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4-Traders Homepage  >  Equities  >  NIGERIAN STOCK EXCHANGE,THE  >  11 PLC    MOBIL   NGMOBIL00007

11 PLC (MOBIL)
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Cooking gas: 11 Plc increases stake in LPG sub-sector

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07/12/2018 | 11:55pm CEST

…Opens 14 new plants

Adewale Sanyaolu

11 Plc, formerly Mobil Oil Nigeria Plc, as part of efforts to deepen the use of Liquefied Petroleum Gas (LPG) popularly called cooking gas, has increased its investment by opening 14 new plants.

The latest investment decision, according to the Managing Director of the company, Mr. Tunji Oyebanji, was due to the current capacity of its sister company, NIPCO’s strong presence in the LPG market since they have extensive assets and infrastructure within the various value chain from storage to distribution.

He said NIPCO’s LPG operations consist of a 10,500 metric tonnes (MT) storage capacity in Apapa, Lagos, with a distribution chain comprising 42 LPG delivery trucks with capacity ranging between three and 25 tonnes per delivery and various other investments at the retailing end of the business.

Oyebanji who further reinforced steady supply of the product noted that NIPCO has a technical supply agreement with Nigeria Liquefied Natural Gas (NLNG), the largest producer of LPG in the country, which guarantees regular supply.

He disclosed that 14 other sites have been opened simultaneously in Lagos State and it’s the company’s aim to cover all retail outlets in the state before moving to commence work in other states of the federation.

“11 Plc is taking advantage of government’s mandate through NNPC for rapid investment in growth and expansion in the LPG market considering the abundant reserves the country has. We have identified the huge potential of growth in this industry and have brought on board our expertise of many years in the downstream sector,” he added.

He, however, noted the need for aggressive awareness on the misconceptions people have about the product being expensive and not affordable and safe, because clean energy is the way to go and it is trending in different developing countries.

The post Cooking gas: 11 Plc increases stake in LPG sub-sector appeared first on The Sun News.

(c) 2018 The Sun Publishing Limited. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (NGN)
Sales 2018 174 B
EBIT 2018 14 139 M
Net income 2018 9 323 M
Debt 2018 -
Yield 2018 4,58%
P/E ratio 2018 6,97
P/E ratio 2019 6,86
Capi. / Sales 2018 0,37x
Capi. / Sales 2019 0,36x
Capitalization 64 907 M
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Consensus
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 210  NGN
Spread / Average Target 17%
EPS Revisions
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Adetunji A. Oyebanji CEO, Managing Director & Executive Director
Ramesh Shantilal Kansagra Chairman
Ramesh Virwani Chief Operating Officer & Executive Director
Ravi Bachu Chief Financial Officer
Paul Chukwuma Obi Non-Executive Director & Director-Legal Services
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