Mobil Oil Nigeria PLC - Q1 revenue hits 4-year high
​MOBIL reported strong growth in Q1’16 revenue, up 37% y/y and the strongest quarterly figure reported since Q2’12 - we note though that y/y growth is bolstered by weak comparable period of Q1’15. Just like Petroleum Marketing rivals that have announced Q1 results, MOBIL appear to have fared well against a tough operating background typified by product scarcity and rising costs. Unlike rivals however, we think MOBIL’s petrol throughput could have been higher y/y to have delivered such strong revenue growth; the contraction in gross margins (Q1’16: 16.8% vs Q1’15: 18.1%) supports our view given the lower margin contribution from petrol in the product mix. Overall, revenue was 56% above our quite conservative estimate for Q1’16. MOBIL’s secondary business, Property, continues to show stable performance with rental income for the period up 31% y/y to N1.3 billion, ahead of our N1.2 billion estimate. Rental income contributed 33% to bottom line in Q1’16 compared to 32% in Q1'15.
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