11 Plc records 35% drop in Q3 profit


By Kayode Tokede

11 Plc, formerly Mobil Oil has released its financial statement for the third term period ended September 30, 2020 with 19per cent drop in revenue to N114.75 billion from N141.5 billion in 2019.

Profit for the period dropped by 35 per cent to N4.1 billion from N6.34 billion in 2019.

The shareholders of 11 Plc had approved delisting from the Nigerian Stock Exchange (NSE).

11 Plc, in its full-year 2019 financial statement, recorded revenue of N191.676 billion. This represents a 16per cent increase when compared to the N169.610 billion that was recorded for the corresponding period in 2018.

The profit before tax dropped from N13.695 billion for full-year 2018 to N13.123 billion for the corresponding period in 2019. This shows a four per cent drop.

Its profit after tax as at December 31, 2019, was N8.856 billion. This shows a 5.1 per cent drop when compared to the N9.329 billion that was recorded for the corresponding period in 2018.

The downstream company presenting resolution of its Annual General Meeting (AGM) to the Exchange said shareholders approved divided of N2.97 billion that is 825 kobo per share.

The company secretary, 11 Plc, Mr. Chris-Olumayowa Meseko in a statement said, “A dividend   of N2,974,910,903 that is, 825 kobo per share, subject to withholding tax at the appropriate rate, be and is hereby declared payable on October 15, 2020 to all  shareholders whose names were in the Register of members at the close of business on September 29, 2020.

“The appointment of Senator Daniel Olugbenga Aluko as independent non executive director is hereby ratified.

He explained that, “Pursuant to section 361 (1) (b) of the companies and allied matters Act of 2004, the Directors of the company are hereby authorised to fix the remuneration of the external auditors for the year ending December 31, 2020.

“Having secured the highest votes, Esan Ogunleye, Ganiat Adetutu Siyonbola and Ralph Oluwole Osayameh in addition to Ramesh Virwai, chief Paul C. Obi and Alhaji Adulkadir Aminu who are the Directors’ representatives are hereby declared members of the Audit Committee.”

As part of shareholders resolution, the Directors’ remuneration for the year ending December 31, 2020 be and is hereby fixed at N500,000 for each of the Non Executive Directors in the total sum of N2.5million.

“The transfer of the real estate portfolio of 11 Plc to Hospitality Limited (its wholly owned subsidiary, as recommended by the board of Directors  is hereby approved,” the resolution added.