MRS Oil annual revenue surges to N182.31 billion over removal of Petrol subsidy

MRS Oil Plc, a Nigerian oil and gas company, saw a 272% increase in net income last year, reaching N4.89 billion

This was mentioned in its recently submitted unaudited financial records on the NGX for the year ending December 2023.

The company’s revenue increased by 80.90% to N182.31 billion from N100.78 billion in 2022, primarily due to rising fuel prices and rising demand worldwide.

The removal of gasoline subsidies in June last year resulted in an increase in petrol prices throughout Nigeria. The average retail price that customers paid for gasoline in June 2023 was N545.83, according to the National Bureau of Statistics. This is a 210.32 percent increase over the N175.89 average in June 2022.

Consequently, MRS Oil’s largest revenue in 2023 came from Premium Motor Spirit, also known as gasoline, which brought in N161.74 billion. Automotive Gas Oil, also known as diesel, came in second with N9.37 billion, and Aviation Turbine Kerosene, with N6.44 billion.

The company’s total assets increased from N40.53 billion to N55.68 billion. In a similar vein, its overall liabilities increased to N32.22 billion, or around 46.29 percent. MRS Oil was able to exceed its expected profit after taxes for the fourth quarter.

Its post-tax profit of N1.45 billion exceeded its forecast of N1.02 billion. It did not, however, meet its pre-tax profit and revenue estimates for the quarter.

The Oil firm’s financial statement, however, showed a lower-than-expected PBT of N637.22 million and revenue of N81.43 billion.

The oil business predicted in its cash flow statement that its net cash generated from operating activities would be N2.35 billion, but after the fourth quarter, it exceeded that amount by N7.81 billion.