PRICE HIKE, DECLINING SALES – MRS OIL PLANS DELISTING FROM NGX
4 months ago
Shareholders approved the decision during an Extraordinary General Meeting (EGM) on June 25, 2024.
MRS Oil delists from NGX
The full-year financial audit for 2024, recently released by MRS Oil, shows a N312.2 billion revenue growth of 71.2%, as against N182.3 billion YoY. More so, profit after tax of about N6.497 billion gave it a boost of 60.46% from N4.049 billion in 2023 (YoY).
The pre-tax profit of N9.8 billion saw a 66% yoy increase, regardless of the effects of rising costs of sales on gross margins.
Despite a positive result, the MRS Oil Nigeria Plc said it plans to voluntarily delist its shares from the Nigerian Exchange Limited (NGX). The company said that this would give it flexibility to operate within its own expense margins without maintenance costs for a public listing.
With low sales volume, the revenue growth was spurred by higher prices of petroleum products in 2024 following increased demand for refined petroleum products it purchased from the Dangote Refinery. It was, however, able to maintain profitability with the overall revenue growth, which helped offset the decline.
Despite a reported decline in sales volumes impacted by deregulation, PMS raked in N272.4 billion, a 68.4% increase.
MRS Oil gave investors the option of trading on an alternative platform as it plans to migrate shares to the NASD OTC Securities Exchange, a trading platform for unlisted securities.
More so, shareholders who do not intend to trade with the new option can get compensation between April 4 and July 4, 2025.
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