Oando Posts N4.1billion Net Profit in Three Months

Indigenous oil firm, Oando Plc’s operational reports and audited financial statements has shown that it recorded a net profit of N4.1 billion in the first quarter of 2016.

The three-month report for the period ended March 31, 2016 was released over the weekend.Oando also released its full-year audited report and accounts for the year ended December 31, 2015.

Following  the results, Oando’s share price jumped by 2.92 per cent on Friday, July 1, the fourth highest gain in a trading session that saw average.

The results were delayed, the company said, due to an exhaustive audit process overseen by external auditors, Ernst & Young. As a result, it an extension was sought and approvals received by Oando from the Securities and Exchange Commission (SEC) and the Financial Reporting Council of Nigeria (FRCN).

The company’s financial highlights also indicated that turnover decreased by 34 per cent, with N64 billion realized compared to N97.1 billion for the same period last year.

Global crude pricing fluctuation has changed the corporate landscape for oil companies, and has had far-reaching economic implications on Oando and many other indigenous firms in the industry.

The Group’s Chief Executive, Oando Plc, Wale Tinubu, said the first quarter performance demonstrated the group’s dedication to return to profitability by the end of the 2016.