Economy Watch

11 Plc’s Revenue Hits N526bn in 2023

…Shareholders get N3.2bn dividend

One of Nigeria’s petroleum marketing companies, 11Plc has recorded N526billion revenue for the 2023 financial year with Profit After Tax growing to N26.56billion and earnings per share at N74

11Plc Chairman, Ramesh Kansagra who was represented by Non- Executive Director, Alhaji Abdilkadir Aminu   drooped this cheery news to shareholders during the company’s 46th Annual General Meeting held at Abuja Continental Hotel, FCT Abuja

Based on the good performance   the board of directors recommended payout of N3, 245,357,349, equivalent to 900 Kobo per ordinary share of 50 kobo each.

The dividend payout was unanimously approved by shareholders at the meeting.

He expressed the company’s ability to continually deliver growth to its shareholders’ investments noting that the company’s current dividend reaffirms its commitment to the promise.

Mr. kansagra equally informed the valued investors that last year, the company made significant progress by exploring the Compressed Natural Gas market and building facilities in Ibadan and Lagos in 2023

Besides, the company also installed Liquefied Petroleum Gas skids in 40 outlets nationwide to invest in the future of LPG.

He added: “These investments have helped the company to improve its assets and resources to deliver on shareholders commitment. 11 Plc remains committed to the highest standard of ethics, safety, health and environmental practices while promoting best practices in Nigeria’s downstream Oil and Gas sector.

“The company’s management framework is robust, and its business model is continually resilient to harness endless opportunities”.

Speaking on the 2024 economic outlook, Kansagra, said it is mixed with indications of recovery and potential risks.

He said:” Nigeria’s economy is projected to expand by 2.6percent, driven by the resumption of oil and gas activities, better business climate and economic diversification. However, the economic performance is susceptible to downside risks, such as oil price volatility and policy reforms.

The Port Harcourt and Dangote Refinery, he said, are expected to start operating in 2024 with its attendant affects on petroleum products marketing pricing, as well as storage facilities.

He disclosed that the company’s other sources of income will be diminished this year because Mobil Producing Nigeria Limited, will vacate Mobil House in 2024.

He added: “Nevertheless, our company is prepared to navigate the changes and it’s committed to sustainability and operational efficiency to overcome challenges and facilitate growth. We will also continue to monitor the market trends and modify pricing strategies to meet the needs of our shareholders and customers”







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