November 25, 2016/Cowry Asset Research
Mobil Oil Nigeria Plc recorded a solid year-on-year financial performance despite economic headwinds which include an economic recession, scarce foreign exchange and rising inflation.
Turnover increased by 58.56% to N71.87 billion while profit after tax rose 57.39% to N5.74 billion. Although gross profit margin fell – due to increased cost of goods sold – to 16.59% in Q3 2016 from 18.11% in Q3 2015, it was above industry average of 12.27% as were other profitability measures.
