Shareholders of MRS Oil Nigeria, will on July 26, 2017 receive a final dividend of N1.10 per share, bringing total payout for the year ended December 31, 2016 to N1.73 per share, provided they remain so from June 26 and 30, when the register of members is closed, while qualification date is fixed for June 23. They are however expected to meet the day before at the annual general meeting to approve the proposal made by the directors, besides receiving the audited financials, among others.
Sales revenue rose by N22.536bn or 25.87% to N109.635bn, from N87.099bn in the corresponding period of 2015, while cost of sales amounted to N100.879bn from N80.676bn, leaving a gross profit of N8.755bn, up from N6.422bn.
A breakdown of the revenue showed that while revenue of N74.75bn, up from N67.998bn came from premium motor spirit (PMS), income from sale of Aviation Turbine Kerosene (Aviation fuel) dropped from N11.071bn in 2015 to N9.631bn; while sale of diesel yielded increase in revenue, which stood at N13.263bn from N3.655bn in 2015. Sale of Lubricants and greases yielded N3.417bn revenue, as against the previous N2.491bn; just as dual purpose kerosene fetched N8.571bn as against N1.862bn in 2015.
Other income for the period fell slightly from N1.445bn to N1.287bn, just as selling and distribution expenses rose marginally to N1.303bn from N1.15bn, followed by administrative expenses of N5.449bn from N5.106bn.
Operating profit therefore stood at N3.289bn, compared to the previous year’s N1.61bn.
Finance income dropped by almost a third from N1.73bn to N633.588bn, resulting in net finance costs of N1.002bn, up from N149.678m, as Profit before tax stood at N2.287bn, up from N1.46bn in 2015. Profit after tax grew by N827m or 56.64%, representing earnings per share of 368 kobo from N935.625m in 2015, to N1.465bn, or 577 kobo EPS, from which a dividend of 110 kobo has been proposed as against the 88 kobo final dividend, which brings total paid out in 2015 to 110 kobo each.