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Mobil Earnings 2011: Net Income Down Marginally, Proposes N5 Dividend and Bonus Issue

By on April 3, 2012

Mobil Nigeria has released its financial year end 2011 audited financial statements. The company reported a 6.4% increase in Revenue at N 62 billion from N 58 billion in 2010.

The company, however, reported an increase of 117% in administrative and distribution expenses, at N 6.9 billion from about N 3 billion in 2010.

The hefty increase in administrative and distribution expenses led to a 3.4% decline in profits.

Profit before tax was N 5.5 billion, down from N 5.7 billion in the preceding year.

Profit after tax was N 3.7 billion, down from N 3.88 billion in 2010.

The company has proposed a N 5 dividend for its shareholders and allotted bonus shares of 1 for ever 5 shares held.

The qualification date is 30th of April. Payment Date is 6th of June and closure date is 2nd to 3rd of May 2012.

The company will be holding its annual general meeting on the 30th of May at the Shell Hall, Muson Centre, Onikan.