MRS Oil increases PAT by 57%, proposes N1.73 dividend
MRS has announced a profit after tax (PAT) increase of 57 percent for the 2016 financial year ended December 31.
MRS grew profit for the year in review to N1.5 billion from N935.6 million in 2015, while recording a pretax profit growth of 32.3 percent to N90.6 billion from N68.4 billion recorded a year ago.
MRS revenue in 2016 was 25.9 percent higher than 2015’s record. The company’s revenue jumped to N109.6 billion from N87.1 billion recorded in 2015, while profit before tax grew to N2.3 billion from N1.5 billion recorded for the corresponding period of 2015.
Following the positive results, directors of MRS also proposed a dividend of N439.8 million as against N279.4 million recorded in the previous year.
The proposal will amount to a 173 kobo final dividend (110 kobo in 2015) to shareholders for the 2016 financial year, if approved at the company’s annual general meeting.
The company set its dividend qualification date as June 23, 2017 while its closure date for dividend payment is June 23, 2017, The Annual General Meeting (AGM) and proposed payment date has been scheduled for July 25 and July 26, 2017 respectively.
Presenting the results to the Nigerian Stock Exchange, the Directors of MRS said MRS. Oil Nigeria Plc has great passion and commitment to Africa and its people.
“We are an African Company with an eye to put Africa on the global Listing of world class companies.” The director’s report read.
The company is saddled with the responsibility of marketing and distributing refined petroleum products as well as blending of lubricants and manufacturing of greases.
With a 52 week high of N45.51 per every 50 kobo ordinary share held, the company last traded on Friday 24th march above year average price of N39.03.MRS has N9.9 billion market capitalization and 253,988,672 shares outstanding.
