Gross profit for Nigerian blender MRS Oil’s lubricants segment skyrocketed more than 20 fold in the fourth quarter, on a slight decrease in sales revenue.
The company’s lubricant segment earned 84.3 million naira (U.S. $182,483) for its lubricants segment in the first quarter, a 1,929% jump from ₦4.2 million in the same period last year, according to a stock exchange filing by the Lagos-based oil products marketing company.
Lubricant sales revenue decreased 1% to ₦1 billion in the first quarter.
Cost of sales declined 9% to ₦925.1 million, compared to ₦1 billion.
MRS Oil Nigeria manufactures lubricants and greases at its blending plant and grease plant in Apapa. Products include engine oils for gasoline and diesel engines, greases, automotive gear oil and industrial oils.
The company started marketing of petroleum products in Nigeria in 1913 under the Texaco brand name. In September 2006, its name changed to Chevron Oil Nigeria Plc. In early 2009, MRS acquired Chevron downstream assets in Nigeria.