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    MRS Oil reports 99.8% growth in profit for 2016

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    MRS Oil Nigeria plc in its financial report for 2016 stated that it ended the year with a total revenue of NGN109.6 billion compared to NGN87.0 billion it ended 2015.

    The company’s cost of sales for the year was NGN100.8 billion in contrast to NGN80.6 billion recorded in 2015.

    MRS Oil quoted gross profit of NGN8.7 billion compared to NGN6.4 billion quoted in 2015. Meanwhile,  it’s operating profit  for the year was NGN3.2 billion compared to NGN1.6 billion recorded in the fiscal year 2015.

    The company profit before taxation is NGN2.2 billion in contrast to NGN1.4 billion recorded in 2015 whilst it’s overall profit for the year is NGN1.4 billion compared to NGN935.6 million recorded in the financial year 2015, which represents 99% increase  year on year comparison.

    MRS oil Nigeria  acquired assets worth NGN81.3 billion which is higher than NGN66. 8 billion acquired in the same period 2015 it recorded  total liabilities of NGN59.2 billion compared to NGN45.9 billion recorded in 2015.

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