MRS OIL NIGERIA : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

MRS Oil Nigeria Plc

2022 4th Quarter Financial Statements

MRS Oil Nigeria Plc.

Financial Statements - 31 December 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	Abdulrazak Suleiman
	Sales and Marketing Manager	Engineering Manager
	Sunday Oyekale	Timipiri Odu
	Chief Internal Auditor	GM Human Resources
	Salami Muideen	Olawale Badru
	Accounts Manager	Chief Legal Counsel
	Col. Adebisi Adesanya	Arthur Igboanugo
	Chief Security Officer	Health, Safety and Environment

MON Plc. Q4, 2022 - 2

MRS Oil Nigeria Plc.

Financial Statements - 31 December 20222

Statement of Directors' responsibilities in relation to the financial statements for the period ended 31 December 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

30 January 2023

Date

Signature

Dr. Amobi D. Nwokafor (Director)

Name

FRC/2013/ICAN/00000002770

FRC

30 January 2023

Date

MON Plc. Q4, 2022 - 3

MRS Oil Nigeria Plc.

Financial Statements - 31 December 2022

Statement of Profit or Loss and Other Comprehensive Income for the Period ended 31 December, 2022

	Notes
Revenues	5
Cost of sales	8
Gross profit
Other income	6
Administrative expenses	10
Selling and distribution expenses	9
Reversal of (Impairment loss) on financial assets	31a
Operating Profit
Finance income	11
Finance costs	11

	Oct-Dec. 2022		31 Dec. 2022
	₦'000		₦'000
31,061,400	100,211,537
(28,269,234)	(92,215,767)
2,792,166	7,995,770
667,995	774,987
(1,891,591)	(5,605,252)
(142,297)	(378,221)
	(503,263)		(310,996)
923,010	2,476,287
(508)	24,950
(17,326)	(105,685)

Oct-Dec. 2021

₦'000

18,744,911

(17,548,474)

1,196,437

454,426

(1,102,704)

(174,830)

59,642

432,970

(383,102)

(31,822)

31 Dec. 2021

₦'000

71,976,255

(68,148,850)

3,827,405

1,379,496

(4,544,915)

(317,486)

323,580

668,079

33,278

(376,333)

Net finance costs	11
Profit before Taxation
Minimum tax	14
Profit before income tax
Income tax charge/credit	14
Profit after tax for the period
Other Comprehensive Income, net of income tax
Total comprehensive income for the year
Earnings per share

(17,833)(80,735)

905,1762,395,553

(395,490)(627,383)

509,6871,768,169

127,383(346,061)

637,0691,422,108

--

637,0691,422,108

(414,924)(343,055)

18,046325,025

59,957(206,200)

78,003118,825

221,048221,048

299,051339,873

--

299,051339,873

Basic and diluted earnings per share (Naira)

13

1.86	4.15	0.87	1.12

The accompanying notes on pages 9 to 58 form an integral part of these financial statements.

MON Plc. Q4, 2022 - 4

MRS Oil Nigeria Plc.

				Financial Statements - 31 December 2022
Statement of Financial Position
as at 31 December 2022
	Notes	31 Dec. 2022		31 Dec. 2021
		₦'000		₦'000
Assets		14,977,952	14,742,550
Property, plant and equipment	15
Right of use	31	667,329	802,333
Intangible assets	16	7		29
Total non-current assets		15,645,288		15,544,912
Inventories	21	3,291,195	3,295,802
Withholding tax receivables	20	11,239	9,747
Prepayments	29	149,124	56,415
Trade and other receivables	18	18,026,022	15,499,644
Cash and cash equivalents	22	3,216,445		2,798,796
Total current assets		24,694,024		21,660,403
Total assets		40,339,313	37,205,315
Equity
Share capital	23	162,608	152,393
Retained earnings	23(b)	18,442,844		17,030,951
Total equity		18,605,452	17,183,344
Liabilities
Employee benefit obligation	24	6,761	6,632
Provisions	30	53,477	52,291
Lease Liabilities	31	524,257	509,387
Deferred tax liabilities	14e)	346,061		-
Total non-current liabilities		930,556		568,310
Contract Liabilities	25	3,801,414	1,985,496
Dividend payable	26	189,329	169,851
Trade and other payables	27	14,433,522	15,477,553
Short term borrowings	28	1,411,105	1,411,105
Provisions	30	46,139	46,139
Tax payable	14d)	921,795		363,517
Total current liabilities		20,803,305	19,453,661
Total liabilities		21,733,861	20,021,971
Total equity and liabilities		40,339,313	37,205,315

Approved by the Board of Directors on 30 January 2023 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 58 form an integral part of these financial statements.

MON Plc.Q4, 2022 - 5