Nigerian blender MRS Oil Nigeria Plc reported a nearly six-fold jump in gross profit and an 18% increase in sales revenue for its lubricants segment in the second quarter.
The company’s lubricants segment posted gross profit of 159.9 million naira (U.S. $209,000) for the quarter ending June 30, compared to ₦27.4 million in the same period last year, according to a stock exchange filing by the Lagos-headquartered oil products marketing company.
Sales revenue for the lubricant segment rose to ₦1.1 billion, from ₦920.4 million.
Cost of sales for the segment increased 4% to ₦924.4 million.
MRS Oil Nigeria makes lubricants and greases at its blending plant and grease plant in Apapa. Products that the company makes include engine oils for gasoline and diesel engines, greases, automotive gear oil and industrial oils.
The company started marketing 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.