11 Plc
11 Plc formerly known as Mobil oil Plc is main distributor of Mobil fuel and lubricants in Nigeria. [1] The company has two natural plants in the western part of Nigeria with plan to invest in solar energy in the future[2][3] The Petroleum company sells Liquefied Petroleum Gas across 250 retail outlets in Nigeria.[4]
Aside involving in the downstream sector of Petroleum, the company also invest in real estate business notably, the acquisition of Lagos continental hotel.[5]
| Company type | Public |
|---|---|
| Industry | Oil and Gas |
| Founded | 1907 (Socony Vacuum Oil Company) |
| Headquarters | 1 Mobil Road, Apapa , |
Area served | West Africa |
Key people | Ramesh Kansagra (Chairman) Abdulkadir Amunu (Non-executive Director) Tunji Oyebanji (Managing Director) Ravi Bachu (Chief Financial Officer) Umesh Malik (Chief Business Officer) |
| Products | Petroleum products Fuel Oils Jet A-1 fuel Lubricants Gas cylinder |
| Revenue |  ₦N526.6 billion (Third Quarter 2023) |
| ₦N26.56B (Third Quarter 2023) | |
Number of employees | 405 |
| Website | [1] |
History
[edit]In 2019, 11 Plc expanded her investment in real estate by the acquisition of the Lagos Continental Hotel as reported by Nigerian Stock Exchange in a statement filed by the company representative.[6]
The Petroleum company known for Mobil brand unveil new products, Mobil Super 2000 and 3000, lubricants for motorists through a strategic radio campaign in 2022.[7]
According to the 45th Annual General meetings of shareholders, the Petroleum company has 53% increases in yield with N243,457,406 generated the previous year to N371,899,701 in 2022. This is alongside with dividends paid to share owners.[8] In 2024, 11 Plc increased her dividend from 850 kobo per share to 900 kobo per share for investors who hold shares in the company in the midst of economic downturn in Nigeria the previous year.[9] Same year, 3.2 billion was approved for payment as cash dividends to shareholders as the company rise in profit to 26.6 billion according to a statement issued by Abdulkadir Amunu, The Non-executive director of the company during the Annual General Meeting held at Abuja.[10]
Alongside Total Energies, AA Rano, 11 Plc is among the forefront Petroleum companies to purchase dangote petrol from NNPC at the rate of N765.99 per litre.[11]
References
[edit]- ^ "11 Plc Unveils Mobil Super Lubricants's Radio Campaign – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-09-21.
- ^ Akintayo, OpeOluwani (2023-04-02). "11 Plc plans fresh investment in downstream sector". Punch Newspapers. Retrieved 2024-09-21.
- ^ Our Reporter. "11Plc targets increased investment, profitability". The Nation.
- ^ "11 Plc Sees Brighter Future Growth Pattern, Profitability – Independent Newspaper Nigeria". 2024-05-14. Retrieved 2024-09-21.
- ^ Popoola, Feyisayo (2019-12-24). "11 Plc acquires Lagos hotel from AMCON". Punch Newspapers. Retrieved 2024-09-21.
- ^ Popoola, Feyisayo (2019-12-24). "11 Plc acquires Lagos hotel from AMCON". Punch Newspapers. Retrieved 2024-09-21.
- ^ "11 Plc Unveils Mobil Super Lubricants's Radio Campaign – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-09-21.
- ^ Nnodim, Okechukwu (2023-05-28). "11Plc's 53% revenue rise delights shareholders". Punch Newspapers. Retrieved 2024-09-21.
- ^ "Shareholders Excited as 11Plc Increase Dividends to 900 kobo – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-09-21.
- ^ Oladipo, Oladehinde (2024-05-23). "11 Plc pays N3.2bn dividends as profit hits N26.6bn". Businessday NG. Retrieved 2024-09-21.
- ^ Dipo oladehinde, Ibrahim Abubakar. "11 Plc, Total Energies, AA. Rano, others pay N766/litre to lift Dangote petrol". Businessday NG.
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