11PLC has attributed its competitive edge in the industry, despite economic challenges, to ongoing business diversification and a customer-centric strategy.
Managing Director/CEO of 11PLC, Tunji Oyebanji, made this statement to shareholders at the company’s 47th Annual General Meeting held at the Abuja Continental Hotel, highlighting the company’s established reputation as a key enabler of moderate yet significant growth compared to its peers.
“The company’s collaboration with NIPCO Gas to promote compressed natural gas (CNG) as an automotive fuel has been exceptionally successful. The inauguration of multiple CNG stations nationwide has contributed significantly to the company’s growth and success,” he noted.
According to him, 11PLC’s commitment to innovation and customer satisfaction has enabled it to stay ahead of the competition. He added that the company’s customer-centric approach has helped build a loyal customer base, driving long-term growth and success.
The MD/CEO emphasized that the company’s financial performance is a testament to its strong management team and strategic direction. Despite market dynamics impacting profit margins, 11PLC’s management was proactive in addressing challenges, resulting in the company maintaining its leading role in the industry.
Oyebanji reported that the company’s turnover for 2024 is N892 billion, with a profit after tax of N16 billion. Despite a slight dip compared to 2023, the company’s financial performance remains robust.
“11PLC’s commitment to its employees is evident in its human resources policy. The company prioritizes developing its employees’ skills and providing opportunities for professional growth and development,” he pointed out.
As 11PLC looks toward the future, it remains committed to building upon its successes and exploring new growth opportunities. Oyebanji relayed that the company’s hospitality division continues to thrive, with the Lagos Continental Hotel setting industry benchmarks for excellence.
“The leasing out of Mobil House on Victoria Island, Lagos to Seplat Energy Producing Nigeria Unlimited has had a significant impact on its financial performance. 11PLC’s commitment to innovation and customer satisfaction will continue to drive its success,” he enthusiastically told the shareholders.
According to him, with the company’s strong management team and strategic direction, it is well-positioned to capitalize on emerging opportunities in the oil and gas sector to achieve greater heights continually.
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