II Plc grows revenue by 31%

II Plc , former Mobil Oil Plc has recorded 31 per cent revenue growth at the end of 2018 financial year.

The company’s result released on Saturday showed that the revenue increased from N125.257 billion in the preceding year to N164.609 billion at the end of December 2018.

Profit before tax and exceptional item increased by two per cent to N13.695 billion from N13.366 billion reported in 2017. The company paid tax of N4.366 billion against N3.619 billion paid in the preceding year, bringing profit after tax to N9.328 billion from N7.518 billion in the comparative period of last year.

Total assets declined from N74.648 billion to N70.660 billion during the year under review.

Commenting on the performance of the company, The chairman of Mobil Oil Plc, Ramash Kansagra said ” inspite of the uncertainties in the economy and challenging business climate, the company continued to maintain impressive volumes and post positive earnings in 2018. II Plc made significant stride during the year, as the turnover went to N164.6 billion  while profit after tax rose to N9.3 billion. Our strategic planning and renewed commitment to improved on our current results will engender growth and deliver impressive returns in the future years to come.

He said the company has re-entry into the sale and marketing of Aviation Turbine Kerosene ATK) at Ground Aviation Terminal (GAT) in the fourth quarter of the year under review. Currently, he said the company service some major international airlines with their ATK requirements. 

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