MRS Oil Announces Bonus Shares Amid Drop in Revenue, Profit in 2017

March 25, 2018
MRS Oil Nigeria

By Modupe Gbadeyanka

The board of MRS Oil Nigeria Plc has proposed the allotment of bonus shares to shareholders in the ratio of one for every five held by those whose names appear in the Register of Members at the close of business on July 6, 2018, subject to the approval of the appropriate regulatory authorities.

The oil firm, in its financial statement for the year ended December 31, 2017 released to the Nigerian Stock Exchange (NSE), did not pay dividend to its shareholders as a result of the bonus shares.

It stated that the register of shareholders would be closed from July 2, 2018 to July 6, 2018 (both dates inclusive).

In the firm’s 2017 earnings, there was a slight drop in revenue, closing at N107.1 billion as at December 31, 2017 against N109.6 billion as at December 31, 2016.

The revenue was boosted by the sale of Premium Motor Spirit (PMS) otherwise known as petrol, Automotive Gas Oil (AGO) also known as diesel, and Dual Purpose Kerosene (DPK) popularly called kerosene.

MRS Oil Nigeria earned N62.7 billion from petrol in 2017 compared with N74.8 billion in 2016, N16.9 billion from diesel last year against N13.3 billion two years ago, and N14 billion from kerosene in the period under review versus N8.6 billion in the corresponding period of 2016.

Also, the gross profit depreciated to N7.7 billion last year from N8.8 billion two years ago.

In addition, operating profit fell to N101.2 million in the period under review from N3.3 billion achieved in the corresponding period of 2016.

Furthermore, the post-tax profit closed last year at N1.4 billion versus N1.5 billion two years ago.

MRS Oil Nigeria’s Earnings per share (EPS) finished at N5.45k as at December 31, 2017 against N5.77k as at December 31, 2016.

A look at the company’s balance sheet showed that its total assets dropped to N44.1 billion from N62 billion in 2016, while its total liabilities finished at N39.1 billion last year versus N59.2 billion two years ago.

In the financial statements analysed by Business Post, the oil firm said it spent N528.3 million on advertisement last year in contrast to N228.9 million used for the same purpose two years ago.

Furthermore, a total of N581.4 million was spent on maintenance against N608 million in 2016, while local and international travel gulped N140.8 million last year compared with N135.6 million two years ago.

In addition, administrative expenses gulped N6.3 billion in the year under review against N5.5 billion in 2016.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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