Ibom Air Profit Hits N16bn as Revenue up 43%

Akwa Ibom State-owned airline, Ibom Air has recorded solid profit growth for the 2024 financial year, reinforcing its track record as the nation’s most preferred carrier and a well-run government business.

The performance shows that gross revenue was N96 billion, up by 43 per cent from N67 billion in 2023, while Ibom Air profit before tax (PBT) hit N16.6 billion from a N3 billion loss in 2023. Profit after tax(PAT) in 2024 was N6.8 billion in 2024, against an N8.7 net loss in 2023.

The loss in 2023 was mainly due to the sharp depreciation of the Naira that year. The financials were announced at Ibom Air’s fifth annual general meeting (AGM) held in Ikot Ekpene, Akwa-Ibom.

Although it’s not a publicly quoted company, the airline chose to make its financial performance public to showcase its strong corporate governance and motivate other state-owned businesses.

Ibom Air fleet size has grown to nine, seven CRJ Bombardier jets and two Airbus jets.

Ibom Airlines Limited, (trading as Ibom Air) received its Air Operator’s Certificate (AOC) from the Nigerian Civil Aviation Authority (NCAA) in May 2019, to operate scheduled, domestic, passenger and cargo services.

The airline is wholly owned by the Akwa Ibom State Government, through the State’s Investment entity- Akwa Ibom Investment Corporation (AKICORP).

However, Ibom Air is a limited liability company and operates as an independent private enterprise.

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