Shareholders Excited as 11Plc Grows Revenue By 53%

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Shareholders of 11Plc, formerly Mobil Oil Nigeria Plc, last Wednesday hailed the meteoric rise in the revenue profile of the company from N243,457,406 in 2021 to N371,899,701 in 2022, representing a leap of about 53 per cent, despite the challenges posed by the post-COVID-19 crisis and the Russia-Ukraine conflict on the global economy.

The shareholders, who spoke during the company’s 45th Annual General Meeting (AGM) held at the Continental Hotel in Abuja, described as impressive and heart-warming a hefty dividend payout of N8.50k per share for the financial year.

Some of the shareholders said the performance vindicated their decision to support the new investor’s acquisition of a majority stake in the former downstream petroleum industry subsidiary of ExxonMobil Corporation in Nigeria. 

The Chairman of the Board of the company, Ramesh Kansagra, while presenting his financial statement and reports for the year ended December 31, 2022, said that despite the challenges posed by the post-pandemic crisis, the company still recorded significant progress during the year.

Represented by a Non-Executive Director, Abdulkadir Aminu Mamman, the Chairman expressed confidence that the end of the Russia-Ukraine conflict, which caused disruptions in key energy and commodities exports that resulted in heightened pricing pressures, and severe inflation, would usher in an improvement in Nigeria’s situation.

Reacting to the Chairman’s statement, a lawyer and Chairperson of Highly Favoured Shareholders Association, Adetutu Siyanbola, said the financial highlights of the company were quite impressive and gladdening to investors, even in the face of the country’s harsh economic realities.

Siyanbola said what was particularly interesting to shareholders was the meteoric rise in the revenue profile of the company, from 243,457,406 in 2021 to 371,899,701 the following year, a leap of about 53 per cent.

She commended the company for approving a dividend payout of N8.50k per share for the financial year. Siyanbola however appealed for the Board to raise it further to put smiles on the faces of the shareholders.

She expressed happiness for the increased show of Corporate Social Responsibility (CRS) by the company, which has traversed several socio-economic facets of life of the populace.

The Managing Director/Chief Executive Officer of Sani Yau Enterprises, Sani Yau Babura, said the company’s financial report presented by the Chairman of the Board vindicated the rising profile of 11Plc since 2017 when the new investors acquired a 60 per cent stake of ExxonMobil in Mobil Oil Nigeria Plc. 

The growth recorded so far since the acquisition of the company, he noted, was a strategic action by the company’s management and board through well-thought-out investment in both human and capital resources to reposition the business.