MRS Oil Nigeria reports 63% surge in FY 2024 pre-tax profit, amid strong PMS sales 

This marks a 60.67% decline from last year’s Q4 pre-tax profit of N1 billion. In contrast, the full-year pre-tax profit rose by 63.39% to N9.7 billion, compared to N5.9 billion the previous year.

In terms of revenue, the quarterly figure decreased to N63.5 billion, down from N81.4 billion reported in the previous year.

However, the total revenue for FY 2024 surged to N312.2 billion, representing a strong increase of 71.26% over the N182.3 billion reported in FY 2023, primarily fueled by robust sales of Premium Motor Spirit (PMS).

MRS Oil Nigeria reported a revenue increase of 71.26% for FY 2024, totaling N312.2 billion, compared to N182.3 billion for FY 2023.

However, the company faced a significant rise in the cost of sales, which surged by 72.32% year-on-year to N288.3 billion, up from N167.3 billion.

Despite this increase, MRS Oil achieved a gross profit of N23.9 billion, reflecting a 59.44% rise from the previous year’s figure of N15 billion.

‘Other income’ grew by 199.52% for FY 2024, reaching N695.2 million, with income from storage services making up 78.67% of this total and sundry income comprising the rest.

On a positive note, operating profit rose by 60.85% to N9.6 billion for FY 2024, compared to N5.9 billion in the prior year.

Finance income rose by 116.91% year-on-year to N265.7 million, mainly driven by interest on short-term bank deposits.

Meanwhile, finance costs decreased marginally by 0.39% to N135.6 million, down from N136.1 million the previous year.

Ultimately, the company’s pre-tax profit stood at N9.7 billion, representing a 63.39% increase from the N5.9 billion reported the previous year, while post-tax profit grew by 60.80% to N6.5 billion.

For the year ending December 31, 2024, MRS Oil Nigeria reported total assets of N105.4 billion, reflecting a substantial 92% increase from N54.8 billion in the previous year.

Total non-current assets rose from N20.3 billion in 2023 to N34 billion, with property, plant, and equipment comprising a significant portion at N33.3 billion.

Total current assets also experienced notable growth, increasing from N34.5 billion to N71.4 billion.