WorldStage Newsonline– 11 PLC, the authorized distributor of Mobil fuel and lubricant brands in Nigeria has published first quarter (Q1) 2018 results which showed that sales were up 79% to N45.1 billion while profit before tax (PBT) grew by a similar magnitude to N4.1 billion when compared with Q1 2017.
Moreover, profit after tax (PAT) was more significant at N2.8 billion or 115%.
The sales growth combined with a 30% rise in other income offset a 25% rise in opex to lead to the PBT growth of 79%.
11’s sales are the strongest on record despite petroleum product shortages in January.
Below the PBT line, there were no one-off expenses during the quarter, similar to the last three quarters.
