11 plc grows Total Assets to N75 million from N62million in 2016; pays N8.00 per share dividend.

Kindly Share This Story:

The management of 11 plc (former Mobil Oil Nigeria plc) has reported in their Annual Reports for the year 2017 showed the Total Assets figures increase to N74 648 928 in 2017 from the figures of N61 701 328  in 2016, an increase of 21 percent representing N12 947 600.

The financial highlights and statements contained in the Company Annual Report and Accounts presented at Annual General Meeting (AGM) held in Lagos.

The company, 11plc, made significant strides in the year considering the seeming uncertainties after the takeover of management by Nipco plc at the end of first quarter. The turnover for the year under review showed N125 268 as against N94 118 in 2016 and the profit after tax stood at N7 528. Also, this result accommodates the payment of the N2 238 occasioned by the full provision for the accumulated staff benefits upon change in control on April 1 2017

The management and the Board of the company has recommended for your approval a dividend payment of N2 884 762 088 representing N8 (800k) subject to application of statutory deductions.

Ramesh Kansagra, the Chairman of the Company stated that inspite of the uncertainties in the economy and challenging business climate, we continued to maintain impressive volumes and positive earnings in 2017

Kansagra said that inline with our tradition of delivering superior and competitive stakeholder’s returns adding that if the recommended dividend is approve, the profit retained in the business as at December 31, 2017 will amount to N24 279 389 000 made as follows: Retained earnings as at December31, 2017 stood at N27 164 151 000 and after dividends payment the figures will be N24 279 389 000

During the year under review, we made additional investment of N500m towards upgrading our lubes blending plant in order to increase production and efficiency. We also, streamed LPG skids at selected retail outlets to meet home energy needs for our customers. We are expect these investments to be completed in the coming year. This will boost our earnings, volumes and our market share, he added.

We at 11plc will seek to maximize our output from the investment we have made towards improving our growth and earnings potentials.

Shareholders at the AGM was impressed about the financial performance of the company and we certain that the ongoing investments coupled with strategic marketing and pricing initiatives, your company will continue to deliver impressive returns on investments.

Analysis of the company’s share structure showed that Nipco investment limited which holds 267 497 829 ordinary shares of 50 kobo each, representing 74.18 percent would have raked in a total of N2 139 982 632.00 plus other benefits from its dividend payment of N8 per share.


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

x
%d bloggers like this: