MRS Declares 70 kobo Dividend on Dismal 2011 Earnings
MRS, a petroleum marketing company, has released its audited 2011 financial statements. The less than impressive performance was highlighted by the company’s slowdown in earnings, which fell 5% to N 70.9 billion from N 74 billion in 2010.
Cost of Sales fell by 5% to N 63 billion in 2011 from N 67 billion in 2010, possibly highlighting increased efficiency in production. However whatever momentum gained by streamlining production costs was offset by a 12% increase in administrative and distribution expenses which rose to N 5 billion in 2011 from N4.4 billion in 2010.
Profit before Tax fell 30% to N 2 billion from N 2.8 billion in 2010.
Net income was also on the decline, retreating 44% to just over N 1 billion from N 1.84 billion in 2010.
The company’s management has proposed a 70 kobo dividend.
Its annual general meeting will come up on the 10th of July at the Federal Palace Hotel in Lagos.
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