MRS OIL NIGERIA PLC

2021, 3RD QUARTER UNAUDITED FINANCIAL RESULTS

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.

Tel: +234 809 300 0000

www.mrsoilnigplc.net

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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.