11 Plc (Formerly Mobil) has reported a Profit After Tax of N4.1 billion for the period ended September 2020.
The latest figure indicates a decline of 35% from the N6.3 billion it recorded in the corresponding period in 2019.
Key highlights for 2020 9M are:
- Profit After Tax declined to N4.1billion in 2020, from N6.3 billion in 2019, indicating decline of -35% for the period under view.
- Pre-tax profits declined to N6.14 billion, from N9.4 billion, indicating a loss of -35%.
- Revenue declined from N141.5 billion to N114.75 billion, indicating a decline of -19%.
- Cost of sales decreased from N130.02 billion in September 2019 to N106.79 billion in September 2020.
- Gross profit also declined from N11.48 billion to N7.96 billion within the period under view.
- Other Income increased to N6.3 billion from N6.1 billion.
- Total assets grew from N91.2 billion to N95.35 billion, up by +5%.
- Total Non-Current Asset increased to N60.5 billion from N51.2 billion, up by +18.2%.
- Total equity increased to N43.8 billion up by +10.4%.
What this means
A cursory look at the key highlights indicates that despite recording decreased indices in the profit and loss margin, the firm still maintained a good balance sheet, which shows that it has been efficient in utilizing its asset and managing its liabilities.
A testament to this is an increase in total assets, total non-current asset and total equity all of, which helped to boost the firm’s retained income within the period by 10.4% from N39.49 billion to N43.61 billion.
What they are saying
Commenting on the result, a part of the financials sent to the Nigerian Stock Exchange and signed by the Managing Director of the company, Mr. A.A Oyebanji, read thus:
“The Covid-19 crisis continues to impact all businesses, with the effect expected to be more pronounced in the future. The priority for us is to protect the health, safety and welfare of all stakeholders under our duty of care as well as support the government and its agencies as they work to reduce the impact of the outbreak…
“At this stage, it is not possible to determine the financial impact of COVID-19 on our company given the lack of visibility on the end date of the pandemic or on how long it would continue to impact the Nigerian economy. The Company has a strong Balance Sheet and the Board and Management are focusing on efforts to mitigate the impact on our business.“
