MRS OIL NIGERIA: QUARTER 1 – 2022 FINANCIAL STATEMENTS

0






MRS Oil Nigeria Plc

Financial statements for the 1st quarter of 2022

MRS Oil Nigeria Plc.

Financial Statements – March 31, 2022

Company Information

RC 6442

board of directors

Mr. Patrice Alberti Mr. Marco Storari Ms. Amina Maina Mr. Matthew Akinlade

Sir. Sunday Nnamdi Nwosu Chief Sir Amobi Daniel Nwokafor Ms. Priscilla OgwemohChairman and Chief Executive Officer Non-Executive Director Independent Director Non-Executive Director Non-Executive Director Non-Executive Director

Registration deskCompany SecretaryClerkListenerMain bankersManagement team

2, Apapa of Tincan Island

Lagos

Ms OM Jafojo

2, Apapa of Tincan Island

Lagos

First Registrars and Investor Services Limited Plot 2, Abebe Village Road,

Iganmu Lagos

PMB 12692 Marina Lagos

Deloitte & Touche Civic Tour

Ozumba Mbadiwe Road Victoria Island

Lagos

Go to Bank Plc

Coronation Merchant Bank Limited Fidelity Bank Plc

First Bank of Nigeria Limited First City Monument Bank Plc Globus Bank Limited

Polaris Bank Limited

Standard Chartered Bank Nigeria Limited Stanbic IBTC Bank Plc

Sterling Bank Plc

Union Bank of Nigeria Plc Unity Bank Plc

Wema Bank Plc Zenith Bank Plc

Marco Storari General director

Oluwakemi M. Jafojo Company Secretary Samson Adejonwo Finance director Donald Ogbuma

Sales and Marketing Manager

Sunday Oyekale

Chief Internal Auditor (ag.)

Salami Muideen

Account Manager

Colonel Adebisi Adesanya head of security

Dhikirullah Ameen-Ikoyi Cash manager

Asuquo Ukoh Logistics Manager Nkem Fasanmi Supply Manager Emeka Agugua Director of Engineering

Oyeyiola Olayemi Human Resources Director

Olawale Badru

Chief Legal Adviser

Arthur Igboanugo

Health, safety and environment

MY Plc. Q1, 2022 – 2

MRS Oil Nigeria Plc.

Financial Statements – March 31, 2022

Declaration of Directors responsibilities in relation to the financial statements for the period ended March 31, 2022

The directors accept responsibility for the preparation of interim financial statements which give a true and fair view in accordance with International Financial Reporting Standards and as required by the Companies and Related Matters Act, Cap C.20, Laws of Federation of Nigeria, 2004 and Financial Reporting Council of Nigeria Act, 2011.

The Directors further accept responsibility for keeping adequate accounting records as required by the Companies and Related Matters Act, Cap C.20, Laws of the Federation of Nigeria, 2004 and such internal control as the Directors deem necessary to enable the preparation of financial reports. statements are free from material misstatement, whether due to fraud or error.

The directors carried out an assessment of the Business ability to continue as a going concern and have no reason to believe that the Company will not remain so in the coming year.

SIGNED ON BEHALF OF THE BOARD OF DIRECTORS BY:

Signature

Signature

Mr. Marco Storari (General Manager)

Dr. Amobi D. Nwokafor (director)

name

name

FRC/2020/003/00000022083

FRC/2013/ICAN/00000002770

FRC

FRC

April 28, 2022

April 28, 2022

Date

Date

MY Plc. Q1, 2022 – 3

MRS Oil Nigeria Plc.

