MRS Oil Nigeria Plc, majority-owned by Nigerian businessman Sayyu Dantata, reported impressive financial results for the first nine months of 2024, with revenue rising nearly 147% to N248.71 billion ($151.42 million), up from N100.88 billion ($61.42 million) in the same period of 2023. This growth was driven by strong demand and increased prices for Premium Motor Spirit (PMS).
The company’s net profit surged to N6.22 billion ($3.79 million), a significant rise from N3.44 billion ($2.1 million) last year. This boost in profitability reflects effective cost management and operational efficiencies, as MRS Oil streamlined its supply chain and maintained costs within its tolerance levels.
Dantata, who owns 60% of MRS Oil through MRS Africa Holdings, has established a strong presence in Nigeria’s oil sector, with the company operating in multiple West African countries, including Benin, Togo, Cameroon, and Côte d’Ivoire. Ranked 48th on the Nigerian Exchange (NGX), MRS Oil saw a 21.4% increase in total assets, rising from N54.83 billion ($33.39 million) at the close of 2023 to N66.57 billion ($40.52 million) by the end of September 2024. Additionally, retained earnings grew from N22.44 billion ($13.66 million) to N27.87 billion ($16.97 million), further strengthening MRS Oil’s position as a leading and profitable player in Nigeria’s oil industry.