• About
  • Advertise
  • Careers
  • Contact Us
Wednesday, June 18, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Mobility
    • Environment
    • Travel
    • StartUPs
  • Economy
  • TECHECONOMY TV
  • TBS
  • About Us
  • Contact Us
  • Telecoms
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Mobility
    • Environment
    • Travel
    • StartUPs
  • Economy
  • TECHECONOMY TV
  • TBS
  • About Us
  • Contact Us
  • Telecoms
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Economy Finance

MRS Oil Reports 64.5% Surge in Profit Before Tax to N9.8 Billion

by Latifat Fashina
March 28, 2025
in Finance
1
MRS Oil Nigeria Limited - profit | Delist from NGX
MRS Oil station

MRS Oil station

UBA
Advertisements

MRS Oil Nigeria Plc reported a 64.5% surge in profit before tax, amounting to N9.8 billion from N5.9 billion in 2023.

The growth was attributed to an increase in petroleum product prices throughout the year.

In its recently released financial report for the 2024 financial year, Mrs Oil Nigeria Plc reported remarkable improvement across key success metrics, marking a successful year for the company.

The company witnessed a 71.2% surge in revenue, climbing from N182.3 billion in 2023 to N312.2 billion in 2024. Likewise, the profit after tax jumped by 60.5% to N6.5 billion from N4 billion. Also, the earnings per share improved to N18.95 from N11.81.

Similarly, the company’s finance income doubled, reaching  N266.4 million, compared to N122.5 million in the previous year, while finance cost declined to N135.6 million from N136.1 million. Also, operating profit surged by 62% to N9.7 billion from N5.9 billion in 2023.

MRS Oil’s total assets appreciated by 93% to N105.7 billion from N54.8 billion, the same as the total liabilities, which increased by 140.4% to N77.4 billion from N32.2 billion. The gross profit surged by 59.3%  to N23.8 billion from N15 billion in 2023.

Speaking on recent developments in the oil and gas industry, the company explained that notable developments such as the full implementation of deregulation, commencement of operation in Dangote refinery, and other developments in the industry significantly impacted them. It reads:

“While the commencement of operations at the Dangote refinery and the resumption of production at the Port Harcourt refinery enhanced product supply, putting an end to the incessant scarcity experienced in the past, the implementation of full deregulation caused a massive increase in the pump price of PMS and other petroleum products. The hike in PMS price following the full deregulation adversely impacted the sales volume performance.”

Moving forward, the company emphasized maintaining its commitment to sustain successful performance while gaining more competitive advantage.

Loading

Advertisements
MTN ADS

0Shares
Tags: MRS Oil
Latifat Fashina

Latifat Fashina

LATIFAT FASHINA is the Business/Finance Reporter at Techeconomy. She can be reached via: latifat.fashina@techeconomy.ng

Next Post
Ecobank Headquarters Lagos | Innovation Exhibition 2025

Ecobank Increases Profit after Tax by 176% to N735.8bn in 2024

Comments 1

  1. Pingback: MRS Oil Finalises Plan to Delist from NGX | Tech | Business | Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

DICON at 60

Advancing Africa’s Defense Technology: DICON’s 60-Year Journey to Innovation

10 months ago
Falconnero and Flybird launch OrientJets

Falcon Aero Canada and Flybird Partner to Launch OrientJets Int’l Aviation Firm

8 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2017 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Mobility
      • Environment
      • Travel
      • StartUPs
    • Economy
    • TECHECONOMY TV
    • TBS
    • About Us
    • Contact Us

    © 2017 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.