Shareholders of 11 Plc (formerly Mobil Oil Nigeria Plc), a foremost downstream oil and gas company have approved the sum of N3. 06 billion for the financial year ended December 31, 2020.
The approval was given at the 43rd annual general meeting(AGM) of the company held in Abuja, with the company assuring the shareholders of its commitment to continually improve the return on their investments.
According to the shareholders, the dividend was paid the company performance despite the negative impact of the 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.
One of the shareholders, Alhaji Sanni Yau, hailed the board and management of 11 Plc for helping to maintain a strong and healthy balance sheet amidst recession and inflation that had affected businesses and the Nigerian economy in general.
In his address, the Chairman of the company, Mr. Ramesh Kansagra, through an executive director, Alhaji Abdulkadir Aminu Mamman, explained that each shareholder would receive a dividend of 850 kobo per share.
He noted that the business sustainability and diversification strategy being pursued by downstream major provided a solid base for the company to continue to grow and thrive amid challenging business environments.
The Managing Director, Mr. Tunji Oyebanji, assured the shareholders of management’s determination to continually improve the company’s fortune drawing from the company’s investment in Liquefied Natural gas plant and the Hospitality industry.
A breakdown of the company’s audited results shows that its profit after Tax (PAT) recorded for the 2020 financial year stood at N6.231 billion, made from a revenue of N163.908 billion.
The Company Secretary, Mr. Chris-Olumayowa Meseko was optimistic about the company’s growth despite its voluntary delisting from The Nigeria Exchange Limited (NGX) drawing from the experience of NIPCO Plc, the parent company of 11 Plc.
The company had explained that its delisting would enable it to explore strategic opportunities, alliances and collaborations that can bolster earnings and synergised benefits with little or no regulatory obligations.
It added that delisting would lead to greater focus and impact on the performance while it would not have any material changes on its operations, staff and board compositions.
“11 Plc will be able to focus on revenue generation, consider strategic opportunities, alliances and collaborations; and tremendously shift from regulatory, administrative, and financial reporting regulations that companies listed on the NGX must adhere to,” it said.
However, the shares are tradable on the platform of NASD Plc through stockbrokers registered with the Securities and Exchange Commission.