MRS Oil Nigeria posts N2.28bn annual loss

MRS Oil Nigeria Plc has reported a loss before tax of N2.28 billion for the 2020 financial year, compared to N2.31 billion in the previous year.

The company saw its loss after tax rise to N1.79 billion last year from N1.70 billion in 2019, its financial statements for the fourth quarter ended Dec. 31, 2020 showed.

Its revenue fell to N41.35 billion from N64.91 billion as COVID-19-induced lockdown and movement restrictions led to a significant drop in fuel consumption in the country.