MRS Oil Posts N1.5bn After-tax Profit

• MRS Oil Posts N1.5bn After-tax Profit

MRS Oil Nigeria Plc has announced an increase in its profit after tax to N1.5bn for the financial year ended December 31, 2016 from N935.6m in 2015.

A statement said shareholders at the company’s 48th Annual General Meeting held in Lagos approved a dividend of N439.8m declared for the financial year, translating to 173 kobo per share against the N279.4m (110 kobo) paid in the comparative period of 2015.

The outgoing Chairman, MRS Oil, Alhaji Sayyu Dantata, was quoted to have said that the company had made so much progress since the management change in 2009.

He said, “As I leave the office of chairman, I am certain that the company will go on to achieve greater success, because of its human and material capital.”

The company’s revenue rose to N109.6bn in 2016 from N87.1bn recorded in 2015, while profit before tax grew to N2.3bn from N1.5bn in 2015.

The new Chairman, MRS, Mr. Patrice Alberti, said the company was committed to Africa and its people.

He expressed the company’s gratitude to all those who made it possible for it to achieve the 2016 excellent results, assuring the stakeholders of bigger and better business prospects in the future.

Stakeholders commended the management and board of the company for the performance achieved in 2016, the statement added.