MRS Oil Nigeria declares N1.7bn loss in one year

MRS Oil Nigeria Plc has reported a loss of N1.7billion in 2019, higher than N1.26billion decline announced in 2018.

Also, the petroleum marketing company recorded an N2.3 billion loss before income tax in 2019 from N1.43billion reported in 2018.

Looking at the firm latest financial report, the key factors that contributed to the losses in 2019 include a decline in revenue and an increase in finance cost.

The company in its audited result and accounts to the Nigerian Stock Exchange (NSE) on Thursday showed a 27.5per cent decline in revenue to N64.91billion in 2019 from N89.55billion reported in 2018.

For the year under review, the company reported N617.67million finance cost as against N218million reported in prior despite reporting a 173 per cent increase in finance income to N748.4million in 2019 from N274.6million reported in 2018.

Coupled with the decline in key income statement parameters, the company’s total assets also dropped by 18.6 per cent to N44.21 billion in 2019 from N54.28billion reported in 2018.

Also, MRS Oil Nigeria reported nearly eight per cent decline in total equity to N19,11billion in 2019 from N20.7billion reported in 2018.

The Board of Directors of MRS Oil Nigeria had shifted its meeting to Wednesday, May 27, 2020 to deliberate on the audited annual Financial Statements for the period ended December 31, 2019, and Unaudited Results for the first quarter of 2020, amongst other issues.

The Board of Directors of MRS Oil Nigeria also announced that the company would observe its closed period from Wednesday, May 12, 2020, till 24 hours after the filing of the 2019 report and the Q1 2020 result at the Exchange.