MRS Oil Nigeria Plc has released its audited full-year financial results for 2024, reporting a 71.2% surge in revenue to N312.2 billion.
The revenue growth was driven by higher petroleum product prices throughout most of 2024, despite a reported decline in sales volumes.
MRS Oil has seen increased consumer demand following its landmark purchase of products from the Dangote Refinery, which are often perceived as superior by fuel-efficiency-conscious customers.
The company also reported a pre-tax profit of N9.8 billion, representing a 66% year-on-year increase, even as rising costs of sales continued to pressure gross margins.
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