11 Plc pays N3.2bn dividends as profit hits N26.6bn

Shareholders of 11 Plc have approved the payment of N3.2 billion as cash dividends for the 2023 business year as the oil and gas company recorded a rise in profits.

Shareholders will receive a dividend per share of N9 after the company saw net profit rise to N25.56 billion. Earnings per share was N74.

Ramesh Kansagra, chairman of 11 Plc said the continuous dividend payout underscored the company’s confidence in its ability to deliver sustained growth and reaffirmed its commitment to shareholders’ interests.

At the Annual General Meeting(AGM) in Abuja, Kansagra, who was represented by non-executive director, Abdulkadir Amunu, said the company recorded a total revenue of N526.6 billion last year.

Highlighting the company’s achievements during the year under review, Kansagra listed “the strides made in exploring the Compressed Natural Gas (CNG) market and the construction of facilities in Ibadan and Lagos; “the installation of Liquefied Petroleum Gas (LPG) skids in 40 outlets nationwide reflecting 11Plc’s commitment to investing in the future of LPG.”

He reassured shareholders of the company’s dedication to upholding the highest standards of ethics, safety, health, and environmental practice while promoting excellence in Nigeria’s downstream oil and gas sector.

He emphasised the robustness of the company’s management framework and the resilience of its business model in harnessing diverse opportunities.

Adetunji Oyebanji, managing director, 11 Plc, highlighted the company’s focus on marketing white oil and gas products amidst the challenges faced in the downstream sector.

He said the company hopes to build on the current momentum predicated on better management of the economy as professed by the new leadership.

According to him, the company’s integrated business model coupled with the sound financial measures being adopted across business lines gives hope for brighter outlooks in the ongoing transformation of the company.

“With our projections coming to fruition, we look forward to bigger and more powerful projects coming on stream which would undoubtedly boost the company’s bottom line. Nigeria’s hydrocarbon industry, especially in the downstream sector, will continue to benefit from our brand for value addition and sustenance of nobler legacies,” Oyebanji said.