MRS Oil Nigeria Plc, a Nigerian oil marketing company majority-owned by multimillionaire businessman Sayyu Dantata, has announced its financial results for the first half of 2023, with profits soaring to unprecedented heights.
The company, which operates in various segments, including retail, commercial and industrial, aviation, and lubricants, announced that its profits for the first half of the year surged by over 550 percent, surpassing the $3-million mark.
According to the recently published financial results, MRS witnessed an astounding leap in its profit figures, rising from N351.8 million ($458,000) in the first half of 2022 to an impressive N2.31 billion ($3.004 million) in the same period this year. This feat was achieved despite a challenging business landscape.
The surge in profit is attributed to the robust growth in the company’s revenue. MRS reported a 39.8-percent increase in revenue, rising from N42.66 billion ($55.48 million) in the first half of 2022 to N59.65 billion ($77.57 million) in the corresponding period of 2023.
MRS Oil Nigeria, with operations spanning various West African countries such as Benin, Togo, Cameroon, and Cote d’Ivoire, is presently ranked as the 45th most valuable stock on the Nigerian Exchange.
Dantata, a multimillionaire businessman and half-brother of Nigerian billionaire Aliko Dangote, is the majority stakeholder in MRS Oil Nigeria.
Through his investment company, MRS Africa Holdings, Dantata owns 60 percent of the company, or 205,730,806 ordinary shares. This substantial stake positions him as one of the richest investors on the Nigerian Exchange (NGX).
As a result of its impressive financial performance, MRS has witnessed significant growth in its total assets. These assets surged from N40.52 billion ($52.7 million) at the beginning of the year to N51.35 billion ($66.78 million) as of June 30.
Furthermore, the company’s retained earnings also experienced substantial growth, rising from N18.33 billion ($23.84 million) to N20.64 billion ($26.8 million). These remarkable results underscore MRS’s status as one of Nigeria’s most profitable oil companies.
