Shares of MRS Oil Nigeria Plc (CHEVRON) have increased by over 36% month-to-date on the Nigerian stock exchange, bringing its year-to-date performance to 71.42%.
On October 29, the company released its third-quarter earnings report, showing a pre-tax profit of N6.2 billion—an increase of 108.9% from N3 billion in 2023.
Revenue rose by 141.90% to N169.5 billion, contributing to a year-to-date total of N248.7 billion, with sales of Premium Motor Spirit representing over 85% of the revenue.
Following the earnings announcement, the stock experienced a period of stagnation throughout November, with little notable price movement.
However, on December 12, bullish activity resumed, leading to four consecutive days of gains and positioning MRS Oil Nigeria Plc among the top advancers on the Nigerian Exchange for the third week of December.
Market trend
MRS Oil began 2024 on a positive note, continuing the momentum from the previous year.
Several key factors likely contributed to the bullish price movements of MRS Oil in late 2024.
Notably, the release of the earnings report on October 29 was likely a catalyst, revealing a pre-tax profit of N6.2 billion—a remarkable 108.9% increase from N3 billion in 2023.
Moreover, the recent successful completion of the Federal Government’s inaugural oil bid under the Petroleum Industry Act 2021 further bolstered the company’s prospects.
MRS Oil recently slashed the pump price of petrol to N935 in its outlets in Lagos, as against the N1,000 sold in early December.