MRS Oil Says 2016 Pretax Profit Jump 56.6%, Offers Investors N1.73 per Share Dividend

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By InvestAdvocate

Click here to download MRS Oil Nigeria Plc 2016 Audited Annual Report

Lagos (INVESTADVOCATE)-Oil marketing firm, MRS Oil Nigeria Plc said on Friday its pretax profit for the period ended December 31, 2016 jumped 56.6 percent to N2.28 billion from N1.46 billion recorded a year ago.

Likewise, post-tax profit of the company increased same margin of 56.6 percent to N1.46 billion from N935.6 million reported the corresponding period of 2015.

MRS Oil Nigeria said revenue of the company grew from N87.1 billion in 2015 end to N109.6 billion in the review period of 2016; indicating a growth of 25.8 percent, the oil marketing major said in a filing with the Nigerian Stock Exchange (NSE).

The board of directors of the company in its corporate action to the NSE proposed a dividend of N1.73 per share to its investors on its register as at the close of business on June 30, 2016 and the dividend has been scheduled to be paid on July 25, 2017.

The N1.73 per share dividend is 57.3 percent higher compared to the N1.10 paid in 2015 end; and this amounts to a total of N439.77 million.