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Home Markets Equities Company Results

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

Zainab IwayemibyZainab Iwayemi
3 months ago
in Company Results, Equities
MRS Oil posts N1.42 billion profit in 2022
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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.

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