Table of Contents
Key Points
- MRS Oil Nigeria's profit soared to $4.2 million in 2024, driven by higher sales and strong demand for refined petroleum products.
- Revenue surged 71% to $200.9 million in 2024, fueled by strong demand for Premium Motor Spirit and optimized supply chains.
- MRS Oil's assets nearly doubled to $67.8 million, reflecting efficient cost management and growth despite inflationary pressures.
MRS Oil Nigeria Plc, the petroleum marketing company majority-owned by Nigerian oil mogul Sayyu Dantata, posted a robust financial performance for its 2024 fiscal year, with profit soaring past $4 million amid surging demand for refined petroleum products.
The company, which ranks among Nigeria’s top oil distributors, saw net earnings jump from N4.048 billion ($2.6 million) in 2023 to N6.51 billion ($4.2 million) in 2024, driven by higher sales and disciplined cost management.
Revenue surged 71 percent to N312.23 billion ($200.9 million), up from N182.3 billion ($117.3 million) a year earlier, as the company benefited from strong demand for Premium Motor Spirit (PMS) and an optimized supply chain.
The increase in petroleum product sales, coupled with strategic efficiencies, helped offset rising operational costs, allowing the firm to maintain profit margins despite inflationary pressures.
Dantata’s 60% stake in MRS Oil
MRS Oil, which operates across several West African markets, including Benin, Togo, Cameroon, and Côte d’Ivoire, distributes refined petroleum products, blends lubricants, and manufactures greases. It currently holds the 53rd position on the Nigerian Exchange (NGX), where its stock has remained a key attraction for investors.
Dantata, a half-brother to Africa’s richest man, Aliko Dangote, holds a 60 percent stake—equivalent to 205.73 million shares—through MRS Africa Holdings, reinforcing his status as one of the most influential investors on the NGX.
MRS Oil’s assets nearly double in 2024
The company’s strong financial results also boosted its total assets, which nearly doubled from N54.8 billion ($35.3 million) in 2023 to N105.43 billion ($67.8 million) in 2024. Retained earnings increased to N28.32 billion ($18.22 million), up from N22.44 billion ($14.44 million), reflecting management’s ability to expand profits while containing costs.
MRS Oil’s ability to navigate inflationary headwinds and leverage supply chain efficiencies highlights its resilience in Nigeria’s volatile energy sector. With demand for petroleum products expected to remain strong, the company is well-positioned for growth in the coming years.
