MRS Oil Nigeria Plc says says its board approved resignation of Alhaji Sayuu I. Dantata as chairman of the board of the company
* Says board approved appointment of Patrice Alberti as chairman of the board of the company.
MRS Oil is one of the major downstream petroleum companies in Nigeria with over 400 petrol stations. The company took over the downstream assets of Chevron Nigeria in 2009 after MRS Holdings completed the acquisition of the West African downstream assets of Chevron, the American oil giant, for an estimated $1 billion.
Like other petroleum marketing companies, MRS Oil has been hit hard by declining oil prices, which has fallen by nearly 70 percent since May 2014. In results for its third quarter ended on June 30th, 2015, MRS Oil reported that its revenues fell by about 20 percent year-on-year to N36.88 billion compared with N47.16 billion reported in Q3 2014. The company’s profits also suffered a massive decline, falling nearly ten times to N37.59 million in Q3 2015 compared with N315.43 million reported in Q3 2015.
MRS Oil’s share price closed at N49.66 at the end of trading at the NSE on Monday.