MRS Oil Nigeria Plc Quarter 2 Results 2021

MRS OIL NIGERIA PLC POSTED 2021 SECOND-QUARTER RESULTS

Revenue of MRS Oil Nigeria  Plc (MRS)  was up 53.2% year-to-date compared to the same period in 2020.   The sale of Premium Motor Spirit (PMS), which accounted for the bulk of the revenue, jumped 74.9% year-over-year to NGN31.2 billion as at 3oth June 2021. Automotive Gas Oil (AGO) added 4.4% to close at NGN2.6 billion compared to NGN2.5 billion declared at 2020 half-year. Revenue from other petroleum products and lubricants declined in the six months to 30th June 2021 compared to the corresponding period last year. 

Half Year 2021 ( NGN'Millions)Half Year 2020 (NGN'Millions)% Change
Revenue36,749.523,987.653.2%
Profit Before Tax335-211.3-258.5%
Profit After Tax151.5-329.7-146.0%
  • Profits turned positive as opposed to losses of same period last year

The Profit Before Tax (PBT) of NGN335 million in the first half of the current year represented an improvement on Loss Before Tax of NGN211.3 made in the corresponding period of the preceding year.  Profit After Tax rose to NGN151.5 million from a loss of NGN329.7 million. 

  • Operating profit could not cover debt obligations for the period

MRS' operating profit of NGN173.3 million was not enough to offset the total interest of NGN222.6 million for the period. This was the same in the commensurate period of the previous year when it had to pay interest of NGN135.4 million out of an operating profit of NGN19.6 million. Besides, the net cash flow generated from operating activities was negative in both periods.

ABOUT MRS OIL NIGERIA PLC
MRS began operations as Texaco Nigeria Limited in August 1969. It is a subsidiary of MRS Africa Holdings Limited, a company incorporated in Bermuda. MRS Africa Holdings Limited owned 60% of the total outstanding shares of MRS as at the period ended 30th June 2021. The company distributes petroleum and petroleum products. READ THE FULL REPORT ON MRS OIL NIGERIA PLC HERE

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