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.
