MRS Oil records N74.6b turnover in 2009




For the year ended December 31, 2009, has recorded a turnover of N74.6 billion as against N48.7 billion in 2008, which translates to a 53 per cent increase.Shareholders of the company have also approved a total dividend of N317.5 million, which represents N1.25 kobo per share recommended by the board.


Disclosing this results at its 41st yearly general meeting in Lagos, yesterday, the Chairman of the company, Alhaji Sayyu Dantata, while attributing the results to the commitment between the management and staff of the company, said that expenses stood at N4.0 billion in 2009, representing a decrease of 16 per cent of N4.8 billion in 2008.He stated that profit/loss before tax grew by 663 per cent in 2009, from N305.7 million in 2008 to N1.7 billion, while profit after tax grew to 1.1 billion from a loss of N225.4 million in 2008 reflecting to a drastic increase of 556 per cent.


According to him, “N212 million was expended on capital items in 2009, which translates to 32 per cent decrease when compared to N311 million in 2008.   Distribution facilities, lubricant plant, automotive equipment were the major items included in the capital expenditure.”Dantata emphasised that the financial crisis in the economy, which stemmed from the disturbance in the banking sector, affected the energy sector, whereby Petroleum Products Marketers found it difficult to carry on with the business of importing products on a massive scale. This, he said, forced the marketers to step up the importation, using the scarce resources from the national treasury.


“ I strongly believe that with all the reforms and the industry remedial policies and guidelines adopted by the Central Bank of Nigeria (CBN), and other government bodies with oversight for financial sector, fewer and stronger players would emerge in the industry.“Foreign players are expected to participate in consolidation process and this will lead to an improved landscape as we move forward,” he said. 


The chairman added that the successful transition from Chevron Oil Nigeria Plc to MRS Oil Nigeria Plc in 2009 was one of the major milestone achieved by the company, adding that the acquisition of more RORO retail outlets, signifies confidence in the future of the company.He also listed the fundamental challenges to include government’s ability to sustain the amnesty programme in the Niger Delta, the provision of basic infrastructure, sustenance of exchange rate stability, amongst others.


Dantata implored all shareholders to lend their support as the company initiates and implement business growth programmes that will promise market share growth, promote wealth creation and enhance the profitability of the company.






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