MRS Oil Nigeria Plc, an oil marketing company majority-owned by Nigerian businessman Sayyu Dantata, half-brother to Africa's richest man Aliko Dangote, has continued its upward trajectory, reporting revenue of over $100 million in the first half of 2024.
According to the group's recently published financial results , revenue jumped from N59.65 billion ($37 million) in the first half of 2023 to N161.97 billion ($101 million) in the first six months of 2024.
PMS demand drives revenue surgeThis impressive growth is largely attributed to a surge in both the price and demand for Premium Motor Spirit (PMS), with PMS revenue rising from N49.76 billion ($30.7 million) to N142.6 billion ($89 million) year-on-year.
Profit also saw substantial growth, increasing to N4.22 billion ($2.6 million) from N2.31 billion ($1.43 million) in the previous year. The company's retained earnings rose from N22.44 billion ($13.85 million) at the start of the year to N26.7 billion ($15.1 million) as of June 30, while shareholder equity climbed to N26.8 billion ($16.5 million) from N22.6 billion ($14 million).
