MRS Oil Nigeria Plc recorded a profit before tax of N1.84 billion in Q3 2023, representing an 83.3% year-over-year increase from the corresponding quarter in 2022.
This moderated nine months pre-tax profits to N4.96 billion, compared to N1.49 billion in the same period last year.
Key Highlights Q3 2023 vs Q3 2022
- Revenue: N41.23 billion, +55.64% YoY
- Cost of sales: N39.21 billion, +63.36% YoY
- Gross Profit: N2.02 billion, -18.78% YoY
- Other income: N73.63 million, +5.90%
- Selling and distribution expenses: N110.77 million, +34.74% YoY
- Administrative expenses: N1.16 billion, -21.58% YoY
- Operating profit: N1.83 billion, +85.69% YoY
- Finance income: N37.54 million, +7.98% YoY
- Finance cost: N24.91 million, +65.50% YoY
- Net finance cost: N12.63 million, -35.93% YoY
- Profit before tax: N1.84 billion, +83.31% YoY
- Profit after tax: N1.13 billion, +131.62% YoY
- Earnings per share: N3.30, +161.90% YoY
- Total Assets: N50.83 billion, +25.42% YTD
Insights
The company recorded a nine-month profit after tax of N3.44 billion which represents a 338.5% year-on-year increase from the corresponding period in 2022.
The company’s robust financial results in 2023 can be attributed to a significant increase in revenue, rising from N69.15 billion in the first nine months of 2022 to N100.88 billion in the same period of 2023.
