MRS Holdings PLC said its net profit for the third quarter of the year rose by 57.1% year on year.
The result showed the company has improved in its cost efficiency. Gross income for the quarter rose to NGN82,3 billion versus NGN64,5 billion.
However, cost of sales increased to NGN74,9 billion. Last year, its cost of sales was NGN59,7 billion. Analysts sampled on the result concluded that the big jump is as a result of the crash in value of the Naira (NGN) and the cost of sourcing for Forex.
Net profit for the period rose to NGN1,1 billion compared to NGN730 million.
MRS said it is in a lawsuit against a certain party with over NGN101 billion as claims against the company. The lawsuit is certainly its legal tussle with the Asset Management Company of Nigeria, AMCON. The company disclosed that it has not made any provision in its statement regarding the possible outcome of the suit.
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.