Major oil marketer, 11Plc, has announced a 53% increase in gross revenue as well as a final dividend payout of N8.50k for the 2022 financial year
Commending the Board and management for the feat, company shareholders also noted that 11Plc’s investments in the liquefied petroleum gas (LPG), and aviation sectors among others, are currently yielding positive results.
a major player in the midstream and downstream oil sector, have expressed great joy over the ability of the firm to grow its revenue by per cent, as well.
Speaking at the company’s 45th Annual General Meeting (AM) held at the Abuja Continental Hotel, the shareholders said such investments were despite the harsh economic realities in Nigeria even while paying dividends consistently over the years.
The Chairperson, Highly Favoured Shareholders Association, Adetutu Siyanbola, said: “The financial highlight of the company for the year ended December 2022 is quite impressive.
“It is gladdening to investors even in the face of the harsh economic realities in the nation. Particularly interesting to shareholders is the meteoric rise in the revenue profile of the company, jumping from N243,457,406 to N371,899,701, a leap of 53%.”
Siyanbola appreciated the firm for the annual dividend payout that was retained at N8.50k for the financial year, but appealed to the Board to raise it a bit more to enhance return on investment.
She also called for more youth empowerment by creating jobs for the millions of unemployed youths across the country.
The company will always strive to improve the lot of its investors through regular payment of dividends and better return on investment.
On his part, the Managing Director, Sani Yau Enterprises, Sani Babura, said the 2022 financial report, underscored 11Plc’s rising profile since 2017 when the new investors acquired 60% majority stake of ExxonMobil’s shares in Mobil Oil Nigeria Plc.
He said the growth was not a fluke but a strategic action of the company’s management and board, through well-thought out investments in both human and capital resources.
Babura also expressed delight with the dividend offer for the year, saying it showed the proactive nature of the Board.
The President, Capital Shareholders Association of Nigeria, Augustine Ezechukwu, said communication between the management and shareholders has improved.
He said the dissemination of information to shareholders regarding the company’s operations had been timely, accurate and continuous, as shareholders got the annual report for the year in good time.
Responding, the Managing Director, 11Plc, Adetunji Oyebanji, said the company will always strive to improve the lot of its investors through regular payment of dividends and better return on investment, especially with the eventual removal of subsidy on Premium Motor Spirit (PMS) popularly called petrol.
Oyebanji told the shareholders that 11Plc would look into the suggestion on youth empowerment, and work harder to improve its revenue profile, to meet the yearnings of its shareholders.
