turnaround project that was given to it is a success.
Speaking during a press conference on Tuesday at its head office in Ikeja, Lagos Ado Sanusi, Managing Director, Aero said he and his team have successfully stabilised the company and is now in the recovery stage.
He assured that the next level of its recovery stage will be to invite investors.
“We believe the next aspect of our recovery will be to invite investors to come and invest into the company. We have also reduced our liability by about 33 percent. So we are preparing the company for investors to come in and invest.
“This is a great success story for us. A company that was closed down before I came, I think in 2021, I believe, for about eight months. And now we have turned it around, and it is in the trajectory of recovery. We sincerely believe that with what we have said, we will get investors to invest and put in more aircraft,” Sanusi explained.
He recalled that in 2017, Aero’s staff was put on redundancy.
He however noted that as at today, the company has paid off the National Union of Air Transport Employees (NUATE) and the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and is about paying the National Association of Aircraft Pilots and Engineers (NAAPE).
The MD also said the company has almost met all the outstanding salaries for staff, adding that it has reduced its liabilities to 33 percent.
Aero Contractors has strengthened its reputation as a regional aviation hub by expanding its Maintenance, Repair, and Overhaul (MRO) services.
Sanusi said with new approvals from Morocco, Mongolia, Senegal, and Ghana, the airline’s facility now supports aircraft types such as 737s and the A319 family.
Read also: Aero Contractors introduces N80,000 Christmas promo tickets
“We aim to become a one-stop shop for all airlines operating in Nigeria,” said Sanusi, emphasizing the growing demand for MRO services in the region.
The airline is also enhancing its Auxiliary Power Unit (APU) capabilities, targeting a dedicated facility by next year’s third quarter.
Additionally, advancements in top-case engine repairs and modular changes mark progress in achieving full engine overhaul capabilities for CFM56 engines. “Collaborating with manufacturers and stakeholders will help us realize this vision,” Sanusi added.
Speaking on its aircraft fleet size, he said the airline currently operates three aircraft and does not intend to increase fleet size soon but will solidify on the routes which is operates in to give passengers affordable fares.
“We do not intend to increase our destination during the Christmas season. We intend to make sure that we are reliable and we have pocket-friendly prices. We understand we are not operating in isolation.
“And we do understand that there are a lot of airlines that have brought in capacity, which is good for the market. We intend to maintain our fleet size of about three. What I project for Aero contractors is a 10 fleet size,” he said.
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