MRS Oil Post Poor PAT Results For FY And Q1…But Declare Dividends

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MRS Oil Plc released a double dose of 2012 FY and 2013 Q1 results today. The company posted a N79.7billion revenue representing an increase of 11.5% when compared to the prior year. Gross profit dropped 16.3% to N5.7billion. Interest cost increased two fold to N1.2billion dropping pre-tax profit to N380million. Profit after tax reduced 66.7% to N205million.

Q1 2013 results was no more different as the company slipped into loss of N271million as increase in cost of sales and finance cost continue to slice off profitability.

Key Highlights

• The company earnings per share suffered a 66% drop to 81kobo
• The company still declared dividend of 23.34kobo (2011:70kobo)
• The company debt reduced 53% to N6.3billion despite not seeing any net debt out flow in their cash flow statement
• The company still has over N18.6billion in retained earnings
• Return on Equity is 1.1%
• Share price rose 10% to N19.8 and ttm P.E is 24.4x

MRS Oil Pls 2012 FY and 2013 Q1 results was posted on the website of the NSE