MRS OIL NIGERIA : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

MRS Oil Nigeria Plc

2022 2nd Quarter Financial Statements

MRS Oil Nigeria Plc.

Financial Statements - 30 June 2022

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
	Coronation Merchant Bank Limited
	Fidelity Bank Plc
	First Bank of Nigeria Limited
	First City Monument Bank Plc
	Globus Bank Limited
	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	Dhikirullah 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 Ogbuma	Olawale Azeez
	Sales and Marketing Manager	Engineering Manager
	Sunday Oyekale	Oyeyiola Olayemi
	Chief Internal Auditor (Ag.)	Human Resources Manager
	Salami Muideen	Olawale Badru
	Accounts Manager	Chief Legal Counsel
	Col. Adebisi Adesanya	Arthur Igboanugo
	Chief Security Officer	Health, Safety and Environment

MON Plc. Q2, 2022 - 2

MRS Oil Nigeria Plc.

Financial Statements - 30 June 2022

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

Mr Marco Storari (Managing Director)

Name

FRC/2020/003/00000022083

FRC

28 July 2022

Date

Signature

Dr. Amobi D. Nwokafor (Director)

Name

FRC/2013/ICAN/00000002770

FRC

28 July 2022

Date

MON Plc. Q2, 2022 - 3

MRS Oil Nigeria Plc.

Financial Statements - 30 June 2022

Statement of Profit or Loss and Other Comprehensive Income for the Period ended 30 June, 2022

	Notes	April- June 2022	30 June 2022		April-June 2021		30 June 2021
			₦'000	₦'000		₦'000		₦'000
Revenues	5		24,809,341	42,660,939		19,400,094	36,749,491
Cost of sales	8		(22,656,956)	(39,308,823)		(17,974,940)		(34,400,613)
Gross profit			2,152,385	3,352,115		1,425,154	2,348,878
Other income	6		30,223	37,467		296,079	473,022
Administrative expenses	10		(1,255,930)	(2,236,738)		(1,241,273)	(2,206,622)
Selling and distribution expenses	9		(422,622)	(758,855)		(367,384)	(696,852)
Reversal of (Impairment loss) on financial assets	31a	255,911	208,119		259,758		254,921
Operating Profit			759,968	602,108		372,334		173,348
Finance income	11		(23,990)	18,352		6,127	410,630
Finance costs	11		(56,209)	(135,707)		(91,815)	(248,985)
Net finance costs	11		(80,198)	(117,355)		(85,689)	161,645
Profit before Taxation			679,770	484,752		286,645	334,994
Minimum tax	14		(67,635)	(123,851)		(139,879)	(183,450)
Profit before income tax			612,135	360,902		146,766	151,544
Income tax credit	14		(218,871)	(9,088)		-		-
Profit after tax for the period			393,264	351,813		146,766		151,544
Other Comprehensive Income, net of income tax			-	-		-		-
Total comprehensive income for the year			393,264	351,813		146,766	151,544
Earnings per share
Basic and diluted earnings per share (Naira)	13		1.29	1.15		0.48	0.50

The accompanying notes on pages 9 to 57 form an integral part of these financial statements.

MON Plc. Q2, 2022 - 4

MRS Oil Nigeria Plc.

				Financial Statements - 30 June 2022
Statement of Financial Position
as at 30 June 2022
	Notes	30 June 2022		31 Dec. 2021
		₦'000		₦'000
Assets		14,534,985	14,742,550
Property, plant and equipment	15
Right of use	30	746,942	802,333
Intangible assets	16	7		29
Total non-current assets		15,281,934		15,544,912
Inventories	21	2,959,048	3,295,802
Withholding tax receivables	20	10,056	9,747
Prepayments	28	151,945	56,415
Trade and other receivables	18	16,965,407	15,499,644
Cash and cash equivalents	22	1,006,695		2,798,796
Total current assets		21,093,151		21,660,403
Total assets		36,375,085	37,205,315
Equity
Share capital	23	152,393	152,393
Retained earnings	23(b)	17,382,764		17,030,951
Total equity		17,535,157	17,183,344
Liabilities
Employee benefit obligation	24	7,077	6,632
Provisions	29	52,329	52,291
Lease Liabilities	30	512,265	509,387
Deferred tax liabilities	14e)	9,088		-
Total non-current liabilities		580,759		568,310
Dividend payable	26	169,851	169,851
Trade and other payables	26	15,762,811	17,463,049
Short term borrowings	27	1,862,105	1,411,105
Provisions	29	46,139	46,139
Tax payable	14d)	418,262		363,517
Total current liabilities		18,259,169	19,453,661
Total liabilities		18,839,928	20,021,971
Total equity and liabilities		36,375,085	37,205,315

Approved by the Board of Directors on 28 July 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.Q2, 2022 - 5