Thursday, July 30, 2020 / 06:12 PM / By
CardinalStone Research / Header Image Credit: 11plc.com
(MOBIL: TP - N177.26: HOLD) reported a 47.7% decline in EPS to N3.42 in its
unaudited Q2'20 results due to weaker sales and higher operating cost.
plunged by 43.8% YoY in Q2'20, driven by sales weaknesses in Fuels (-50.1% YoY)
and Lubes (-20.3% YoY) segments. Sales of most petroleum products were affected
by the imposition of restrictive measures in key economic centres to curb the
spread of coronavirus. However, LPG sales rose by 18.4%YoY to N480 million
during the review period
margin improved by 96 bps to 9.29% despite the revenue weakness in the quarter.
We attribute the reduced cost pressures to the steep decline in crude oil
prices, which may have translated to lower raw material costs for Lubricant
income also declined by 4.2% YoY to N1.94 billion in the review quarter, even
though earnings from the property business was flat. Overall, after-tax profit
contracted by 42.2% YoY to N1.2 billion in Q2'20
Q2'20, net cash balance slipped into negative territory due to an N11.5 billion
CAPEX. Notably, the company has committed a total of N28.4 billion to assets
under construction since the start of the year. This expenditure may be related
to plans to enter into the hospitality business
11 Plc Declares
N2.5bn PAT in Q2 2020 Results,(SP:N173.40k)
11 Plc Notifies
of Board Meeting Date and Commencement of Closed Period...
11 Plc Notifies
of Related Party Transaction And General Mandate Approval...
11 Plc Notifies of Board Meeting Date and Commencement of
Closed Period for 2019...
11 Plc Notifies of Board Resolutions Proposes to Delist
11 Plc Finalises
Discussion On The Acquistion Of Lagos Continental Hotel From AMCON
N6.34bn PAT in Q3 2019 Results,(SP:N147.90k)
N4.17bn PAT in Q2 2019 Results,(SP:N158.00k)
11 PLC Q2 2019
Results Review: Slight Changes To 2019-21E EPS ests.
11 Plc Q1 2019
Results Review: Neutral Rating Maintained