MRS Oil reports first profit in four years, proposes 1 for 8 bonus

Oil marketer MRS Oil Nigeria Plc, which has been under a loss-making spell since 2018, saw a turnaround in its financials for last year, helped by a 71.4 per cent boost in its top-line, the firm’s audited earnings report issued on Thursday showed.

MRS Oil noted a near twofold surge in income from petrol, its main earnings source, as driving up revenue, which jumped to N72 billion from N42 billion a year ago.

Other income grew 164.5 per cent to N1.4 billion while finance income jumped from N8.9 million to N33.3 million, both aiding the recovery from a descent to loss four years ago.

Formerly Texaco Nigeria Plc, the company became Chevron Oil Nigeria Plc in September 2006 and adopted the name MRS Oil after a consortium of MRS Holdings and Petroci Holdings purchased its majority stake.

Pre-tax profit for the period was N325 million, 716 per cent higher than a loss of N2.7 billion reported the preceding year.

Post-tax profit stood at N339.9 million, compared to a loss after tax of N2.3 billion for 2020.

The board said in a separate statement on Thursday it is proposing a bonus issue of one new share for every eight shares held by shareholders, whose names appear in the company’s register of members by 1st July.

“The Register of Members will be closed from Monday, July 4, 2022, to Friday, July 8, 2022 (both dates inclusive),” the document said.

In early February, the oil marketing firm debunked the allegation regarding its involvement in the importation of sub-standard fuel into the country, which sparked up a nationwide fuel scarcity.