Mobil Oil records 68% profit growth in 2016

Nipco plc

Mobil oil Nig plc in its financial report records gross profit of NGN15.7 billion for fourth quarter 2016 in contrast to NGN10.9 billion recorded in the financial year 2015.

Its operating profit for the year was NGN11.7 billion compared to NGN6.9 billion recorded in the year 2015.

In the year in review, mobil oil profit before taxation was NGN12.1 billion in contrast to NGN6.9 billion recorded in the previous year.

After deducting its tax expense, its profit for the year rose by 68% to NGN8.1 billion against NGN4.8 billion recorded in the year before.

Mobil oil Nig plc acquired total assets worth NGN1.7 billion in contrast to NGN54.0 billion acquired in the financial year 2015. Its total liabilities was NGN40.2 billion in contrast to NGN38.7 billion recorded in the year 2015.

Mobil oil ended the year with revenue of NGN94.1 billion in contrast to NGN64.2 billion recorded in the financial year 2015. the company’s cost of sales for the year was NGN78.4 billion in contrast to NGN53.2 billion recorded in  2015.

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Company Information

In 1978, the company became a publicly quoted company and assumed its current name and status. MON posts superior returns to its shareholders and continues to lead the oil industry in efficiency and brand image.

MON is one of the six major petroleum products marketers in the country. It currently has over 200 retail outlets located in all 36 states of Nigeria; these include many state-of-the-art outlets.

MON is respected in the industry for its ethics and adherence to safety, health and environmental standards. It also plays a leading role in the promotion and sharing of best practices in the downstream sector of Nigeria’s oil and gas industry. MON plc owns three plants located in Apapa, Lagos State, that manufacture lubes, petroleum jelly, and insecticide. Its ultra-modern lube oil plant, with a capacity of 450,000 barrels per annum is regarded as one of the most sophisticated in Africa.