MRS Oil records pre-tax profit of N1.84 billion in Q3 2023  

MRS Oil Nigeria Plc recorded a profit before tax of N1.84 billion in Q3 2023, representing an 83.3% year-over-year increase from the corresponding quarter in 2022.  

This moderated nine months pre-tax profits to N4.96 billion, compared to N1.49 billion in the same period last year.  

Key Highlights Q3 2023 vs Q3 2022 

• Revenue: N41.23 billion, +55.64% YoY   
• Cost of sales: N39.21 billion, +63.36% YoY   
• Gross Profit: N2.02 billion, -18.78% YoY   
• Other income: N73.63 million, +5.90%  
• Selling and distribution expenses: N110.77 million, +34.74% YoY  
• Administrative expenses: N1.16 billion, -21.58% YoY   
• Operating profit: N1.83 billion, +85.69% YoY  
• Finance income: N37.54 million, +7.98% YoY  
• Finance cost: N24.91 million, +65.50% YoY  
• Net finance cost: N12.63 million, -35.93% YoY  
• Profit before tax: N1.84 billion, +83.31% YoY  
• Profit after tax: N1.13 billion, +131.62% YoY   
• Earnings per share: N3.30, +161.90% YoY  
• Total Assets: N50.83 billion, +25.42% YTD 

Insights  

The company recorded a nine-month profit after tax of N3.44 billion which represents a 338.5% year-on-year increase from the corresponding period in 2022.  

The company’s robust financial results in 2023 can be attributed to a significant increase in revenue, rising from N69.15 billion in the first nine months of 2022 to N100.88 billion in the same period of 2023.