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HomeNewsDangote Half-brother’s Oil Firm Posts 9M Revenue Exceeding $120 Million

Dangote Half-brother’s Oil Firm Posts 9M Revenue Exceeding $120 Million

Dangote Half-brother’s Oil Firm, MRS Oil Nigeria Plc recorded outstanding financial results for the first nine months of its 2023 fiscal year. This comes as it recorded a revenue that hit a milestone of $120 million.

In the company’s recently published financial report, MRS Oil saw its revenue climb by 45.9 per cent from $87.5 million in nine months of 2022 to $127.63 million in the first nine months of 2023.

This increase largely contributed to the company’s remarkable bottom-line performance.

What you need to know about MRS Oil

MRS Oil Nigeria is a leading player in the Nigerian oil and gas industry. Over the years, the oil marketing firm has secured multimillion-dollar contracts for pipeline rehabilitation.

It has also witnessed remarkable growth in its total assets as it grew from $51.2 million at the beginning of the year to $64.31 million as of 30th of June, 2023.

MRS Oil’s retained earnings have also increased from $23.2 million to 27.6 million. This increase demonstrates MRS’s status as one of Nigeria’s most profitable oil companies.

It operates in various West African countries, including Benin, Togo, Cameroon and Cote d’Ivoire.

Meet Sayyu Dantata, Dangote’s half-brother

Dantata is a multimillionaire businessman who owns 60 per cent of the company. This 60 per cent ownership is equivalent to 205,730,806 ordinary shares. 

He started his career as the transport director with the Dangote group, one of Nigeria’s leading conglomerates and rose through the organisation.

The Nigerian businessman has through his investment firm, MRS Africa Holdings, positioned himself as one of the most influential investors on the Nigerian Exchange (NGX).

His Oil firm, MRS Oil Nigeria currently holds the 45th position in the Nigeran Exchange, making it a valuable stock in the regional market.