MRS Oil Nigeria reports $151.4-million revenue in 9M 2024

Feyisayo Ajayi -
Key Points
  • Sayyu Dantata’s MRS revenue increased by nearly 147 percent to over $150 million in nine months of 2024, driven by strong market performance and product demand.
  • The company’s net profit surged to N6.22 billion ($3.79 million), reflecting effective cost management and operational efficiencies.
  • Asset base expanded by 21.4% to $40.52 million, indicating growth in both non-current and current assets.

MRS Oil Nigeria Plc, a leading oil marketing company majority-owned by Nigerian tycoon Sayyu Dantata, half-brother to Africa’s richest man Aliko Dangote, announced robust financial results for the first nine months of its 2024 fiscal year, revealing a remarkable 146.54-percent increase in revenue compared to the same period in 2023.

The revenue of the oil marketing company, revenue soared to N248.71 billion ($151.42 million), up from N100.88 billion ($61.42 million) in 9M 2023, propelled by heightened demand and rising prices for Premium Motor Spirit (PMS).

Significant earnings boost reflects effective cost management

The impressive revenue growth translated into a notable increase in profits, which rose to N6.22 billion ($3.79 million) from N3.44 billion ($2.1 million) in the previous year.

This growth is attributed not only to the surge in sales but also to MRS Oil's efficient cost management strategies, allowing the company to improve its net profit margin despite rising operational costs. The firm optimized its supply chain, effectively managing expenses within its cost tolerance.

Sayyu Dantata's dominance in oil sector

MRS Oil operates across several West African countries, including Benin, Togo, Cameroon, and Côte d’Ivoire, and ranks 48th on the Nigerian Exchange (NGX).

Sayyu Dantata, who holds a 60 percent stake in the company through MRS Africa Holdings, has solidified his influence as a major player in the Nigerian investment landscape.

In addition to its impressive revenue figures, MRS Oil's total assets surged from N54.83 billion ($33.39 million) at the end of 2023 to N66.57 billion ($40.52 million) as of Sept. 30, 2024. 

The company’s retained earnings also saw substantial growth, climbing from N22.44 billion ($13.66 million) to N27.87 billion ($16.97 million), reinforcing MRS Oil's position as one of Nigeria's most profitable oil enterprises.