Shareholders Excited as 11Plc Increase Dividends to 900 kobo

Ejiofor Alike 

Shareholders of 11Plc were elated at the weekend as the company increased dividends per share to 900 kobo, up from the 850 kobo, despite the challenging operating environment in 2023.

At the recent Annual General Meeting (AGM) held at Abuja Continental Hotel, the shareholders who gave a standing ovation to the management of 11Plc, described it  as the most profitable downstream oil company.

Most of the shareholders who spoke on the performance of the company, said the results from the Annual Report and Account for 2023 were not only fantastic and consistent, but also enough reason to give investors hope for a bright future.

One of the shareholders, Rasheedat Oluwatoyin, who spoke in a  reaction to the financial statement  said despite the harsh economic headwinds in 2023, the company increased the dividends paid to investors from 850 kobo per share to 900 kobo ahead of its peers.

“With such high performance, we are looking forward to better performance in 2024 financial year,” she said 

On his part, another shareholder from Kano State, Alhaji Sani Yau said the performance of the company during the year under review was  fantastic, adding that as far as the downstream sector of the country’s petroleum industry was concerned, 11Plc was the best 

“There is no doubt that 11Plc is the most profitable oil company in Nigeria, as far as the downstream petroleum sector is concerned. That is why the shareholders, during the AGM, gave the management a standing ovation for a wonderful performance.

“We are confident that the future for the company is bright, judging by the fact that there were other companies that recorded huge  losses during the same. So, it is an achievement we all have to be proud of,” he explained.

 Another investor, Esan Ogunleye , noted that the unique thing about the performance of 11Plc was that the company has been very consistent as it maintained an upward trend in its track record from the last few years.

Though he described 2023 as particularly eventful and challenging, he said the overall turnover showed shrewd management of the company’s expenses, the result of which was the stability the investors enjoyed.

“This is an indication that the future is very bright for the company. The only challenge is sustainability of the current level of profitability. But we are confident that the company has a strong management with the capacity to come up with new ideas to sustain the profits. We have no doubt that the performance of the company will continue on a positive trend,” he said.

According to the accounts presented during the meeting by a Non-Executive Director of the company, Alhaji Abdulkadiir Aminu, on behalf of the Chairman, Mr. Ramesh Kansagra, the company recorded N26.56 billion as profit for the year, about 45 per cent higher than N18.26 billion realised in the previous year,

Also, the company’s total revenue grew by 42 per cent from N371.89 billion to N526.53 billion, with profit before tax rising by 36 per cent from N22.699 billion to N30.79 billion, and total assets rising by 55 per cent, from N141.81 billion to N220.12 billion.

With such performance, Aminu said the Board of Directors recommended a dividend payout of N3.24 billion, translating  to 900 kobo per ordinary share of 50 kobo held by the shareholders, which was unanimously approved by shareholders.