Business
MRS Oil and its ambitious revenue recovery plan
MRS Oil Nigeria has released its revenue projection for the second quarter of 2021, with the company projecting a rebound in revenue after it was pummeled by COVID-19 pandemic and lockdown during the same period in 2020.
The lockdown had affected the Nigerian oil industry last year, following crash in demand, which resulted to poor revenue for oil companies. COVID-19 period had began in the second quarter of 2020, and during that period, revenue of MRS was knocked down.
MRS had reported N5.81 billion as revenue in 2020 Q2, significantly low when compared to the N16.28 billion the oil company generated during the corresponding period of 2019.
In its second quarter earnings projection for 2021, MRS Oil stated that it expected revenue to reach N49.25 billion. This projection is quite ambitious, considering that the year without pandemic, 2019, the company’s six months revenue was below N30 billion.
READ ALSO: MRS Oil posts 2nd straight year of loss
Analysis of MRS Oil’s six months financials showed revenue slumped between January and June, as 2020 first half generated N23.68 billion, failing to surpass the N29.79 billion generated in first half 2019.
Meanwhile, the company forecasted its Profit before tax (PBT) will hit N498.08 million by the end of this year’s second quarter, projecting a lower PBT when compared to 2020 Q2 PBT, which was N725.99 million.
The forecast report put Profit after tax (PAT) at N197 million in Q2 2021. During the same period in 2019, MRS had reported loss after tax of N260.02 million, in 2020, MRS reported N725.99 million.
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