By Dipo Olowookere
Oil and gas giant, 11 Plc, formerly known as Mobil Nigeria, has announced a 16 percent rise in its earnings for the period ended December 31, 2019 amid a 5 percent decline in the profit made in the period.
According to the financial statements released by the firm, the revenue generated from January 2019 to December increased to N191.7 billion from the N164.6 billion raked in the same period of 2018.
This came as the cost of sales increased in the period to N175.0 billion from N148.0 billion, just as the selling and distribution expenses jumped to N7.0 billion from N6.9 billion, with the administrative expenses reducing to N4.5 billion from N5.0 billion.
11 Plc also stated that it gross profit closed flat at N16.6 billion both in 2019 and 2018, while the other income reduced to N8.0 billion in 2019 from N8.6 billion in 2018, with the operating profit slightly going down to N13.1 billion from N13.2 billion.
In addition, the finance income dropped to N298.9 million from N493.7 million, while the finance costs increased to N310.1 million from N40.6 million.
It was further stated that the company’s profit before tax went down to 13.1 billion from N13.7 billion, while the profit after tax was sliced to N8.9 billion from N9.3 billion.
An analysis of the Q4 results showed that revenue increased to N50.2 billion from N39.6 billion, while the cost of sales rose to N45.0 billion from N35.8 billion.
Business Post observed that the pre-tax profit increased to N3.7 billion from N2.1 billion in Q4 2018, while the post-tax profit appreciated to N2.5 billion in the last quarter of 2019 from N1.4 billion in the same period of 2018.
Adedapo Adesanya