Mobil Oil Nigeria posts after-tax profit of N3.9 billion

Mobil Oil Nigeria Plc posted a 37% increase in after-tax profit of N3.9 billion (US$25.1 million) in 2010.  Adetunji Oyebanji, chairman and managing director of Mobil Oil Nigeria, said the profit rise was proof of the company’s sustained capability to deliver superior returns.  He went on to say the increase was also a demonstration of the strength and resilience of its core business.  The company’s turnover was down at N58.3 billion (US$376.1 million), but Oyebanji said the lower turnover was balanced by higher lubricant sales. He also said the lubricant business turned in a strong performance and demand for high quality products continue to grow.  (June 1, 2011)