11Plc profit falls 30% as revenue dips to N192bn
11Plc, formerly Mobil Oil Nigeria Plc, has reported a profit after tax of N6.23 billion for the financial year 2020,
11Plc, formerly Mobil Oil Nigeria Plc, has reported a profit after tax of N6.23 billion for the financial year 2020, down from N8.88 billion in the previous year.
The oil marketing company said its profit before tax declined to N8.99 billion last year from N13.11 billion in 2019.
Its revenue fell to N163.91 billion from N191.68 billion, according to its audited financial statements obtained by Markets Reporters on Monday.
Our standardsReported and edited by the Markets Reporters newsroom. How we workUse of AISummaries, audio and Ask MR answers are generated from our reporting and labelled. Reporting and writing are human.CorrectionsSpotted an error? Tell us — we correct and note it.
Free newsletter
Get the market setup before 7am, every weekday.
More from Energy
See all →
EnergyItalian Oil Giant Eni Sells Its Last Nigerian Onshore Stake to Indian-Owned Operator
Energy[BREAKING] Shell Exits Nigerian Domestic Gas Market with SNG Sale to Vaaris
EnergyDangote Refinery Swings to $4.7bn Nine-Month Profit, $651m Net Cash Position
Energy