MRS Oil Nigeria Plc

2022 1st Quarter Financial Statements

MRS Oil Nigeria Plc.

Financial Statements - 31 March 2022

Corporate 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 Mrs Priscilla OgwemohChairman Managing Director Non Executive Director Independent Director Non Executive Director Non Executive Director Non Executive Director

Registered officeCompany secretaryRegistrarAuditorPrincipal bankersLeadership team

2, Tincan Island Apapa

Lagos

Mrs. O.M. Jafojo

2, Tincan Island Apapa

Lagos

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

Iganmu Lagos

PMB 12692 Marina Lagos

Deloitte & Touche Civic Tower

Ozumba Mbadiwe Road Victoria Island

Lagos

Access 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 Managing Director

Oluwakemi M. Jafojo Company Secretary Samson Adejonwo Chief Finance Officer Donald Ogbuma

Sales and Marketing Manager

Sunday Oyekale

Chief Internal Auditor (Ag.)

Salami Muideen

Accounts Manager

Col. Adebisi Adesanya Chief Security Officer

Dhikirullah Ameen-Ikoyi Treasury Manager

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

Oyeyiola Olayemi Human Resources Manager

Olawale Badru

Chief Legal Counsel

Arthur Igboanugo

Health, Safety and Environment

MON Plc. Q1, 2022 - 2

MRS Oil Nigeria Plc.

Financial Statements - 31 March 2022

Statement of Directors' responsibilities in relation to the financial statements for the period ended 31 March 2022

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

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

The directors have made an assessment of the Company's ability to continue as a going concern and have no reason to believe the Company will not remain a going concern in the year ahead.

SIGNED ON BEHALF OF THE BOARD OF DIRECTORS BY:

Signature

Signature

Mr Marco Storari (Managing Director)

Dr. Amobi D. Nwokafor (Director)

Name

Name

FRC/2020/003/00000022083

FRC/2013/ICAN/00000002770

FRC

FRC

28 April 2022

28 April 2022

Date

Date

MON Plc. Q1, 2022 - 3

MRS Oil Nigeria Plc.

Financial Statements - 31 March 2022

Statement of Profit or Loss and Other Comprehensive Income for the Period ended 31 March, 2022

Notes

Jan-Mar.2022

31 March 2022

Jan-Mar.2021

₦'000

₦'000

₦'000

₦'000

Revenues

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

10

(980,808)

(980,808)

(965,349)

(969,919)

Selling and distribution expenses

9

(336,234)

(336,234)

(329,468)

(329,468)

Reversal of (Impairment loss) on financial assets

31a

(47,792)

(47,792)

(4,836)

(4,836)

Operating Profit/(loss)

(157,860)

(157,860)

(198,985)

(198,985)

Finance income

11

42,342

42,342

9,538

9,538

Finance costs

11

(79,499)

(79,499)

237,796

237,796

Net finance costs

11

(37,157)

(37,157)

247,334

247,334

(Loss)/Profit before Taxation

(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

MON 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 - 31 March 2022

Statement of Financial Position as at 31 March 2022

Notes

31 March 2022

31 Dec. 2021

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

Assets

Property, plant and equipment Deferred tax Asset

Right of use Intangible assetsInventories

Withholding tax receivables Prepayments

Trade and other receivables Cash and cash equivalents

15 14e) 30 16

₦'000

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

Liabilities

Employee benefit obligation Provisions

Lease Liabilities

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 28 April 2022 and signed on its behalf by:

)Mr Marco Storari (Managing Director) FRC/2020/003/00000022083

) Dr. Amobi D. Nwokafor (Director)

FRC/2013/ICAN/000000002770

) Mr. Samson Adejonwo(Chief Finance Officer)

FRC/2020/001/00000021998

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

MON Plc.Q1, 2022 - 5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

MRS Oil Nigeria plc published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 15:52:09 UTC.