11 Plc (MOBIL) on the 23rd of July, 2019 posted N92.8bn turnover for the half year ended June 30, 2018. This is about 8% improvement on its previously reported N85.9bn turnover of 2018 when compared.
One of the six major petroleum products marketers in the country, currently has over 250 retail outlets located in all 36 states of Nigeria sheds its bottom-line figures by 23% after its profit after tax decline year on year from N5.448bn to about N4.173bn in the current period.
Consequently, the company’s earnings per share dropped by 23.4% from N15.11 in 2018 to N11.57 in the current period under review, with a large outstanding number of shares running to over 36million.
As at the day of computation the price earnings ratio stood at 13.65x with N158.00 as the reference price while the company’s earnings yield stood at 7.32%.
An in-depth look at the company’s half year income statement reveals a decline in PAT attributed to majorly high cost of sales as well as selling, distribution and administrative expenses taken larger percentage of the over-all Gross Earnings.