11 plc Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023

11 Plc, formerly Mobil Oil Nigeria plc, is a Nigeria-based petroleum products marketer. The Company has two segments: Petroleum Products Marketing and Property Business. The Petroleum Products Marketing segment generates revenue from the sale of white products and lubricants. The Property Business segment generates income from the rent paid on its investment properties leased out to a related party. The Company's petroleum products include petrol, diesel, aviation fuel, kerosene and lubricants. Petrol, diesel and kerosene are sold through its service stations while lubricants are sold through the distributors. Aviation fuel is sold at Murtala Muhammed Airport. The Company has approximately 200 retail outlets located in over 40 states of Nigeria. The Company operates a Lube Oil Blending Plant (LOBP), which has a capacity of approximately 450,000 barrels. It owns over three plants located in Apapa, Lagos State that manufacture lubes, petroleum jelly and insecticide.