Latest News

MRS Oil proposes final dividend of N2.36 for FY 2023

MRS Oil Nigeria Plc has proposed a final dividend of N2.36 per ordinary share for the period ended December 31, 2023. The proposed dividend payment by MRS Oil makes it the first time the company is paying dividends to its shareholders since 2017 when it paid N1.73 per ordinary share of 50k.

The information was revealed in a corporate disclosure on the NGX website accessed by Nairametrics. According to the disclosure, the dividend will be paid to shareholders whose names appear in the register of members as at close of business on June 28, 2024. While the payment will be made on August 2, 2024. Accordingly, the shareholders register will be closed from July 1 to July 5, 2024.

In the disclosure signed by the company’s secretary, Mrs O.M Jafojo, the company’s annual general meeting will take place on August 1.

Speaking on the development, Boniface Okezie, the President of the Progressive Shareholders’ Association noted,

“It’s very commendable and it means things are looking up for the company. Essentially, the restructuring carried out years ago at the company is now yielding results. We commend the board for the stellar performance.”

He continued, “We challenge Oando to follow suit with what has transpired in MRS, even though they’re no longer in marketing. We believe that if MRS could come back to paying dividends, there’s nothing stopping Oando.”
What you should know

For FY 2023, MRS Oil Nigeria posted a net income of N4.05 billion, representing a 207.6% increase from the N1.32 billion posted in FY 2022. The company’s earnings per share was also put at N11.81, up by 207.6% from the N3.84 posted in 2022.

While the company has not paid dividends in recent times, MRS Oil has carried out bonus issues. For example, in 2022, the company carried out a bonus issue of 1 for 8 shares, and in 2018, the bonus issue was 1 for 5 shares.