Financial Statements – March 31, 2022

Statement of net income and other comprehensive income for the period ended March 31, 2022

Remarks

Jan.-March.2022

March 31, 2022

Jan.-March.2021

‘000

‘000

‘000

‘000

Revenue

5

17,896,109

17,896,109

17,349,397

17,349,397

Cost of sales

8

(16,760,404)

(16,760,404)

(16,425,673)

(16,425,673)

Gross profit

1,135,705

1,135,705

923 725

923 725

Other income

6

71,269

71,269

176,943

181,514

Administrative expenses

ten

(980 808)

(980 808)

(965,349)

(969,919)

Selling and distribution costs

9

(336,234)

(336,234)

(329,468)

(329,468)

Reversal of (Impairment) on financial assets

31a

(47,792)

(47,792)

(4,836)

(4,836)

Operating profit/(loss)

(157,860)

(157,860)

(198,985)

(198,985)

Financial products

11

42,342

42,342

9,538

9,538

Financial expenses

11

(79,499)

(79,499)

237,796

237,796

Net financial charges

11

(37,157)

(37,157)

247,334

247,334

(Loss)/Profit before tax

(195,017)

(195,017)

48,349

48,349

Minimum tax

14

(56,216)

(56,216)

(43,571)

(43,571)

(Loss)/Profit before income tax

(251,233)

(251,233)

4,778

4,778

Income tax credit

14

209,783

209,783

Profit/(Loss) after tax for the period

(41,450)

(41,450)

4,778

4,778

Other comprehensive income, net of income tax

Total comprehensive income / (loss) for the year

(41,450)

(41,450)

4,778

4,778

Earnings/(Loss) per share

Basic and Diluted Loss per Share (Naira)

13

(0.14)

(0.14)

0.02

0.02

MY Plc. Q1, 2022 – 4

The accompanying notes on pages 9 to 57 form an integral part of these financial statements.

MRS Oil Nigeria Plc.

Financial Statements – March 31, 2022

Statement of financial position as at March 31, 2022

Remarks

Total non-current assets 15,720,910 15,544,912

Assets

Property, plant and equipment Deferred tax Assets

Right of use Intangible assetsInventories

Withholding tax receivable Installments paid

Trade and other receivables Cash and cash equivalents

15 14e) 30 16

14 742 550 – 802 333 29

21

4,034,333 3,295,802

20

9,941 9,747

28

134 168 56 415

18

14,771,683 15,499,644

22

1,293,978 2,798,796

Total current assets 20,244,103 21,660,403

Total assets 35,965,014 37,205,315

Equity

Share capital Retained earnings

23 23(b)

152,393

  • 16,989,501 17,030,951

  • Total equity 17,141,894 17,183,344

Passives

Commitment to staff Provisions

Rental debts

Total non-current liabilities

Dividend payable

Trade and other payables Short-term borrowings Provisions

24 29 30

6,855 6,632

52,653 52,291

498 519 509 387

558 027 568 310

26

169,851 169,851

26

16,214,008 17,463,049

27

1,415,363 1,411,105

29

46 139 46 139

Tax payable

14d)

419 732 363 517

  • Total current liabilities 18,265,093 19,453,661

  • Total liabilities 18,823,120 20,021,971

  • Total equity and liabilities 35,965,014 37,205,315

Approved by the Board of Directors on April 28, 2022 and signed on its behalf by:

)M. Marco Storari (Managing Director) FRC/2020/003/00000022083

) Dr. Amobi D. Nwokafor (Director)

FRC/2013/ICAN/000000002770

) Mr. Samson Adejonwo (CFO)

FRC/2020/001/00000021998

The accompanying notes on pages 9 to 57 form an integral part of these financial statements.

MY Plc.Q1, 2022 – 5

This is an excerpt from the original content. To continue reading it, go to the original document here.

Warning

MRS Oil Nigeria plc published this content on April 28, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on Apr 28, 2022 3:52:09 PM UTC.

Public now 2022

All news about MRS OIL NIGERIA PLC

Sales

Net revenue

Net debt

P/E ratio
Yield
Capitalization 3,779 million
9.10M
9.10M
EV / Sales -1
EV / Sales 0
# of employees 91
Floating 40.0%

Chart MRS OIL NIGERIA PLC


Duration :

Period :




Evolution of the income statement

To sell

To buy

Medium consensus TO BUY
Number of analysts 1
Last closing price 12.40 NGN
Average target price NGN17.87
Average Spread / Target 44.1%


Share.

Comments are closed.