MRS profit jumped to N1.42 billion in the full year of 2022 despite soaring input costs as a result of inflationary pressures, BusinessDay analysis has shown.
The downstream firm’s profit recorded a 318 percent year-on-year increase to N1.42 billion from N339.87 million in the full year of 2021.
MRS’s increase in profit was despite the cost of sales taking out 92 percent of the firm’s revenue in the full year of 2022.
The firm’s cost of sales grew to N92.21 billion in the full year of 2022, a 35.3 percent increase from N68.15 billion in the full year of 2021.
Similarly, in the year-ago period, MRS saw its cost of sales take out 94.7 percent of the total revenue in the full year of 2021.
In the period between October to December 2022, MRS recorded a 61 percent year-on-year increase to N28.27 billion from N17.55 billion in the fourth quarter of 2021.
MRS revenue stood at N100.21 billion in the full year of 2022, up 39.2 percent from N71.97 billion in the corresponding period of 2021.
The oil firm saw its operating profit at N2.47 billion, a 269.7 percent increase from N668.08 million in the comparable period.
Finance income dropped 25 percent to N24.95 million in the full year of 2022 from N33.27 million in the similar period of 2021.
Similarly, Finance costs dropped 72 percent to N105.68 million from N376.33 million in the reviewed period.
Net finance cost N80.73 million in the full year of 2022, 76 percent decline from N343.05 million in the full year of 2021.
MRS’ administrative expenses grew 23 percent to N5.6 billion in the full year of 2022, from N4.54 billion in the full year of 2021.
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Selling and distribution expenses increased to N378.2 million in the full year of 2022, up 19 percent from N317.48 million in the full year of 2021.
Property, plant, and equipment grew to N14.97 billion in December 2022 from N14.74 billion in December 2021.
Trade and other receivables climbed 16.2 percent to N18.02 billion in December 2022 from N15.5 billion in December 2021.
Cash and cash equivalents increased by 14.6 percent to N3.21 billion in December 2022 from N2.8 billion in December 2021.
Dividend payable stood at N189.33 million in December 2022, 11.4 percent increase from N169.85 million.
Net cash generated from operating activities stood at a positive of N2.42 billion from N506.3 million negative cash flow.
Net cash used for investing activities recorded a negative of N1.34 billion from N949 million negative cash flow.
Salaries and wages rose to N347.73 million in the full year of 2022, 14.6 percent from N303.42 million in the full year of 2021.
The average number of full-time persons employed dropped to 88 from 102 in the period reviewed.
Basic and diluted earnings per share stood at N4.15 in the full year of 2022 from N1.12 in the full year of 2021.
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