Mobil Oil Nigeria records 8% decrease in profit

Mobil Oil Nigeria Plc has recorded 7.8 per cent decrease in its profit for the year ended December, 2017.

The company, in its financial statement released to the Nigerian Stock Exchange (NSE), said its profit after tax went down to N7.5 billion in 2017 from N8.2 billion in 2016. This was despite the firm achieving a 33 per cent increase in its revenue during the period under review; N125.3 billion against N94.1 billion in 2016.

According to Mobil Oil Nigeria, as at December 2017, its profit before tax stood at N11.1 billion against N12 billion as at December 31, 2016. However, its operating profit experienced a growth in the period under review to N13.1 billion from N11.8 billion in 2016, while its finance income appreciated to N368.5 million in 2017 from N260.7 million in 2016.

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Further analysis indicated that the company’s total assets grew to N74.6 billion last year from N61.7 billion two years ago, while total liabilities increased by 18 per cent to N47.3 billion in 2017 from N40.2 billion in 2016.

Shareholders’ fund advanced to N27.3 billion last year from N21.5 billion two years ago, representing about 27 percent growth, just as the earnings per share (EPS) of Mobil Oil Nigeria recorded a drop during the period under review to N2.09k from N2.26k in 2016, while its return on equity dropped to 27.59 per cent last from 38 percent two years ago.