Ibom Air announces N96 billion revenue, appoints new CEO

Akwa Ibom State Government-owned commercial airline, Ibom Air, has held its maiden Annual General Meeting (AGM), where it disclosed its financial achievements for last year.

At the AGM held on Wednesday in Ikot Ekpene, Akwa Ibom State, the airline’s management presented its operational achievements over the past years, including notable milestones in route expansion, fleet growth, and customer satisfaction.

The airline’s spokesperson, Aniekan Essienette, in a statement on Wednesday, said the AGM was held on the request of Governor Umo Eno of Akwa Ibom.

Ms Essienette forwarded the statement to PREMIUM TIMES, Wednesday.

The six-year-old airline, which launched its inaugural flight on 7 June 2019, taking off from the Victor Attah International Airport in Uyo to the Murtala Muhammed Airport in Lagos, has recorded significant milestones in the aviation industry.

Besides winning the best airline of the year for the last four consecutive years, Ibom Air, in 2023, received a safety certification from the International Air Transport Association.

The airline in 2023 received the first of its 10 new Airbus A220-300 aircraft for the expansion of its operations to the West African region, which it launched in October same year with a flight to Accra, Ghana.

In August 2024, it added a second Airbus A220-300 aircraft to its fleet.

In his remarks at the AGM, the immediate past chairperson of the Airline’s Board of Directors, Imo-Abasi Jacob, thanked Governor Eno and the airline’s customers for their continued support and confidence.

Mr Jacob reaffirmed Ibom Air’s mission to maintainits its standards in safety, on-time performance, and service quality, even as he was bowing out of office after serving the statutory years as chairperson, Ms Essienette said.

N29 billion revenue growth

Mr Jacob reported the airline’s resilience and recovering “from the loss position in 2023, occasioned by the collapse of the Naira against the US dollar, to a strong position of profitability in 2024″.

“Revenue grew 43% from N67b in 2023 to N96b in 2024, and operational profit grew from a loss position of N3b in 2023, to a N16.6b profit in 2024. Net profit in 2024 was N6.8b, against an N8.7b loss in 2023,” Ms Essienette quoted Mr Jacob saying.

In his remarks, Governor Eno expressed satisfaction with the airline’s performance and assured of continued support for it to succeed to a point where the Akwa Ibom State Government can successfully divest some of its shareholding and bring on board new investors.

Mr Eno at the event, appointed the airline’s pioneer Chief Executive Officer, Mfon Udom, as the new non-executive chairperson of Ibom Air’s board.

He further announced the appointment of the current Executive Director and Chief Operating Officer (ED/COO), George Uriesi, as acting MD and CEO of the airline.

“Mr 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 CEO to establish the airline and to build it into what it has become today.

“The ED/COO was part of the consulting team and has worked closely with Captain Udom from the business planning stage of the airline, through establishing and building it into what it has become today,” Mrs Essienette said.

Ibom Air, a Limited Liability Company wholly owned by the Akwa Ibom State Government, has a fleet of nine aircraft, including seven CRJ 900s and two Airbus A220-300s.

The airline flies six domestic destinations and Accra, Ghana.