The Shareholders of one of Nigeria’s dominant and leading downstream Oil and Gas Company, 11 PLC have approved dividend payout of N3, 060,059.00 for the 2020 financial year.
The approval was given at the 43rd Annual General Meeting of the company, AGM, held in Abuja.
The company assured the shareholders of its commitment to continually improve the return on their investments.
It was noted at the AGM that the total dividend payout comes as a result of the company performance despite the negative impact of the pandemic and the impact of the acquisition of Lagos Continental Hotel, Lagos through its subsidiary Hospitality Business, 11 Hospitality Limited in the course of the 2020 financial year.
One of the shareholders, Sanni Yau, who spoke at the meeting hailed the board and management of 11 Plc for helping to maintain a strong and healthy balance sheet amidst recession and inflation that had affected businesses and the Nigerian economy in general.
In his remarks at the meeting, the Chairman at the Annual General Meeting, Abdulkadir Aminu Mamman explained that each shareholder would receive a final dividend of N850k at an ordinary share of 50k.
In his goodwill message to the shareholders Chairman of the Company, Ramesh Kansagra who noted that the business sustainability and diversification strategy being pursued by downstream major provided a solid base for the company to continue to grow and thrive amid challenging business environments.
The Managing Director, Tunji Oyebanji, assured the Shareholders of Management determination to continually improve the company’s fortune drawing from the company’s investment in Liquefied Natural gas plant and the Hospitality industry.
The Company Secretary, Chris-Olumayowa Meseko was optimistic about the company’s growth despite its voluntary delisting from The Nigeria Exchange Limited drawing from the experience of NIPCO Plc; the parent company of 11 Plc.
According to him, the company shares are tradable on the platform of NASD Plc through stockbrokers registered with the Securities and Exchange Commission.
A Non-Executive Director, Paul Obi, noted that the company going forward will continue to give utmost priority to the welfare of its shareholders in its decision making. According to him, the company has remains competitive despite the huge impact of the COVID-19 pandemic on its businesses.
A breakdown of the company’s audited results shows that its Profit after Tax, PAT, recorded for the 2020 financial year stood at N6,230,868.00 The sum of N163,907,942.00 was recorded as revenue in the 2020 financial year-end.