Shareholders of 11 Plc (formerly Mobil Oil Nigeria Plc), a front-line downstream oil and gas company, have approved the dividend payout of N3,060,059,719 for the 2020 financial year. The shareholders gave the approval at the 43rd Annual General Meeting of the company held at Transcorp Hilton, Abuja, on Wednesday, May 19, 2021.
The total dividend payout comes as a result of the company’s performance despite the negative impact of the COVID-19 pandemic and the impact of the acquisition of Lagos Continental Hotel, Lagos, through its subsidiary hospitality business, 11 Hospitality Limited, in the course of the 2020 financial year.
Sanni Yau, one of the shareholders who spoke at the meeting, commended the board and management of 11 Plc for helping to maintain a strong and healthy balance sheet amid recession and inflation that had affected businesses and the Nigerian economy in general.
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Ramesh Kansagra, chairman of the company, in a goodwill message to the shareholders noted that the company is well positioned for the future, saying he expects the impact of COVID-19 would reduce considerably going forward. He further noted that in 2021, the company would continue to focus on its growth agenda, in implementing its sustainability plan and in further improving its financial performance and strength.
Tunji Oyebanji, managing director, assured the shareholders of management’s determination to continually improve the company’s fortunes drawing from its investment in Liquefied Natural Gas plant and the hospitality industry.
Chris-Olumayowa Meseko, the company secretary, was optimistic about the company’s growth despite its voluntary delisting from The Nigeria Exchange Limited drawing from the experience of NIPCO Plc, the parent company of 11 Plc. He stated that the company shares are tradable on the platform of NASD Plc through stockbrokers registered with the Securities and Exchange Commission.
Paul Obi, a non-executive director, noted that the company going forward would continue to give utmost priority to the welfare of its shareholders in its decision making. According to him, the company remains competitive despite the huge impact of the COVID-19 pandemic on its businesses.
A breakdown of the company’s audited results shows that it recorded Profit After Tax (PAT) of N6,230,868.00 for the 2020 financial year while the sum of N163,907,942.00 was recorded as revenue.
