FY 2022: MRS Oil Nigeria reports 318% PAT to N1.42bn
MRS Oil Nigeria Plc the leading integrated energy company, has released its financial report for the year ended December, 31, 2022 which it said was prepared with the International Financial Reporting Standard.
The financial report shows a massive increase in profit for the period by a decent 318 per cent to N1.4 billion as against N340 million reported in the previous year.
The results from the bottom line show that the group increased its profit despite inflationary pressure as revenue for the period also grew.
While the Company ended the quarter with a year-to-date profit of N1.42 billion, the Board said that the new strategy put in place would yield further positive results and increase the Company’s profitability in the coming months.
From the released statement under the platform of Nigerian Exchange Limited (NGX), Profit Before Tax (PBT) grew marginally to a decent 637 per cent to N2.396 billion in 12 months of 2022 from N325.025 million in 12 months of 2021.
From the profit and loss figures, the group Revenue moved from N71. 976 million in full year 2021 to N100.211 billion in full year 2022, representing an increase of 39.2 per cent.
Due to increase in raw materials, Cost of sales increased by 38 per cent to N92.216 billion in 12 months of 2022 from N66.831 billion in 12 months of 2021, as gross profit for full year 2022 amounted to N7.996 billion, reflecting an increase of 55.4 per cent from N5.145 billion in the comparable period.
Administrative expenses increased by 20.4 per cent to N5.605 billion in 12 months of 2022 from N4.656 billion in 12 months of 2021.
Operating Profit gained increased by 270.7 per cent to N2.476 billion in full year 2022 from N668 million in full year 2021
Net finance costs depreciated by 76 per cent from N343.055 million in the previous year to N80.735 million in FY 2022.
Earnings per share reported for the period grew significantly to a huge 270.5 per cent from N4.15 accounted in full year 2022 from N1.12 achieved in the comparable period.
