MRS Oil Nigeria Plc grew profit after tax by 60.5 percent from N4.05 billion recorded in 2023 to N6.49 billion for the financial year ended December 31, 2024.
The company’s revenue rose by 71.2 percent to N312.23 billion, up from N182.31 billion in the previous year.
The increase in revenue was driven by higher sales volume and pricing adjustments during the period.
Cost of sales increased by 72.3 percent to N288.33 billion compared to N167.31 billion in 2023, resulting in a gross profit of N23.90 billion, up from N15.00 billion recorded in the previous year.
Administrative expenses rose by 90.5 percent to N9.73 billion from N5.11 billion, while selling and distribution expenses rose by 142 percent to N1.74 billion from N717 million in 2023.
The company also recorded a net foreign exchange loss of N1.29 billion, lower than the N3.22 billion loss in the previous year.
Impairment loss on financial assets increased significantly to N2.07 billion compared to N192 million in 2023.
Operating profit stood at N9.72 billion, higher than the N6.00 billion recorded in 2023. Net finance income for the period was N131 million compared to a net finance cost of N14 million in the previous year, supported by higher finance income of N266 million.
Profit before tax increased to N9.85 billion from N5.98 billion in 2023 while the company paid an income tax of N3.35 billion, up from N1.94 billion in the prior year.
Earnings per share rose to N18.95 from N11.81 in 2023.
