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
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Evolution of the income statement
To sell ![]() To buy |
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Medium consensus | TO BUY |
Number of analysts | 1 |
Last closing price | 12.40 NGN |
Average target price | NGN17.87 |
Average Spread / Target | 44.1% |