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MRS Oil Nigeria Plc, a leading oil marketing company majority owned by multimillionaire businessman Sayyu Dantata, half-brother of African’s richest man Aliko Dangote, has unveiled its impressive financial results for the fiscal year 2023, with revenue soaring above $190 million.
According to the recently published unaudited financial statements, revenue at the end of the fiscal year 2023 grew by 80.9 percent, rising from N100.78 billion ($105.9 million) in 2022 to N182.31 billion ($191.5 million) in the year ending Dec. 31, 2023.
This surge in revenue is primarily attributed to the increase in the price of Premium Motor Spirit (PMS) during the year, driving the group’s PMS sales up from N85.84 billion ($90.2 million) in 2022 to N161.74 billion ($169.9 million) in 2023.
Furthermore, the company recorded a significant increase in the sales of Automotive Gas Oil (AGO), which rose from N4 billion ($4.2 million) in 2022 to N9.37 billion ($9.84 million) in 2023.
The impressive financial performance of MRS Oil Nigeria is further underscored by the surge in operating profit, which increased by 124 percent from N2.5 billion ($2.62 million) to N5.61 billion ($5.9 million).
Similarly, the company’s profit after tax during the period under review saw a substantial increase of more than 270 percent from N1.31 billion ($1.37 million) to N4.9 billion ($5.14 million), indicating improved operational efficiency and cost-effectiveness.
Inside the portfolio of Dantata: Visionary force behind MRS Oil’s success
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).
MRS Oil’s financial performance has solidified its position as a leading player in the Nigerian oil and gas industry. The company’s influence has recently expanded as it secured multimillion-dollar contracts for pipeline rehabilitation, aimed at revitalizing Nigeria’s aging pipeline infrastructure, thus 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 on the Nigerian Exchange, showcasing its substantial value in the regional stock market.
MRS Oil’s financial prowess: Retained earnings surge to $24.45 million in 2023
As a result of its impressive financial performance at the end of its 2023 fiscal year, MRS saw its retained earnings increase from N18.33 billion ($19.24 million) on Dec. 31, 2022, to N23.29 billion ($24.45 million) on Dec. 31, 2023.
Additionally, the group’s total assets during the period under review expanded from N40.52 billion ($42.53 million) to N55.68 billion ($58.45 million), indicating strategic investments and expansion plans that position MRS Oil for continued growth and success in the Nigerian and regional markets.
