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MRS Oil posts second straight year of loss

MRS Oil Nigeria Plc has declared a loss of N1.137 billion for Full Year 2019. This makes it the second time the indigenous oil and gas firm would be recording losses in a row with the FY2019 figure representing a 10.1% increase over the one posted in the corresponding figure of 2018.

The full details of MRS Oil’s financial performance in the review period are contained in its 2019 Unaudited Financial Statements, published on the website of the Nigerian Stock Exchange (NSE) on Thursday.

Revenue shrank by 27.7% from N89.553 billion as of 31st December 2018 to N64.752 billion in the relative period of 2019.

Loss Before Tax rose to N1.581 billion at FY2019 from N1.427 billion at FY2018, translating to a 10.7% increase.

Loss for the Period leapt to N1.137 billion at FY2019 from N1.265 billion at FY2018, up by 10.1%

Loss Per Share (LPS) fell from N4.15 at FY2018 to N3.73 at FY2019, representing a 10.1% increase.

The loss-running firm currently has outstanding shares totalling 304,786,407 with a market capitalisation of over N4.663 billion.

It currently sells on the floor of the NSE at N15.3 per share.

Source: Ripples Nigeria