11 Plc Declares N4.1bn PAT in Q3 2020 Results, (SP:N190.00k)


Thursday, November 05, 2020 / 7:11 PM / By NSE / Header Image Credit: Mobil  

11 Plc released its Q3 2020 Unaudited results for the period ended September 30th, 2020.

Key Highlights

  • Revenue declined by -18.9% to N115bn from N142bn in the previous quarter.

  • Profit before tax declined by 35% to N6.1bn.

  • Profit after tax declined by 35% to N4.1bn.

  • Net Assets grew by 10% from N40bn to N44bn.

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Additional Comments by the Company:

Coronavirus (COVID-19) pandemic

The Covid-19 crisis continues to impact all businesses, with the effect expected to be more pronounced in the future. The priority for us is to protect the health, safety, and welfare of all stakeholders under our duty of care as well as support the Government and its agencies as they work to reduce the impact of the outbreak. 

At this stage, it is not possible to determine the financial impact of Covid-19 on our Company given the lack of visibility on the end date of the pandemic or on how long it would continue to impact the Nigerian economy. The Company has a strong Balance Sheet and the Board and Management are focusing on efforts to mitigate the impact on our business.

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