Nigerian blender MRS Oil Nigeria reported large increases in gross profit and sales revenue for its lubricants segment in the first quarter, despite a sharp uptick in the segment’s cost of sales.
The company’s lubricants segment achieved ₦141.3 million (U.S. $101,000) in gross profit for the quarter ending March 31, a 68% improvement from ₦84.3 million in the same period last year.
First-quarter sales revenue for the lubricants segment surged to ₦2 billion, a 101% jump from ₦1 billion.
The segment’s cost of sales in the quarter ballooned 104% to ₦1.9 billion, compared to ₦925.1 million.
MRS Oil Nigeria manufactures lubricants at its blending plant in Apapa, including engine oils for gasoline and diesel engines, greases, automotive gear oil and industrial oils.
In 1913 the company first begin marketing petroleum products in Nigeria under the Texaco brand. In 2006, its name changed to Chevron Oil Nigeria Plc, and then in 2009, MRS acquired Chevron downstream assets in Nigeria.