11 Plc Shareholders Approve N3.2 Billion Dividend for 2023 FY

11 Plc's shareholders have announced the approval of the payment of N3.2 billion in cash dividends for the 2023 fiscal year, following a notable increase in revenue for the oil and gas company. Due to the rise in net profit to N25.56 billion, shareholders will receive a dividend of N9 per share. While the company's earnings per share was N74.

The announcement was made by Ramesh Kansagra, the chairman of 11 Plc. He stated that the company's ongoing dividend payment demonstrates its faith in its capacity to generate steady growth and reaffirms its dedication to the interests of shareholders.

Kansagra, represented by non-executive director Ahaji Abdulkadir Amunu, reported that the firm's revenue for the previous year was N526.6 billion at the Annual General Meeting (AGM) in Abuja.

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Also highlighting the company's achievements during the year under review, Kansagra listed "the strides made in exploring the Compressed Natural Gas (CNG) market and the construction of facilities in Ibadan and Lagos; "the installation of Liquefied Petroleum Gas (LPG) skids in 40 outlets nationwide reflecting 11Plc's commitment to investing in the future of LPG."

He guaranteed investors that the business would continue to support excellence in Nigeria's downstream oil and gas industry while maintaining the highest standards of ethics, safety, health, and environmental practice.

The speaker emphasised the strength of the organization's management structure and the adaptability of its business plan in capitalising on a range of opportunities.

Adetunji Oyebanji, Managing Director of 11 Plc, emphasised the company's emphasis on selling white oil and gas products despite the difficulties in the downstream industry.

He stated that the company intends to maintain its current growth, which is based on improved economic management, as the new leadership has claimed.

He claims that the company's integrated business model and the prudent financial practices implemented throughout business lines offer hope for improved futures in the company's ongoing transformation.

"With our projections coming to fruition, we look forward to bigger and more powerful projects coming on stream, which would undoubtedly boost the company's bottom line. Nigeria's hydrocarbon industry, especially in the downstream sector, will continue to benefit from our brand for value addition and sustenance of nobler legacies," Oyebanji said.

About 11 PLC

11 Plc is the sole authorised distributor of Exxon Mobil fuel and lubricant brands in Nigeria. Formerly known as Mobil Oil Nigeria Plc, 11Plc produces and markets a range of petrochemicals which includes gasoline, motor oils, lubricants, marine fuel and jet fuel. The is one of 6 major petroleum product marketers in Nigeria and operates through over 250 retail outlets located in all 36 states in Nigeria. 11 Plc has a Lube Blending Plant with a capacity of 450 000 barrels per annum. It is regarded as one of the most sophisticated lube blending plants in Africa. The company dates back to 1907 when Socony Vacuum Oil Company sold Sunflower Kerosene. Its name changed to Mobil Oil Nigeria limited in 1951 and Mobil Oil Nigeria Plc in 1978. NIPCO Investment Company acquired a 60% stake in the business in 2016 and changed the name to 11 Plc (pronounced Double One Plc).

What Is the Stock Price of 11 Plc?
The stock price of 11 Plc as of today is N215.80