December 30, 2024
Driven by it partnership with Dangote refinery to sell petrol a reduced price, MRS Oil market value jumped by 21% despite a short trading session in the stock market last week.
The stock hit a fresh 52-week high in the equities market on Friday as investors increased bets in anticipation of better earnings performance in Q4.
Based on trading data, the oil company stock price reached N217.80 per share in the equities market on Friday, from N180, gaining 21% as demand surged, MRS shares have continued to attract investors’ attention following a deal with Dangote Refinery to sell petrol at a lower price.
The price uptick lifted MRS Oil Plc’s market value to N74.680 billion on the Nigerian Exchange.
The downstream oil sector players have now doubled down on its market value. The stock picked up from N115, its 52-week low. Analysts believe that a positive earnings performance in the fourth quarter will boost investors’ appetite further.
READ MORE; Dangote Refinery Partners MRS To Sell PMS At Lower Price
Going by regulatory filing, MRS Oil said it expects its revenue to reach N129.358 billion in the first three months of operating in 2025. Out of this, the company expects it costs of sales to print at N124.543 billion. Gross profit is projected to settle at N4.814 billion in the first quarter of 2025.
In that period after taking care of its projected overheads, which include distribution and administration expenses and net finance costs, the oil company’s pretax profit is expected to settle at N2.245 billion
