Mobil Oil PAT Drops 19% in Nine Months

• Mobil Oil PAT Drops 19% in Nine Months

The 11 Plc, previously know as Mobil Oil, on Thursday reported a 19 percent decline in Profit After Tax (PAT) in the first nine months of the year.

According to the financial results released on the Nigerian Stock Exchange, the company PAT declined by 19 percent from the N7.871 billion recorded in the first nine months of 2018 to N6.343 billion in the period under review.

Similarly, profit before tax dropped 19 percent from N11.646 billion to N9.402 billion, while the total revenue generated in the period under review rose 13 percent to N141.510 billion, up from N125.042 billion record in the same period of 2018.

The company’s total assets grew by 11 percent to N78.244 billion during the period, up from N70.660 billion filed in the corresponding period of 2018.

Accordingly, capital expenditure increased slightly by 3 percent to N3.078 billion from N2.988 billion.