MRS Oil Nigeria Plc posts N1.42 billion profit for 2022

MRS Oil Nigeria Plc has released its financial report for the year 2022 which it said was prepared with the International Financial Reporting Standard.

The financial report shows a massive increase in profit for the period by 318% to N1.4 billion against N340 million in the previous year.

The result is summarized as follows:

Revenue

FY 2022: N100.211 billion

FY 2021: N71.976 billion

% Change: 39.2%

Cost of sales

FY 2022: N92.216 billion

FY 2021: N66.831 billion

% Change: 38%

Gross profit:

FY 2022: N7.996 billion

FY 2021: N5.145 billion

% Change: 55.4%

Administrative expenses

FY 2022: N5.605 billion

FY 2021:N4.656 billion

% Change: 20.4%

Operating Profit:

FY 2022: N2.476 billion

FY 2021: N668 million

% Change: 270.7

Net finance costs

FY 2022: N80.735 million

FY 2021: N343.055 million

% Change: -76%

Profit before taxation:

FY 2022: N2.396 billion

FY 2021: N325.025 million

% Change: 637%

Profit after taxation

FY 2022: N1,422 billion

FY 2021: N339.8 million

Earnings per share:

FY 2022: N4.15

FY 2021: N1.12

% Change: 270.5%

Bottom line: The Company saw an increase in profit despite inflationary pressure as revenue for the period also grew.

While the Company ended the quarter with a year-to-date profit of N1.42 billion, the Board said that the new strategy put in place would yield further positive results and increase the Company’s profitability in the coming months.