Nigerian oil marketing company, MRS Oil has reported its first profit in three years in the nine months to September 2021, according to its financial results.
The downstream oil marketing company grew its profit by 104.64 percent to N40.82 million in the first nine months of 2021 from a loss of N880.56 million reported in the corresponding period of 2020.
The last time the company reported a 9-month profit was in 2017 when it recorded N809.15 million.
Compared to the N730.79 million profit reported in the nine months of 2015, the profit after tax of the same period in 2021 is lower by 94.4 percent. The profit recorded in the first nine months of this year is the lowest recorded when compared to the profits recorded from 2015 to 2017.
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MRS Oil’s performance in the review period was on the back of the increase in revenue and income from both finance income and other sources of income.
The company reported a revenue of N53.23 billion in the period under review, 66.35 percent higher compared to the N31.99 billion revenue recorded in the same period last year.
A breakdown of the company’s financials revealed that other income grew by 448.6 percent to N925.07 million in the period under review compared to the N168.62 million recorded in the same period last year.
The finance income expanded by 7672.63 percent to N416.38 million in the first nine months of this year, compared to the N5.36 million recorded last year.
The total assets during the period under review reduced by 6.12percent year-to-date on the account of 32 percent increase in cash and cash equivalents.
The oil marketing company also made a basic and diluted profit per share of 0.13 compared to the loss of 2.89 made last year.
