Oando Plc has announced its unaudited results for the nine months period ended 30 September, 2017, with some signs of improvement when compared with the same period in 2016.
Nigeria’s leading indigenous energy group, currently in a face-off with the Securities and Exchange Commission (SEC), posted impressive performances in key indices as investors remain restive on the outcome of the prevailing regulatory challenge with the apex regulator.
Some of the highlights of the financial statement of the company listed on both the Nigerian and Johannesburg Stock Exchange, show that profit after tax stood at N7.1 billion, as against N35.8bn loss that was recorded same period in 2016. The growth shows 120 per cent increase.
Turnover was up by 16 percent to N383.5bn compared to N329.9bn that was reported same period in 2016. Earnings per shares stood at 0.09 kobo as against negative earnings of -3.050 kobo in 2016. Commenting on the results Group Chief Executive, Oando Plc, Mr. Wale Tinubu, explained: “Our third-quarter financials are reflective of the success of our strategic initiatives of Growth through our dollar earning upstream portfolio; Deleverage through recapitalization and asset divestments and the expansion of our oil export trading business.”
The proceeds from our business restructuring have been successfully used in improving our balance sheet with a reduction of N21 billion in our net debt position from N230.6 billion as at December 2016 to N209 billion today.
Despite prevailing headwinds, we continue to create value as seen in our improved performance four quarters in a row and remain confident about the resilience of our business model.’’
However, Oando Plc’s shares were placed on technical suspension after it was placed on full suspension by the Nigerian Stock Exchange (NSE) through the directive of the SEC.
But Oando Plc has since secured a court restraining order against the regulators’ actions on the company’s shares.
