… announces N3bn dividend payout
“Our 250 filling stations shine as downstream industry benchmark for service, ethical standards” – Oyebanji, MD/CEO said
Oredola Adeola
11 Plc (formerly Mobil Oil Nigeria Plc) has announced a profit after tax of N26.56 billion for the year ending December 31, 2023, marking a 42 percent increase from N18 billion recorded in 2022.
Ramesh Kansagra, Board Chairman who was represented by Non -Executive Director, Alhaji Abdulkadir Aminu made this known at the 46th Annual General Meeting of 11Plc held last week, at Abuja Continental, Abuja, during the presentation of the company’s financial statement and report of 11Plc for the year ending December 31, 2023.
Advisors Reports’ analysis showed 11 Plc recorded an impressive financial performance with a revenue of N526.53 billion and earnings per share of N74, setting a new benchmark in both the midstream and downstream sectors of the oil and gas industry in Nigeria, thereby solidifying its position as a powerhouse in the market.
Kansagra announced a dividend payout of N3 billion, equivalent to 900 kobo per ordinary share of 50 kobo each, demonstrating the company’s commitment to rewarding its shareholders.
He emphasised that despite global economic uncertainties and sectoral disruptions, 11 Plc has not only weathered the storm with its foray into the Compressed Natural Gas (CNG) market, but the establishment of facilities in Ibadan and Lagos signifies a strategic move towards innovation and growth.
According to him, the company has a dividend payout of N3,245,357,349 (N3 billion) equivalent to 900 kobo per ordinary share of 50 Kobo each.
He revealed “The Board is confident in the company’s ability to continue delivering growth to all its shareholders’ investments.
The Board Chairman noted that the Nigerian economy has witnessed unprecedented events and developments that have affected the global environment and the downstream oil and gas sector.
Speaking on the operation environment, Ramesh Kansagra said, “In the aftermath of the Presidential address, two policy changes were made. The first change was to discontinue subsidies, and the second was to float the Naira,” he said.
These changes, according to him, have significantly affected the petroleum industry, leading to changes in operating costs and overall consumption of petroleum products.
The 11 Plc Board Chairman said, “To counteract the effects of the subsidy removal, the new administration launched the Presidential Compressed Natural Gas Initiative, which aimed to promote an alternative auto fuel that could provide motorists with a cheaper energy source.
“The focus was on developing Compressed Natural Gas (CNG) as a substitute for petrol and diesel, which could help reduce energy costs and provide environmental benefits.
“To this effect, NNPCL and NIPCO Gas Limited have collaborated to make compressed natural gas readily available to motorists in Nigeria by launching CNG infrastructure across various states,” he said.
Adetunji Oyebanji, 11 Plc Managing Director/Chief Executive Officer, in his comment said that the 2023 turnover of N526.53B and a profit after tax of N26.53B further demonstrate the company’s resilience and potential as a leading entity in the Nigerian Oil & Gas industry.
Oyebanji emphasized that 11 Plc would continually adhere to its corporate culture geared towards good yield on investment with due consideration for the overall capital growth of the company.
He stated that the company has about 250 retail outlets across the nook and cranny of the country, offering stellar services to motorists.
He said, “The stations remain a benchmark in the industry with high ethical standards and adherence to global best practices.
“The outlets occupy a leading position as a testament to the Company’s brand equity.
He also stated that 11Plc has maintained a strong position in the lubricant market, as a result of the distinctive quality of its lubes.
He said, “Our products remain unique and reliable in the industry. We have consistently emphasized quality in all our lube grades, a feat that stands us out.
“Our ultra-modern lube oil plant in Apapa Lagos, with a capacity of 300,000 barrels per annum is operating optimally, and it’s regarded as one of the most sophisticated in Africa,” Oyebanji said.
Speaking about the company’s prospects, the MD stated that 11Plc remained optimistic about a brighter future and the resilience of the nation’s economy.
He said, “We hope to build on the current momentum predicated on better management of the economy as professed by the new leadership.
“Our integrated business model coupled with the sound financial measures being adopted across our business lines give us hope for brighter outlooks in the ongoing transformation of 11 Plc.
“With our projections coming to fruition, we look forward to bigger and more powerful projects coming on stream which would undoubtedly boost the Company’s bottom line. ,” he said.
Oyebanji therefore assured that Nigeria’s hydrocarbon industry, especially in the downstream sector, will continue to benefit from 11Plc’s brand for value addition and sustenance of nobler legacies.
