Mobil Declares 67% Rise in Profit in 2016

By Modupe Gbadeyanka

Oil and gas giant, Mobil Oil Nigeria Plc, has declared an increase in its profit for the 2016, according to its 2016 audited annual report and accounts.

During the year under review, the profit after tax of the firm rose to N8.2 billion from N4.9 billion recorded in 2015.

Similarly, the profit before tax of the company appreciated to N12.02 billion in 2016 from N6.91 billion a year earlier.

During the period under review, Mobil Oil Nigeria Plc recorded a turnover of N94.12 billion compared with N64.22 billion it declared in 2015.

Furthermore, its total assets as at December 31, 2016 stood at N61.7 billion versus N54.1 billion it was as at December 31, 2015.

In the audited results analysed by Business Post, the firm recorded a capital expenditure of N3.03 billion in 2016 in contrast to N4.64 billion it posted 12 months before.

Meanwhile, Mobil Oil Nigeria Plc has proposed a final dividend of 800k per 50k share held, though this is subject to shareholders’ ratification.