MRS Holdings Net Profit Hits N1.1b

By Modupe Gbadeyanka

MRS Holdings Plc has disclosed that its net profit for the third quarter of 2016 rose to N1.1 billion compared to N730 million it was in the same period last year.

In its financial result, the company’s gross income for the quarter improved to N82.3 billion against N64.5 billion it recorded in 2015.

Its cost of sales increased to N74.9 billion compared to N59.7 billion achieved last, which Business Post gathered was as a result of the forex issue affecting the Nigerian economy.

In the report, MRS revealed that it was in a lawsuit against a certain party, ostensibly the Asset Management Company of Nigeria (AMCON), over N101 billion as claims against the company. It disclosed that it has not made any provision in its statement regarding the possible outcome of the suit.

MRS was incorporated as Texaco Nigeria Limited (a privately owned company) on August 12, 1969 and was converted to a Public Limited Liability company quoted on the Nigerian Stock Exchange (NSE) in 1978, as a result of the 1977 Nigerian Enterprises Promotions Decree.

It is domiciled in Nigeria and its shares are listed on NSE.

Its name was changed to Texaco Nigeria Plc. in 1990 and again on September 1, 2006 to Chevron Oil Nigeria Plc.

On March 20, 2009, there was an acquisition of Chevron Africa Holdings Limited, (a Bermudian Company) by Corlay Global SA of Moffson Building, East 54th Street, Panama, Republic of Panama. By virtue of this foreign transaction, Chevron Nigeria Holdings Limited, Bermuda changed its name to MRS Africa Holdings Limited, Bermuda.

The new management of the Company announced a change of name of the Company from Chevron Oil Nigeria Plc to MRS Oil Nigeria Plc (“MRS”) effective December 2, 2009 following the ratification of the name change of the Company at the 40th Annual General Meeting of the Company on September 29, 2009.