Sayyu Dantata’s MRS Tops $60 Million in Revenue in Q1 2024

MRS Oil Nigeria Plc, a leading oil marketing company majority-owned by billionaire businessman Sayyu Dantata, half-brother to Africa’s richest man Aliko Dangote, is poised for another excellent year with first-quarter sales exceeding $60 million.

In the first three months of 2024, revenue increased to N79.16 billion ($62.6 million) from N30.78 billion ($23.83 million) in the previous year, according to the company’s latest financial documents. This comes after MRS Oil Nigeria requested shareholder approval to delist from the Nigerian Exchange (NGX).

The triple-digit revenue gain was fueled by a rise in both the price and demand for Premium Motor Spirits. The company’s PMS revenue increased to N70.2 billion ($54.35 million) in Q1 2024 from N24.7 billion ($19.45 million) in Q1 2023. As a result, first-quarter profit increased to N1.99 billion ($1.54 million) from N1.47 billion ($1.14 million) the year before.

The company’s financial situation also improved. Retained earnings climbed modestly, from N22.44 billion ($17.37 million) at the beginning of the year to N24.43 billion ($18.91 million) on March 31. Shareholder equity increased to N24.6 billion ($19.05 million) from N22.6 billion ($17.5 million).

MRS Oil Nigeria, which operates in Benin, Togo, Cameroon, and Côte d’Ivoire, ranks 48th on the Nigerian Exchange (NGX), highlighting its regional relevance.

Sayyu Dantata, a businessman with a 60% ownership in MRS Oil Nigeria (205,730,806 shares), is the half-brother of Aliko Dangote, the founder and chairman of Dangote Group, Africa’s largest diverse manufacturing and industrial conglomerate. Dantata, through MRS Africa Holdings, is one of the NGX’s most wealthy investors.

The company’s board of directors decided to delist its shares from the NGX after conducting a strategic review. This choice took into account issues such as regulatory restrictions, administrative costs, developing market potential, and the company’s long-term objectives.

With 342,884,706 ordinary shares outstanding, MRS Oil Nigeria thinks that delisting will improve operational flexibility, promote strategic alliances, and lower overall costs, thereby enhancing its competitive position.

The proposed delisting procedure is anticipated to include share buybacks and capital reductions. Following the successful delisting, the board plans to seek shareholder approval to list the company’s shares on the NASD OTC Securities Exchange.

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