HY 2017: Mobil Nigeria Jerks Turnover up by 11.9%

By Modupe Gbadeyanka

One of the major players in the oil and gas sector in the country, Mobil Nigeria Plc, has recorded a growth in its turnover in the first half of the year.

In the financial results released today to the public, the firm increased its turnover in the period by 11.9 percent to N56.2 billion from N50.3 billion 12 months ago.

However, during the period, its gross profit weakened to N6.8 billion from N9.1 billion a year ago, mainly influenced by high cost of sales.

Similarly, its profit before tax nosedived to N3.7 billion as at June 30, 2017 from N6.5 billion achieved in the corresponding period of 2016.

In the same vein, the company’s profit after tax depreciated to N2.5 billion from N4.4 billion posted 12 months ago.