By Dipo Olowookere
Top energy company in the country, 11 Plc, which used to be known as Mobil Oil Nigeria, has announced an 8 percent growth in the revenue generated in the first six months of this year.
The firm, which released its H1’19 financials today to the Nigerian Stock Exchange (NSE), said it generated the sum of N92.8 billion in the period under review, more than the N85.9 billion it made in the same period of last year.
However, according to results briefly analysed by Business Post, the cost of sales rose to N85.3 billion from N76.6 billion, while the selling and distribution expenses reduced to N3.1 billion from N3.7 billion, with the administrative expenses going down to N2.1 billion from N2.3 billion.
The oil firm further disclosed in the H1 2019 financial statements that its finance income dropped to N51.8 million from N295.8 million, while the finance costs jumped to N249.9 million from N3.3 million.
For the gross profit, this went down to N7.5 billion from N9.4 billion, while the operating profit decreased to N6.4 billion from N7.8 billion, with the other income falling to N4.1 billion from N4.4 billion.
In the results, the profit before tax declined by 23 percent, closing at N6.2 billion in H1 2019 against N8.1 billion, while the profit after tax dropped 23 percent to N4.2 billion from N5.5 billion.
A look at the company’s balance sheet showed a 5 percent year-on-year growth, standing at N74.4 billion in the period under consideration in contrast to N70.7 billion in the same period of 2018.
Adedapo Adesanya 
Modupe Gbadeyanka