Oil firm of Dangote’s half-brother Sayyu Dantata posts 9M revenue exceeding $120 million

MRS Oil Nigeria Plc, an oil marketing company majority owned by Sayyu Dantata, the half-brother of billionaire Aliko Dangote, has reported outstanding financial results for the first nine months of its 2023 fiscal year, with revenue reaching a milestone of $120 million.

According to the company’s recently published financial report, MRS Oil witnessed an impressive surge in revenue, climbing by 45.9 percent from N69.15 billion ($87.5 million) in nine months of 2022 to N100.87 billion ($127.63 million) in the first nine months of 2023.

This substantial increase in revenue played a pivotal role in driving the company’s remarkable bottom-line performance. MRS Oil’s profit after tax for the first nine months of 2023 surged by 338.5 percent, rising from N785.04 million ($993,300) in 2022 to N3.44 billion ($4.35 million).

MRS Oil’s financial performance has solidified its position as a leading player in the Nigerian oil and gas industry. Furthermore, the company’s influence has recently grown as it secured multimillion-dollar contracts for pipeline rehabilitation, aimed at revitalizing Nigeria’s aging pipeline infrastructure, cementing its role in national development.

With operations spanning various West African countries, including Benin, Togo, Cameroon, and Cote d’Ivoire, MRS Oil Nigeria presently holds the 45th position in the Nigerian Exchange, showcasing its substantial value in the regional stock market.

Dantata, a multimillionaire businessman and the majority stakeholder in MRS Oil Nigeria, owns 60 percent of the company, equivalent to 205,730,806 ordinary shares. Through his investment firm, MRS Africa Holdings, Dantata has positioned himself as one of the most influential investors on the Nigerian Exchange (NGX).

In tandem with the impressive financial performance, MRS Oil Nigeria has witnessed remarkable growth in its total assets, which escalated from N40.52 billion ($51.2 million) at the beginning of the year to N50.83 billion ($64.31 million) as of June 30.

Additionally, the company’s retained earnings experienced substantial growth, rising from N18.33 billion ($23.2 million) to N21.83 billion ($27.6 million), underscoring MRS’s status as one of Nigeria’s most profitable oil companies.

The surge in revenue and the strategic positioning of MRS Oil Nigeria in the Nigerian oil and gas sector mark a significant milestone for the company, positioning it for further growth and influence in the industry.