Mobil Oil Nigeria 2017 Profit Dips by 8% to N7.5b

By Dipo Olowookere

The 2017 financial year was not a good one for Mobil Oil Nigeria Plc as its profit for the year dipped by 7.8 percent.

The company, in its financial statement released this weekend, 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 percent increase in its revenue during the period under review; N125.3 billion against N94.1 billion in 2016.

Mobil Oil Nigeria said as at December 2017, its profit before tax stood at N11.1 billion versus 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.

Also, its finance income appreciated to N368.5 million in 2017 from N260.7 million in 2016.

Furthermore, the company’s total assets grew to N74.6 billion last year from N61.7 billion two years ago.

However, the firm’s total liabilities increased by 18 percent to N47.3 billion in 2017 from N40.2 billion in 2016.

But the shareholders’ fund advanced to N27.3 billion last year from N21.5 billion two years ago, representing about 27 percent growth.

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 percent last from 38 percent two years ago.