MRS Oil generates N6.49bn PAT in 2024

MRS Oil says it has generated N6.49bn profit after tax in the year 2024.

This is according to a corporate disclosed 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.

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.