MRS Oil reports N6.49 billion profit after tax for 2024
MRS Oil says it has generated N6.49 billion in profit after tax in 2024.
This is according to a corporate disclosure 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 company recorded PMS sales of N272.4 billion in 2024, representing a 68.4 per cent increase, as customers ramped up purchases nationwide.
AGO and aviation fuel 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.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
![U.S. Mission[Credit: X.com]](https://gazettengr.com/wp-content/uploads/images-78-3.jpeg)
World
U.S. issues security alert to Americans worldwide as Iran kills two soldiers
The U.S. government issued a warning to all Americans worldwide amid the escalating war against Iran.
Heading 3
Tinubu’s scorecard is 139 million Nigerians in poverty; he should resign, not seek re-election: ADC
“The evidence of 139 million people living in poverty and 17 million at risk of starvation is President Tinubu’s scorecard,” the party said.
Lagos
Lagos govt working to tackle flooding, says SSG
She said the government was assessing critical drainage channels and other vulnerable locations to strengthen ongoing flood control measures.
States
Three killed, four injured in Anambra road crash: FRSC
The FRSC said the accident occurred on Friday along the Nnobi–Agulu–Awka road.
Politics
2027: Group asks ADC, Atiku to drop Amaechi as vice-presidential candidate
The group accused Mr Amaechi of desperation, saying that he lacked the grassroots strength required to win the election.
![Jens Spahn. [PHOTO CREDIT: ZDF]](https://gazettengr.com/wp-content/uploads/Jens-Spahn.jpg)
Heading 4
German lawmaker resigns after backlash for welcoming child through surrogacy
The 46-year-old politician and his party, the Christian Democratic Union (CDU), had backed a ban on surrogacy.
