MRS Oil Nigeria Plc, a leading oil marketing company largely controlled by multimillionaire businessman Sayyu Dantata, has announced its excellent financial results for fiscal year 2023, with revenue exceeding $190 million.
According to the recently published unaudited financial records, revenue at the conclusion of the fiscal year 2023 climbed by 80.9 percent, rising from N100.78 billion ($105.9 million) in 2022 to N182.31 billion ($191.5 million) in the year ending Dec. 31, 2023.
This increase in revenue is mostly due to an increase in the price of Premium Motor Spirit (PMS) over the year, which pushed the group’s PMS sales from N85.84 billion ($90.2 million) in 2022 to N161.74 billion ($169.9 million) in 2023.
Furthermore, the company saw a considerable increase in Automotive Gas Oil (AGO) sales, which rose from N4 billion ($4.2 million) in 2022 to N9.37 billion ($9.84 million) in 2023.
MRS Oil Nigeria’s remarkable financial performance is further demonstrated by a 124 percent rise in operational profit from N2.5 billion ($2.62 million) to N5.61 billion ($5.9 million).
Similarly, throughout the review period, the company’s profit after tax increased by more than 270 percent, from N1.31 billion ($1.37 million) to N4.9 billion ($5.14 million), demonstrating better operational efficiency and cost-effectiveness.
Dantata, a multimillionaire businessman and the biggest shareholder of MRS Oil Nigeria, owns 60% of the company, which equates to 205,730,806 ordinary shares. Dantata, through his investment firm, MRS Africa Holdings, has established himself as one of the Nigerian Exchange’s most significant investors.
MRS Oil’s financial performance has cemented its place as a dominant player in Nigeria’s oil and gas industry. The company’s prominence has recently grown as it acquired multimillion-dollar contracts for pipeline restoration, with the goal of rejuvenating Nigeria’s outdated pipeline infrastructure and consolidating its role in national growth.
With activities in several West African countries, including Benin, Togo, Cameroon, and Cote d’Ivoire, MRS Oil Nigeria currently ranks 45th on the Nigerian Exchange, demonstrating its significant worth in the regional stock market.
MRS’s retained earnings increased from N18.33 billion ($19.24 million) on December 31, 2022 to N23.29 billion ($24.45 million) on December 31, 2023, as a result of its strong financial performance at the end of its fiscal year in 2023.
Furthermore, during the period under review, the group’s total assets increased from N40.52 billion ($42.53 million) to N55.68 billion ($58.45 million), suggesting significant investments and development plans that position MRS Oil for continuing growth and success in Nigeria and the regional markets.
