11 Plc, formerly Mobil Oil Nigeria Plc, has announced the recommencement of the sale and marketing of aviation jet fuel (ATK) at the Murtala Mohammed International Airport and General Aviation (GAT – Domestic).
After 5 years of being inactive, 11Plc in a notice to the Nigerian Stock Exchange (NSE), made known that the recommencement of the business is in collaboration with Air BP.
The company’s aviation business is being revitalized in the wake of the construction of a new 20 million litre aviation jet fuel (ATK) tank, laying of new ATK pipelines linking the Company’s facility at Apapa with the Apapa Jetty.
Speaking on the development, Adetunji Oyebanji, MD/CEO, 11Plc, said the company is excited with the business recommencement and the collaboration with Air BP.
“We are delighted with the relaunch and our collaboration with Air BP. Air BP is one of the world’s largest suppliers of aviation fuel products and services. We are leveraging their innovative technical support and risk management expertise to provide best-in-class aviation fuel services to airline customers”.
11 Plc is currently trading at N165 in today’s trading session on the Nigerian Stock Exchange. Results for the third quarter ended September 30, 2018 show revenue jumped from N88 billion in 2017 to N125 billion in 2018. Profit before tax jumped from N6.8 billion in 2017 to N11.6 billion in 2018. Profit after tax also increased from N4.5 billion in 2017 to N7.8 billion in 2018.