MRS OIL NIGERIA PLC

MRS
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MRS OIL NIGERIA : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

07/28/2022 | 12:07pm

MRS Oil Nigeria Plc

2022 2nd Quarter Financial Statements

MRS Oil Nigeria Plc.

Financial Statements - 30 June 2022

Corporate information

RC 6442

Board of directors

Mr. Patrice Alberti

Chairman

Mr. Marco Storari

Managing Director

Ms. Amina Maina

Non Executive Director

Mr. Matthew Akinlade

Independent Director

Sir. Sunday Nnamdi Nwosu

Non Executive Director

Chief Sir Amobi Daniel Nwokafor

Non Executive Director

Mrs Priscilla Ogwemoh

Non Executive Director

Registered office

2, Tincan Island

Apapa

Lagos

Company secretary

Mrs. O.M. Jafojo

2, Tincan Island

Apapa

Lagos

Registrar

First Registrars and Investor Services Limited

Plot 2, Abebe Village Road,

Iganmu Lagos

PMB 12692 Marina

Lagos

Auditor

Deloitte & Touche

Civic Tower

Ozumba Mbadiwe Road

Victoria Island

Lagos

Principal bankers

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

Leadership team

Marco Storari

Dhikirullah Ameen-Ikoyi

Managing Director

Treasury Manager

Oluwakemi M. Jafojo

Mahmud Muhamed

Company Secretary

Logistics Manager

Samson Adejonwo

Nkem Fasanmi

Chief Finance Officer

Supply Manager

Donald Ogbuma

Olawale Azeez

Sales and Marketing Manager

Engineering Manager

Sunday Oyekale

Oyeyiola Olayemi

Chief Internal Auditor (Ag.)

Human Resources Manager

Salami Muideen

Olawale Badru

Accounts Manager

Chief Legal Counsel

Col. Adebisi Adesanya

Arthur Igboanugo

Chief Security Officer

Health, Safety and Environment

MON Plc. Q2, 2022 - 2

MRS Oil Nigeria Plc.

Financial Statements - 30 June 2022

Statement of Directors' responsibilities in relation to the financial statements for the period ended 30 June 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

Mr Marco Storari (Managing Director)

Name

FRC/2020/003/00000022083

FRC

28 July 2022

Date

Signature

Dr. Amobi D. Nwokafor (Director)

Name

FRC/2013/ICAN/00000002770

FRC

28 July 2022

Date

MON Plc. Q2, 2022 - 3

MRS Oil Nigeria Plc.

Financial Statements - 30 June 2022

Statement of Profit or Loss and Other Comprehensive Income for the Period ended 30 June, 2022

Notes

April- June 2022

30 June 2022

April-June 2021

30 June 2021

'000

'000

'000

'000

Revenues

5

24,809,341

42,660,939

19,400,094

36,749,491

Cost of sales

8

(22,656,956)

(39,308,823)

(17,974,940)

(34,400,613)

Gross profit

2,152,385

3,352,115

1,425,154

2,348,878

Other income

6

30,223

37,467

296,079

473,022

Administrative expenses

10

(1,255,930)

(2,236,738)

(1,241,273)

(2,206,622)

Selling and distribution expenses

9

(422,622)

(758,855)

(367,384)

(696,852)

Reversal of (Impairment loss) on financial assets

31a

255,911

208,119

259,758

254,921

Operating Profit

759,968

602,108

372,334

173,348

Finance income

11

(23,990)

18,352

6,127

410,630

Finance costs

11

(56,209)

(135,707)

(91,815)

(248,985)

Net finance costs

11

(80,198)

(117,355)

(85,689)

161,645

Profit before Taxation

679,770

484,752

286,645

334,994

Minimum tax

14

(67,635)

(123,851)

(139,879)

(183,450)

Profit before income tax

612,135

360,902

146,766

151,544

Income tax credit

14

(218,871)

(9,088)

-

-

Profit after tax for the period

393,264

351,813

146,766

151,544

Other Comprehensive Income, net of income tax

-

-

-

-

Total comprehensive income for the year

393,264

351,813

146,766

151,544

Earnings per share

Basic and diluted earnings per share (Naira)

13

1.29

1.15

0.48

0.50

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

MON Plc. Q2, 2022 - 4

MRS Oil Nigeria Plc.

Financial Statements - 30 June 2022

Statement of Financial Position

as at 30 June 2022

Notes

30 June 2022

31 Dec. 2021

'000

'000

Assets

14,534,985

14,742,550

Property, plant and equipment

15

Right of use

30

746,942

802,333

Intangible assets

16

7

29

Total non-current assets

15,281,934

15,544,912

Inventories

21

2,959,048

3,295,802

Withholding tax receivables

20

10,056

9,747

Prepayments

28

151,945

56,415

Trade and other receivables

18

16,965,407

15,499,644

Cash and cash equivalents

22

1,006,695

2,798,796

Total current assets

21,093,151

21,660,403

Total assets

36,375,085

37,205,315

Equity

Share capital

23

152,393

152,393

Retained earnings

23(b)

17,382,764

17,030,951

Total equity

17,535,157

17,183,344

Liabilities

Employee benefit obligation

24

7,077

6,632

Provisions

29

52,329

52,291

Lease Liabilities

30

512,265

509,387

Deferred tax liabilities

14e)

9,088

-

Total non-current liabilities

580,759

568,310

Dividend payable

26

169,851

169,851

Trade and other payables

26

15,762,811

17,463,049

Short term borrowings

27

1,862,105

1,411,105

Provisions

29

46,139

46,139

Tax payable

14d)

418,262

363,517

Total current liabilities

18,259,169

19,453,661

Total liabilities

18,839,928

20,021,971

Total equity and liabilities

36,375,085

37,205,315

Approved by the Board of Directors on 28 July 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.Q2, 2022 - 5

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MRS Oil Nigeria plc published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 16:06:07 UTC.

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