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MRS Oil Nigeria, a leading petroleum distribution company, has reported that its 2016 revenue rose by 26 per cent due mainly to higher sales of petrol, diesel, and kerosene. The company said revenue rose to N109.64 billion, compared to N87.1 billion in the previous year.

The revenue growth was supported by stronger sales of premium motor spirit (petrol), automotive gas oil (diesel), dual purpose kerosene (household kerosene), and lubricants and greases.

However, sales of aviation turbine kerosene (aviation fuel) and liquefied petroleum gas (cooking gas) declined in 2016 compared with the previous year.

Given the strong top-line growth, MRS Oil said after-tax profit rose by 57 per cent to N1.47 billion as against N935.63 million posted a year earlier. The profit growth was also supported by lower foreign exchange losses during the period under review.

MRS Oil, however, reported that its cash and cash equivalents declined by 45 per cent to N10.91 billion compared to N19.77 billion a year earlier due mainly to increased repayments of short-term borrowings.

Basic earnings per share rose to N5.77 per share as against N3.68 per share in 2015. The company has proposed a final dividend of N1.73 per share.

MRS Oil is one of the major downstream petroleum companies in Nigeria with over 400 petrol stations. The company took over the West African downstream assets of Chevron, the American oil giant, for an estimated $1 billion in 2009. Sayyu Dantata, a cousin of Aliko Dangote, is the Chairman and controlling shareholder of MRS Oil Nigeria.

At the Nigerian Stock Exchange on Tuesday, MRS Oil’s stock closed flat at N39.03 per share.