By ADEBISI ADEMOLA
MRS Oil Nigeria has reported 28.1 per cent drop in profit in its unaudited result and account for half year (H1) period ended June 30, 2018, amid weak revenue generation and hike in cost of sales.
The indigenous petroleum marketing company reported N505.5million profit in H1 2018, 28.1 per cent below N703.47 million reported in H1 2017.
However, MRS Oil Nigeria revenue closed H1 2018 at N62.3 billion, 0.3 per cent below N62.48 billion in H1 2017.
From the unaudited results posted on the Nigerian Stock Exchange (NSE) website, the company cost of sales nosedived to N59 billion in H1 2018 from N57.9 billion in H1 2017.
In the first H1 of 2018, the management of the firm made efforts to cut down its administrative expenses, reflecting with the N2.1 billion used for such compared with N2.7 billion expended exactly a year ago.
An analysis of the balance sheet showed that value of the total assets of MRS Oil declined by 20 percent to N59.7 billion from N74.6 billion, while the total liabilities closed at N36.1 billion as at June 30, 2018 versus N51.8 billion as at June 30, 2017.
The shareholders’ fund rose by 3.3 percent to N23.6 billion from N22.9 billion, while the earnings per share (EPS) suffered a 28.2 per cent drop to N1.99k from N2.77k.
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