Oil marketer MRS Oil Nigeria Plc has released its annual financial statement for 2022, in which it reported revenue growth of 29% from its N71.9 billion recorded in 2021 to N100 billion in the full year of 2022
This information was disclosed in a corporate disclosure on the NGX website seen by RateCaptain.
The 2022 financials filed by the oil giant MRS showed that the gross profit increased significantly to N8.6 billion recorded at the end of 2022 from N3.8 billion recorded in the full year of 2021.
Total assets rose by 8.19% to close at N40 billion in December 2022 from N37 billion recorded in the previous year. Similarly, total liability increased from N20 billion recorded in 2021 to N22 billion in 2022.
Despite the highly challenging situation seen in the global economic and business environment, MRS recorded a laudable profit before tax with a growth of 86.7% to close the year under review at N1.3 billion rising from the N323 million recorded the previous year. While profit after tax grew by 74.2% to N 1.3 billion in 2022 from N339 million recorded in the previous trading year. The earnings per share increased to N3.84 kobo in 2022 from the N1.12 kobo recorded in 2021.
The impressive results can be attributed to MRS’s continued success as an oil marketer and supplier within the Nigerian energy industry over the past few years. They have been able to capitalize on strong demand for fuel products throughout the country while also expanding into new markets such as West Africa and beyond with successful investments in renewable energy projects like solar power generation plants across Nigeria’s northern region.
