Increase in cost of sales, others drain Mobil’s profit to N6.3bn for Q3 2019

Going by the financial statement for the 9 months period ended September 30, 2019, released by 11 Plc (formerly Mobil Oil Nigeria Plc), increase in costs of sales and other operating expenses cost the petroleum company to witness a 19% drop in profit after tax.

The financial statement which was released on Thursday shows that revenue for the period stood at N141.5 billion, an increase of 13% when compared to N125 billion in the same period of 2018.

The company had a 15.8% increase in the cost of sales and 107% other operating expenses of N130 billion and N35.9 million respectively, which led to a 19% drop in profit before tax of N9.4 billion compared to N11.6 billion in 2018.

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In the same vein, profit after tax also shed 19% from N7.9 billion in 2018 to N6.3 billion in 2019

This is the second petroleum company – after Total Nigeria – recording a drop in its profit after tax for the period ended September 30, 2019.

11 Plc stocks traded at N147.90 during trading session on the floor of the Nigerian Stock Exchange (NSE). The stock has a 1-year return of -11.55%.

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