Shareholders of 11Plc, a major player in the midstream and downstream oil sector, have expressed delight over the ability of the firm to grow its revenue by 53 percent, as well as pay dividends despite the harsh economic realities in Nigeria.
At the just concluded 45th annual general meeting of the company in Abuja, the shareholders also observed that the investments of 11Plc in the liquefied petroleum gas market, among others, were currently yielding positive results.
Speaking at the AGM, Adetutu Siyanbola, the Chairperson, Highly Favoured Shareholders Association, 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 per cent.”
Siyanbola appreciated the firm for the annual dividend payout that was retained at N8.50k for the financial year ended December 31, 2022, but appealed to the board to raise it a bit to further put smiles on the faces of shareholders.
She also called for more youth empowerment, by way of creating jobs for the millions of unemployed youths across the country.
On his part, Sani Babura, managing director, Sani Yau Enterprises, said the financial report, as presented by the 11Plc board chairman, had vindicated the rising profile of the company since 2017 when the new investors acquired 60 per cent majority stake of ExxonMobil shares in Mobil Oil Nigeria Plc.
Augustine Ezechukwu, president, Capital Shareholders Association of Nigeria, said the communication between the company’s management and shareholders had improved.
He said the dissemination of information with respect to the operations and management of the company to shareholders had been timely, accurate and continuous, as members of his association got the annual report for the year ended December 31, 2022, in good time.
Responding, Adetunji Oyebanji, the managing director, 11Plc said the company would continually strive to improve the lot of its investors through regular payment of dividends and better returns on investment.
He noted that the dividend policy was that of saving for the rainy day, especially with the eventualities of subsidy removal on premium motor spirit, popularly called petrol.