The financial statements for the 3rd Quarter ended 30 September 2021, have been prepared in conformity with the International Financial Reporting Standards (IFRS).
Statement of Financial Position as at 30 September 2021
30 September 2021
31 December 2020
Assets
₦'000
₦'000
Property, plant and equipment
14,651,501
14,762,285
Right of Use
836,314
1,071,483
Intangible Assets
40
300
Total non-current assets
15,487,855
15,834,068
Inventories
6,044,243
3,831,314
Withholding tax receivables
1,407
56,356
Prepayments
97,201
111,085
Trade and other receivables
11,655,195
12,364,105
Cash and cash equivalents
2,056,251
4,462,166
Total current asset
19,854,297
20,825,026
Total assets
35,342,153
36,659,094
Equity
152,393
152,393
Share Capital
Retained Earnings
16,731,900
16,691,078
Total assets
16,884,293
16,843,471
Liabilities
17,114
15,935
Employee benefit obligation
Provisions
52,663
52,581
Lease Liabilities
501,409
653,732
Deferred tax liabilities
221,048
221,048
Total non-current liabilities
792,234
943,296
Security deposits
1,598,309
1,693,582
Dividend payable
170,735
170,735
Trade and other payables
14,015,864
15,288,496
Short term borrowings
1,411,105
1,411,105
Provisions
46,139
46,139
Tax payables
423,473
262,270
Total current liabilities
17,665,625
18,872,327
Total liabilities
18,457,859
19,815,623
Total equity and liabilities
35,342,153
36,659,094
Approved by the Board of Directors on 28 October, 2021 and signed on its behalf by:
Mr. Marco Storari (Managing Director)
Dr. Amobi D. Nwokafor (Director)
Mr. Samson Adejonwo (Chief Finance Officer)
FRC/2020/003/00000022083
FRC/2013/ICAN/000000002770
FRC/2020/001/00000021998
Statement of Profit or Loss and other Comprehensive Income for period
ended 30 September 2021
30 September 2021
30 September 2020
₦'000
₦'000
Revenue
53,231,344
31,998,941
Cost of sales
(49,691,791)
(29,531,455)
Gross Profit
3, 539,553
2,467,486
Other income
925,070
168,621
Administrative expenses
(3,442,210)
(3,084,537)
Selling and distribution expenses
(1,051,241)
(745,807)
Reversal of (Impairment loss) on financial assets
263,937
629,868
Operating Profit/(loss)
(235,110)
(564,369)
Finance income
416,380
5,357
Finance costs
(344,511)
(350,703)
Net finance costs
71,869
(345,346)
(Loss)/Profit before minimum tax and income tax
306,979
(909,716)
Minimum tax
(266,157)
(157,694)
(Loss)/Profit before income tax
40,822
(1,067,411)
Income tax /credit
-
186,856
(Loss)/Profit for the Period
40,822
(880,555)
Other comprehensive income, net of income tax
-
-
Total comprehensive income for the period/Loss
40,822
(880,555)
(Loss)/Profit per share (EPS)
Basic and diluted loss per share (Naira)
0.13
(2.89)
The Company ended the quarter with a year to date profit of (N40.82m), the Board is of the opinion that the new strategy put in place would yield further positive results and increase the Company's profitability in the coming months.
(BY ORDER OF THE BOARD)
O.M. JAFOJO (MRS) FCIS
Company Secretary
FRC/2013/NBA/00000002311
Registered Office
2, Tin Can Island, Apapa, Lagos, Nigeria.
No. 2, Tin Can Island, Port Road, Apapa, Lagos, Nigeria.
MRS Oil Nigeria plc published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 15:14:04 UTC.
MRS Oil Nigeria Plc specializes in distributing refined petroleum products. In addition, the group develops lubricant and grease manufacturing and marketing activities. Net sales break down by family of products as follows:
- gasoline (83.7%);
- diesel (6.9%);
- lubricants and greases (5%);
- kerosene (4.2%);
- liquefied petroleum gas (0.2%).
At the end of 2021, the group operated a network of about 158 service stations (78 of which are company owned) located in Nigeria.