11 Plc, formerly Mobil Oil Nigeria Plc, has declared a 37 per cent decrease in profit after tax for the three months ended March 31, 2020.
The oil firm’s unaudited financial report obtained from the Nigerian Stock Exchange showed that its profit after tax dropped to N1.28bn in the first quarter from the N2.039bn recorded in the same period in 2019.
Its revenue, however, grew by 18 per cent to N54.28bn in Q1 2020 from N46.072bn in Q1 2019, while cost of sales rose to N51.82bn from N42.42bn.
The board of directors of 11 Plc had said that sequel to its meeting held on February 27, 2020, it considered and approved the proposals for the firm to voluntarily exit the NSE.
It also announced the decision to restructure the firm’s business by transferring its real estate unit to 11 Hospitality Limited, its new subsidiary, for optimum return on investment.
The firm recently finalised discussions with the Asset Management Corporation of Nigeria to acquire the Lagos Continental Hotel.