11 Plc, formerly known as Mobil Oil Nigeria Plc, has released its first financial statements under its new trading platform, which showed that in the first six months of the year its Profit After Tax (PAT) crashed by 3.0 per cent to N2.4 billion compared to N2.5 billion recorded in the same period last year.
The result showed a 39.7 per cent growth in revenue in the first half of 2021 to N112.5 billion as against N80.5 billion achieved in the same time of last year.
There was a higher cost of sales for the oil and gas company which gulped N102.8 billion compared with N75.6 billion in the comparative period, indicating a 35.9 per cent rise.
The major oil marketer further recorded a gross profit of N9.7 billion in the half-year, 97.9 per cent more than N4.9 billion in H1 2020, while the other income was N4.1 billion, 2.3 per cent higher than N4.0 billion in the same period of 2020.
Equally, there was a 127 per cent rise in administrative expenses to N5.0 billion from N2.2 billion, while the selling and distribution expenses went up by 45.8 per cent to N4.4 billion from N2.9 billion.
Other operating expenses amounted to N31.9 million in the first six months as the company neither made any operating income nor expenses in the comparative period.
There was a higher operating profit in H1’21 to N4.3 billion, 16.2 per cent more than N3.7 billion posted in the company’s unaudited statement in the previous year.
It also recorded a drop of 44.4 per cent in its finance income as N107.8 million was made, while the previous year’s amounted to N193.9 million, while the finance cost rose by 142.1 per cent to N342.6 million from N141.5 million in the comparative period.
In terms of Profit Before Tax (PBT), 11 Plc made N4.1 billion, 7.9 per cent more than N3.8 billion from the same period in 2020, while the basic earnings per share dropped 26 kobo to N6.72 from N6.98.