11 Plc’s Full Year 2019 profit falls by N473.2m

11 Plc, formerly Mobil Oil Nigeria Plc, has declared an after-tax profit of N8.856 billion for Full Year 2019, a 5.1% or N473.219 million drop from the N9.329 billion posted in the relative period of 2018.

This and other details of the company’s financials are contained in its Unaudited Financial Statement for the Period Ended December 31, 2019, posted on the website of the Nigerian Stock Exchange (NSE) yesterday.

Revenue grew by 16% from N169.610 billion at FY2018 to N191.676 billion in the period under review.

Profit Before Tax (PBT) however dipped from N13.695 billion at FY2018 to N13.123 billion at FY 2019, signalling a fall of 4%.

Earnings Per Share (EPS) shrank by 5.1% to N24.56 at FY2019 from N25.87 at FY2018.

Total Assets grew from N70.661 billion at FY2018 to N91.199 billion at FY2019, translating to 29% increase.

Read also: Nigeria’s indebtedness to World Bank hits N3.6tn

The plunge in 11 Plc’s profit is primarily attributable to increase in the cost of doing business, which caused Cost of Sales to rise by 18.3% from N148.016 billion at FY2018 to N175.036 billion in the same period of 2019.

Other factors contributing to the drop in the firm’s profit include increase in Selling and Distribution Expenses and Finance Costs in the period under review.

11 Plc operations in Nigeria dates back to 1907, when Texas-based Socony Vacuum Oil Company teed off sale of Sunflower Kerosene in Nigeria.

It became Mobil Oil Nigeria Limited in 1951. In 1978, it acquired a publicly quoted company status, taking the name Mobil Oil Nigeria Plc.

NIPCO Investment Company took over 60% ownership of the company in 2016 after buying the stake from ExxonMobil, a development that triggered the change in its name to 11 Plc (pronounced as double one Plc).

Its outstanding shares stand at 360,595,262 with a market capitalisation of N53,332,039,249.80.

11 Plc maintains a vibrant dividend history, having declared dividend consistenetly in the past couple of years. Investors should be on the look out for cash reward from the company in the days ahead.

11 Plc currently trades on the floor of the NSE at N147.9 per share.

Earnings Per Share is the profit that each unit of a company’s ordinary shares  yields  during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares.  Increase in a company’s EPS often reflects an improvement in its bottom-line while a fall, on the other hand, indicates a declining profit.

 

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