Thorpe-apezteguia faces the task of returning MRS Oil to profitability

Priscilla Thorpe-apezteguia, the newly appointed managing director/ chief executive officer of MRS Oil Nigeria Plc, faces the uphill task of returning the MRS Oil Nigeria Plc to profitability. Her appointment was confirmed by the management of MRS Oil Nigeria in a note sent to all the stakeholders through the Nigerian Stock Exchange on Thursday January 10, 2019.

“That by a written resolution of the Board dated January 7, 2019 the Board of Directors

of MRS Oil Nigeria Plc reviewed and approved the resignation of Andrew Gbodume as managing director/ chief executive officer of the company with immediate effect. By the aforementioned written resolution, the board of directors reviewed and approved the appointment of Priscilla Thorpe-apezteguia as director and managing director (acting) of the Company” said the notice sent to the NSE, signed by Bello Abdullahi, of the Dikko & Mahmoud Solicitors.

Unaudited financial statement for the period ended September 30, 2018 shows that MRS Oil Nigeria made N76.07 billion as revenue, representing 7.2 percent decline over N81.95 billion made in comparable period in 2017. Gross profit fell by 32 percent to N4.09 billion in 2018 from N6.09 billion in similar period in 2017. Operating profit was down by 85 percent to N183.8 million in 2018 from N1.24 billion made same period in 2017.

The total income for the period was a loss of N425.8 million as against a profit of N809.3 million in similar period in 2017.

Furthermore, total liabilities fell by 11 percent to N34.8 billion as at September 2018 compared with N38.1 billion in comparable period in 2017. Total assets fell by 7 percent to N57.5 billion down from N62.2 billion in similar period in 2017. MRS Oil Nigeria’s share price closed at N25.70 on December 31, 2018 with a -6.4 percent return in 2018.

Priscilla Thorpe- Apezteguia holds a Bachelors of Arts degree in International Studies and Business from University of Coventry, United Kingdom. She has over 17 years’ experience in the oil and gas sector and has held high-level positions in reputable organizations, such as executive director, operations at Energy Solutions Integrated Services, senior manager, business development at Oando Plc, head of marketing/ customer service unit, retail manager, South West and sales and marketing manager, all at MRS Oil Nigeria Plc. Until her appointment as director and managing director (acting), she was the group sales and marketing manager of MRS Oil and Gas Limited. The aforementioned appointment is effective immediately.