11 Plc Grows Profit By 24% in 2018

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11 plc (formerly Mobil Oil Nig. Plc) on the 22nd of March, 2019 released its full-year 2018 financial report. The company’s Revenue increased by 31.42% y/y from ₦125.26 billion in 2017 to ₦164.61 billion in 2018. This was mainly impacted by a 31% increase in sales to a third party and a 30% increase in sales to intercompany.

The company recorded a 41% increase in income earned from short-term bank deposits. This, in turn, contributed to an increase in Finance Income from ₦363.48 million in 2017 to ₦493.72 million in 2018.

Finance cost also declined significantly by 53%, from ₦86.92 million in 2017 FY to ₦40.63 million in 2018 FY.

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Profit Before Tax (PBT) and Profit After Tax (PAT) surged by 23% and 24% respectively. PBT rose from ₦11.14 billion in 2017 FY to ₦13.70 billion in 2018 FY, while PAT grew from ₦7.52 billion in 2017 FY to ₦9.33 billion in 2018.

Return on Asset and Return on Equity improved slightly, indicating a better utilization of Asset and Equity in generating profit.

EPS rose by 24.08% y/y, from ₦20.85 in 2017 FY to ₦25.87 2018 FY.

A final dividend of ₦8.25 kobo per ordinary share for the period ended Monday, December 31, 2018. The dividend payment is subject to appropriate withholding tax and would be paid electronically to shareholders whose names appear on the Register of Members as at Thursday, May 2, 2019. Holders will be closed from Friday, May 3 to Friday, May 10, 2019.

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The company was formerly known as Mobil Oil Nigeria plc and changed its name to 11 plc in May 2017. The company was incorporated in 1951 and is based in Lagos, Nigeria. As of April 3, 2017, 11 plc is a subsidiary of Nipco Investments Limited.

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