Mobil Oil Nigeria records 21% PAT on sales of non-regulated products 

Mobil Oil Nigeria plc, posted N3.5 billion Profit After Tax in its financial year ended December 31, 2013 compared with N2.9 billion recorded in 2012, representing 21 percent increase.

The profit according to Adetunji Oyebanji, chairman/managing director was due to higher sales of non-regulated products.

However, the company’s turnover reduced modestly by 3 percent to N78.7 billion in 2013 from N80.8 billion in 2012 due primarily to the absence of a one-time supply sale in the previous year.

“Our premium brand continue to attract patronage of our customers and we continue to provide world-class engineering support services. Diligent cash management has reduced our financing costs by 49 percent compared to prior year. Our operating expenses rose compared to prior year due to higher depreciation from increased investment activities”, Oyebanji said at the company’s annual general meeting held in Lagos.

 

Hope Moses-Ashike