MRS Oil says it generated N6.49bn profit after tax in the year 2024.
This is according to a corporate disclosure released through the Nigerian Exchange Ltd., which revealed the company’s audited full-year financial results for 2024.
The company also reported a pre-tax profit of N9.8 billion, representing a 66 per cent year-on-year increase, even as rising costs of sales continued to pressure gross margins.
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MRS Oil also recorded a 71.2 per cent surge in revenue to N312.2 billion in 2024 as against N182.3 billion made in 2023.
The revenue growth was driven by higher petroleum product prices throughout most of 2024, despite a reported decline in sales volumes.
MRS reported that the hike in PMS price following the full deregulation adversely impacted the sales volume performance.
The revenue growth was driven by higher petroleum product prices throughout most of 2024, despite a reported decline in sales volumes.
The company recorded PMS sales of N272.4 billion in 2024, representing a 68.4 per cent increase, as customers ramped up purchases across the country.
AGO and aviation fuel jointly contributed N30.5 billion to the company’s top line.
In 2024, the PMS and AGO segments accounted for 92 per cent of total revenue and 94.6 per cent of gross profit, compared to 94 per cent and 93 per cent, respectively, in the previous year.
Announces exit from NGX
Meanwhile MRS Oil says it has concluded arrangements for the voluntary delisting of all its issued shares from the Nigerian Exchange Ltd. (NGX) and subsequent admission to the NASD OTC Securities Exchange.
According to the company, this decision followed the approvals granted by the company’s shareholders at the Extra-ordinary General Meeting (EGM) held on June 25, 2024.
It said “In accordance with Rule 1.10 and Rule 1.13 (f) of NGX’s rules for Delisting of Equity Securities from the Daily Official List of the Exchange and other relevant legal and regulatory requirements, the Company will in furtherance of the Voluntary Delisting, purchase the interests of shareholders who were absent from the EGM or dissented to the Voluntary Delisting (the “Payout”).
“The effectiveness of this Payout remains subject to the final approvals of the Securities and Exchange Commission (SEC) and NGX.”
MRS Oil unveiled key terms of the payout as approved by SEC.
It said the company would comply with NGX regulations by setting aside the necessary funds to settle dissenting and absentee shareholders.
“The Registrars shall maintain the account for a period of three months, during which eligible shareholders who wish to exit the company may claim their entitlement.
“After the three months period, shareholders who have not opted for the payout shall be migrated to the NASD platform and any unclaimed funds shall revert to the Company.
“The Registrars shall submit a detailed report to the SEC, listing the shareholders who have exited and have received payment,” it added.
The disclosure noted that in the light of the foregoing, shareholders who were absent from the EGM or dissented to the voluntary delisting were advised to contact the registrar for their payoff from April 4 to July 2024.
It also explained that further updates would be communicated to the public upon receipt of final regulatory approvals for the voluntary delisting.
It advised shareholders and the public to exercise caution when dealing in the company’s shares until the final delisting is concluded and officially announced.
