Mobil’s 3Q Earnings Incite Slumber
Mobil Nigeria, the downstream arm of Mobil in Nigeria released its 3Q earnings today. Turnover was down marginally to N 44.9 Billion from N 45. 2 Billion over the same period last year.
The firm managed to improve on its production process and cut costs by 2.2% to N 37.2 Billion from N 38 Billion last year.
Gross Profit was slightly up, appreciating by 0.2% to N 4.48 Billion from N 4.47 Billion after 3Q, 2010.
Net Income swelled a negligible 1.4% to N 2.97 Billion from N 2.93 Billion over the same period in 2010.
The company’s share price is trading at N 141, the same price it was at the onset of the year.
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