MRS Oil Nigeria Plc
2022 1st Quarter Financial Statements
MRS Oil Nigeria Plc.
Financial Statements - 31 March 2022
Corporate information
RC 6442
Board of directors
Mr. Patrice Alberti Mr. Marco Storari Ms. Amina Maina Mr. Matthew Akinlade
Sir. Sunday Nnamdi Nwosu Chief Sir Amobi Daniel Nwokafor Mrs Priscilla OgwemohChairman Managing Director Non Executive Director Independent Director Non Executive Director Non Executive Director Non Executive Director
Registered officeCompany secretaryRegistrarAuditorPrincipal bankersLeadership team
2, Tincan Island Apapa
Lagos
Mrs. O.M. Jafojo
2, Tincan Island Apapa
Lagos
First Registrars and Investor Services Limited Plot 2, Abebe Village Road,
Iganmu Lagos
PMB 12692 Marina Lagos
Deloitte & Touche Civic Tower
Ozumba Mbadiwe Road Victoria Island
Lagos
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Union Bank of Nigeria Plc Unity Bank Plc
Wema Bank Plc Zenith Bank Plc
Marco Storari Managing Director
Oluwakemi M. Jafojo Company Secretary Samson Adejonwo Chief Finance Officer Donald Ogbuma
Sales and Marketing Manager
Sunday Oyekale
Chief Internal Auditor (Ag.)
Salami Muideen
Accounts Manager
Col. Adebisi Adesanya Chief Security Officer
Dhikirullah Ameen-Ikoyi Treasury Manager
Asuquo Ukoh Logistics Manager Nkem Fasanmi Supply Manager Emeka Agugua Engineering Manager
Oyeyiola Olayemi Human Resources Manager
Olawale Badru
Chief Legal Counsel
Arthur Igboanugo
Health, Safety and Environment
MON Plc. Q1, 2022 - 2
MRS Oil Nigeria Plc.
Financial Statements - 31 March 2022
Statement of Directors' responsibilities in relation to the financial statements for the period ended 31 March 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 | Signature |
Mr Marco Storari (Managing Director) | Dr. Amobi D. Nwokafor (Director) |
Name | Name |
FRC/2020/003/00000022083 | FRC/2013/ICAN/00000002770 |
FRC | FRC |
28 April 2022 | 28 April 2022 |
Date | Date |
MON Plc. Q1, 2022 - 3
MRS Oil Nigeria Plc.
Financial Statements - 31 March 2022
Statement of Profit or Loss and Other Comprehensive Income for the Period ended 31 March, 2022
Notes | Jan-Mar.2022 | 31 March 2022 | Jan-Mar.2021 | ||
₦'000 | ₦'000 | ₦'000 | ₦'000 | ||
Revenues | 5 | 17,896,109 | 17,896,109 | 17,349,397 | 17,349,397 |
Cost of sales | 8 | (16,760,404) | (16,760,404) | (16,425,673) | (16,425,673) |
Gross profit | 1,135,705 | 1,135,705 | 923,725 | 923,725 | |
Other income | 6 | 71,269 | 71,269 | 176,943 | 181,514 |
Administrative expenses | 10 | (980,808) | (980,808) | (965,349) | (969,919) |
Selling and distribution expenses | 9 | (336,234) | (336,234) | (329,468) | (329,468) |
Reversal of (Impairment loss) on financial assets | 31a | (47,792) | (47,792) | (4,836) | (4,836) |
Operating Profit/(loss) | (157,860) | (157,860) | (198,985) | (198,985) | |
Finance income | 11 | 42,342 | 42,342 | 9,538 | 9,538 |
Finance costs | 11 | (79,499) | (79,499) | 237,796 | 237,796 |
Net finance costs | 11 | (37,157) | (37,157) | 247,334 | 247,334 |
(Loss)/Profit before Taxation | (195,017) | (195,017) | 48,349 | 48,349 | |
Minimum tax | 14 | (56,216) | (56,216) | (43,571) | (43,571) |
(Loss)/Profit before income tax | (251,233) | (251,233) | 4,778 | 4,778 | |
Income tax credit | 14 | 209,783 | 209,783 | - | - |
Profit/(Loss) after tax for the period | (41,450) | (41,450) | 4,778 | 4,778 | |
Other Comprehensive Income, net of income tax | - | - | - | - | |
Total comprehensive income/(Loss) for the year | (41,450) | (41,450) | 4,778 | 4,778 | |
Earnings/(Loss) per share | |||||
Basic and diluted loss per share (Naira) | 13 | (0.14) | (0.14) | 0.02 | 0.02 |
MON Plc. Q1, 2022 - 4 |
The accompanying notes on pages 9 to 57 form an integral part of these financial statements.
MRS Oil Nigeria Plc.
Financial Statements - 31 March 2022
Statement of Financial Position as at 31 March 2022
Notes
31 March 2022
31 Dec. 2021
Total non-current assets 15,720,910 15,544,912
Assets
Property, plant and equipment Deferred tax Asset
Right of use Intangible assetsInventories
Withholding tax receivables Prepayments
Trade and other receivables Cash and cash equivalents
15 14e) 30 16
₦'000
14,742,550 - 802,333 29
21
4,034,333 3,295,802
20
9,941 9,747
28
134,168 56,415
18
14,771,683 15,499,644
22
1,293,978 2,798,796
Total current assets 20,244,103 21,660,403
Total assets 35,965,014 37,205,315
Equity
Share capital Retained earnings
23 23(b)
152,393
16,989,501 17,030,951
Total equity 17,141,894 17,183,344
Liabilities
Employee benefit obligation Provisions
Lease Liabilities
Total non-current liabilities
Dividend payable
Trade and other payables Short term borrowings Provisions
24 29 30
6,855 6,632
52,653 52,291
498,519 509,387
558,027 568,310
26
169,851 169,851
26
16,214,008 17,463,049
27
1,415,363 1,411,105
29
46,139 46,139
Tax payable
14d)
419,732 363,517
Total current liabilities 18,265,093 19,453,661
Total liabilities 18,823,120 20,021,971
Total equity and liabilities 35,965,014 37,205,315
Approved by the Board of Directors on 28 April 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.Q1, 2022 - 5
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MRS Oil Nigeria plc published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 15:52:09 UTC.