MRS Holdings PLC has released its H1 2016 financial result where its gross revenue rose to NGN53 billion compared to NGN36 billion the company reported last year.
MRS Oil’s cost of sales rose to NGN48,4 billion as opposed to this, the company spent NGN34,3 billion last year.
Administrative expenses rose by 9.3% to NGN2,6 billion versus NGN2,4 billion paid out last year. Net profit for the first half of the year rose by xx to NGN909,746 million compared to NGN37,599 million recorded last year.
The Company was incorporated as Texaco Nigeria Limited (a privately owned Company) on 12 August 1969 and was converted to a Public Limited Liability company quoted on the Nigerian Stock Exchange in 1978, as a result of the 1977 Nigerian Enterprises Promotions Decree.
The Company is domiciled in Nigeria and its shares are listed on the Nigerian Stock Exchange (NSE). The Company’s name was changed to Texaco Nigeria Plc. in 1990 and again on 1 September 2006 to Chevron Oil Nigeria Plc. On 20 March, 2009 there was an acquisition of Chevron Africa Holdings Limited, (a Bermudian Company) by Corlay Global SA of Moffson Building, East 54th Street, Panama, Republic of Panama. By virtue of this foreign transaction, Chevron Nigeria Holdings Limited, Bermuda changed its name to MRS Africa Holdings Limited, Bermuda.
The new management of the Company announced a change of name of the Company from Chevron Oil Nigeria Plc to MRS Oil Nigeria Plc (“MRS”) effective 2 December, 2009 following the ratification of the name change of the Company at the 40th Annual General Meeting of the Company on 29 September, 2009
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