MRS Oil Nigeria Posts 2016 Strong Earnings

March 25, 2017
MRS Oil Nigeria Posts 2016 Strong Earnings

MRS Oil Nigeria Posts 2016 Strong Earnings

By Modupe Gbadeyanka

One of the leading oil and gas companies in the country, MRS Oil Nigeria, has posted strong earnings for the year ended December 31, 2016.

In its financial statements made available to the Nigerian Stock Exchange (NSE) and analysed by Business Post, the firm declared a revenue rise of 26 percent in the year under review.

The company grossed N109.6 billion in revenue in 2016 compared with 87.1 billion it achieved two years ago.

MRS Oil Nigeria, which has Mr Sayyu Dantata as its Chairman, declared a profit of N1.5 billion for the year 2016 in contrast to N935.6 million it achieved a year before.

During the year under review, the company recorded a profit before tax of N2.3 billion compared with N1.5 billion it posted in 2015.

However, the total amount paid as tax in 2016 jerked up with N847.4 million paid as tax against N525.2 million the firm paid in 2015.

The company disclosed in its financial statements that during the year, it made a total of N768,500 as donations as charity to five organisations and schools in contrast to N5.4 million it made in 2015.

MRS Oil Nigeria however stressed that it did not make any donations or give any political party, political association or provide funds for any political purpose in the course of the year under review.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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