Table of Contents
Key Point
- Sayyu Dantata’s MRS doubles revenue to over $100 million in H1 2024, driven by soaring PMS prices and demand.
- The company’s profit and shareholder equity also increase significantly, reflecting strong financial performance.
- MRS Oil seeks to delist from the Nigerian Exchange and list on the NASD OTC, marking a strategic shift for the Dantata-owned company.
MRS Oil Nigeria Plc, an oil marketing company majority-owned by Nigerian businessman Sayyu Dantata, half-brother to Africa’s richest man Aliko Dangote, has continued its upward trajectory, reporting revenue of more than $100 million in the first half of 2024.
According to the group’s recently published financial results, revenue jumped from N59.65 billion ($37 million) in the first half of 2023 to N161.97 billion ($101 million) in the first six months of 2024.
PMS demand drives revenue surge
This impressive growth is largely attributed to a surge in both the price and demand for Premium Motor Spirit (PMS), with PMS revenue rising from N49.76 billion ($30.7 million) to N142.6 billion ($89 million) year-on-year.
Profit also saw substantial growth, increasing to N4.22 billion ($2.6 million) from N2.31 billion ($1.43 million) in the previous year. The company’s retained earnings rose from N22.44 billion ($13.85 million) at the start of the year to N26.7 billion ($15.1 million) as of June 30, while shareholder equity climbed to N26.8 billion ($16.5 million) from N22.6 billion ($14 million).
Strategic corporate shift announced
MRS Oil Nigeria, which operates across Benin, Togo, Cameroon, and Côte d’Ivoire, holds the 47th position on the Nigerian Exchange (NGX). Majority shareholder Sayyu Dantata, who owns 60 percent of the company, is the half-brother of Africa’s richest man, Aliko Dangote.
The company has received shareholder approval to delist its shares from the NGX, marking a significant shift in its corporate strategy. The decision was ratified during an Extraordinary General Meeting on June 25 in Victoria Island, Lagos.
Sayyu Dantata’s influence on NGX
Through his indirect holdings in MRS, Dantata remains one of the wealthiest investors on the NGX, underscoring his influence in the regional oil market. His leadership continues to drive the company’s impressive financial performance and strategic realignment.
Post-delisting, MRS Oil plans to list on the NASD OTC Securities Exchange, ensuring compliance with Securities and Exchange Commission guidelines for trading unlisted securities.
