MRS OIL NIGERIA : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

MRS Oil Nigeria Plc

2023 2nd Quarter Financial Statements

MRS Oil Nigeria Plc.

Financial Statements- 30 June 2023

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
	Fidelity Bank Plc
	First Bank of Nigeria Limited
	First City Monument Bank Plc
	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	Dhikrullah 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 Oghuma	Abdulrazak Suleiman
	Sales and Marketing Manager	Engineering Manager
	Sunday Oyekale	Olawale Badru
	Chief Internal Auditor	Chief Legal Counsel
	Salami Muideen	Col. Adebisi Adesanya
	Accounts Manager	Chief Security Officer

MON Plc Q2,2023 - 2

MRS Oil Nigeria Plc.

Financial Statements- 30 June 2023

Statement of Directors' responsibilities in relation to the financial statements for the period ended 30 June 2023

The directors accept responsibility for the preparation of the 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 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, 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

27 July 2023

Date

Signature

Dr. Amobi D. Nwokafor (Director)

Name

FRC/2013/ICAN/00000002770

FRC

27 July 2023

Date

MON Plc Q2, 2023 -3

MRS Oil Nigeria Plc.

Financial Statements- 30 June 2023

Statement of Profit or Loss and Other Comprehensive Income for the period ended 30 June, 2023

	Notes	April-June 2023		30 June 2023		April-June 2022		30 June 2022
			₦'000		₦'000		₦'000		₦'000
Revenues	5		28,860,437	59,648,894		24,764,830	42,660,939
Cost of sales	8		(23,761,121)		(50,738,133)		(22,903,031)		(39,944,683)
Gross profit			5,099,315	8,910,760		1,861,799	2,716,256
Other income	6		38,508	61,319		(33,803)	37,467
Administrative expenses	10		(3,463,217)	(4,923,488)		(1,227,725)	(2,202,939)
Selling and distribution expenses	9		(7,623)	(209,884)		(102,000)	(191,535)
Impairment loss on financial assets	31a	(499,264)		(705,485)		255,911		208,119
Operating Profit			1,167,720		3,133,223		754,183		567,368
Finance income	11		35,631	51,870		(51,650)	(9,308)
Finance costs	11		(31,033)	(69,968)		(22,764)	(73,307)
Net finance costs	11		4,598		(18,098)		(74,413)		(82,615)
Profit before Taxation	12		1,172,318	3,115,125		679,770	484,752
Income Tax Expense	14		(337,014)	(804,691)		(286,506)	(132,939)
Profit after tax for the period			835,304		2,310,434		393,263		351,813
Other Comprehensive Income, net of income tax			-		-
Total comprehensive income for the period			835,304	2,310,434		393,263	351,813
Earnings/(loss) per share
Basic and diluted earnings per share (Naira)	13		2.44	6.74		1.29	1.15

The accompanying notes on pages 8 to 45 form an integral part of these financial statements.

MON Plc Q2,2023 -4

MRS Oil Nigeria Plc.

				Financial Statements- 30 June 2023
Statement of Financial Position
as at 30 June 2023
	Notes	30 Jun. 2023		31 Dec. 2022
		₦'000		₦'000
Assets
Non current assets
Property, plant and equipment	15	19,371,788	14,977,953
Deferred tax Asset	14e)	323,561
Right of use assets	30(i)	790,955	838,031
Intangible assets	16	128,064		7
Total non-current assets		20,614,367	15,815,991
Current Assets
Inventories	20	14,873,168	3,302,008
Withholding tax receivables	19	38,268	11,239
Prepayments	28	189,745	149,124
Trade and other receivables	18	13,475,948	18,031,307
Cash and cash equivalents	21	2,161,140		3,216,445
Total current assets		30,738,269		24,710,122
Total assets		51,352,637	40,526,114
Equity
Share capital	22(a)	171,442	171,442
Retained earnings	22(b)	20,638,438		18,328,004
Total equity		20,809,880	18,499,446
Liabilities
Non current liabilities
Employee benefit obligation	23	10,692	9,085
Provisions	29	247,105	224,179
Lease liabilities	30	108,908	103,581
Deferred tax liabilities	14(e)	-		480,657
Total non-current liabilities		366,705	817,501
Current liabilities
Contract liabilities	24	2,576,066	2,221,109
Dividend payable	26	169,851	169,851
Trade and other payables	26	23,931,673	16,068,426
Short term borrowings	27	1,411,105	1,411,105
Lease liabilities	30	427,863	420,676
Tax payable	14(d)	1,659,493		917,999
Total current liabilities		30,176,051	21,209,166
Total liabilities		30,542,757	22,026,668
Total equity and liabilities		51,352,637	40,526,114

Approved by the Board of Directors on 27 July 2023 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 8 to 45 form an integral part of these financial statements.

MON Plc Q2, 2023 - 5