MRS Oil’s market value surged by 21% last week, despite a shortened trading session on the Nigerian stock market. The company’s stock reached a fresh 52-week high on Friday, driven by increased investor confidence ahead of anticipated strong earnings in the fourth quarter of 2024.
Trading data reveals that MRS Oil’s shares gained momentum after the company secured a deal with Dangote Refinery, enabling it to sell petrol at a reduced price. The stock price soared to N217.80 per share from N180, marking a significant 21% increase as demand for the oil company’s shares grew.
This surge in share price lifted MRS Oil’s market capitalization to N74.68 billion on the Nigerian Exchange, representing a substantial recovery from its 52-week low of N115. Analysts believe that continued strong earnings in the fourth quarter could further fuel investor interest in the company’s stock.
In its latest regulatory filing, MRS Oil projected a revenue of N129.36 billion for the first quarter of 2025. The company expects its cost of sales to be approximately N124.54 billion, with a gross profit of N4.81 billion for the period.
Furthermore, the company anticipates a pretax profit of N2.25 billion after accounting for overheads such as distribution, administration expenses, and net finance costs.
With the positive outlook for Q4 and beyond, MRS Oil’s stock remains a key focus for investors in the Nigerian oil market.