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11 Plc Re-launches Aviation Fuel Business

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11 PIc said it has recommenced the sale and marketing of aviation jet fuel (ATK) at the Murtala Mohamed International Airport and General Aviation Terminal (GAT – Domestic), in collaboration with Air BP.

The company in a release on the Nigerian Stock Exchange (NSE), said that the company’s aviation business which has been inactive for the past five years is being revitalized in the wake of the construction of a new 20 million liter aviation jet fuel (ATK) tank, laying of new ATK pipelines linking the company’s facility at Apapa with the Apapa Jetty.

Speaking on the development, managing director/CEO, 11 Plc, Mr. Adetunji Oyebanji said “we are delighted with the relaunch and our collaboration with Air BP. Air BP is one of the world’s largest suppliers of aviation fuel products and services. We are leveraging their innovative technical support and risk management expertise to provide best-in-class aviation fuel services to airline customers.”

He said that the company, under its new management, continues to take huge strides in the Nigerian oil and gas downstream sector in keeping with its strategic investment drive geared toward repositioning for maximum output and improving the company’s growth and earning potentials.

11 Plc is currently trading at N165 as at November 23, 2018 trading session on the NSE. Results for the third quarter ended September 30, 2018 showed revenue jumped from N88 billion in 2017 to N125 billion in 2018. Profit before tax jumped from N6.8 billion in 2017 to N11.6 billion in 2018. Profit after tax also increased from N4.5 billion in 2017 to N7.8 billion in 2018.



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