MRS Posts Big Earnings Jump


MRS Posts Big Earnings Jump

Nigerian blender MRS Oil Nigeria Plc reported a 154% jump in gross profit for its lubes segment for the full year, on a 17% increase in sales revenue, boosted by a massive 872% increase in fourth-quarter profit.

For the full year, the company’s lube segment gross profit jumped to ₦639.1 million (U.S. $417,000), compared to ₦251.8 million.

Full-year 2023 sales revenue for the lubes segment rose to ₦4.5 billion, improving from ₦3.9 billion. Cost of sales for the year increased 7% to ₦1.2 billion, compared to ₦921.4 million.

For the fourth quarter ending Dec. 31, lubes segment gross profit skyrocketed to ₦222 million, compared to ₦22.8 million.

Fourth-quarter sales for the segment jumped 54% to ₦1.5 billion, compared to ₦944.2 million. The lubes segment’s cost of sales for the quarter rose 34% to ₦1.2 billion, from ₦921.4 million.

MRS Oil Nigeria produces lubricants and greases at its blending plant and grease plant in Apapa. The company’s products include engine oils for gasoline and diesel engines, greases, automotive gear oil and industrial oils.

The company began 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.

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