Petroleum marketer, Mobil Oil Nigeria, in its second quarter financial result for the period ended June 30, 2013 reported a profit after tax of N1.66 billion from N954.39 million reported in the comparable period of 2012; representing an improvement of 73.74 per cent; while profit before tax improved by 73.46 per cent when it closed at N2.45 billion from N1.41 billion.

The company also led the gainers’ table at the close of trading on Thursday when it appreciated by 495 kobo to close trading at N115.00 per share.

The result also shows that its turnover decreased by 9.01 per cent to N38.74 billion, compared with N42.58 billion recorded in the corresponding period of 2012; cost of sales decreased also went down by 12.78 per cent to N33.96 billion from N38.94 billion; while administrative expenses increased marginally by 2.75 per cent to N3.35 billion just as the company recorded a net finance charge of N26.36 billion in from a net finance charge of N68.36 billion reported in 2012.

Meanwhile; equities capitalisation closed lower at N11.773 trillion after it went down by N94.603 billion from N11.867 trillion recorded on Wednesday; while the All-Share Index depreciated by 297.02 basis points or 0.79 per cent to close at 36,962.63 points from 37,259.65 points recorded on Wednesday.

In a twist of fate, building materials’ major player and one of the blue chip companies on the Nigerian bourse, Dangote Cement, which led other gainers at the close of trading on Wednesday, sat atop the losers’ table on Thursday.


Information from Daily Independent was used in this report.