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

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.