Oando returns to profit, posts N3.5bn

Oando Plc, Nigeria’s largest indigenous energy group has released its financial year ended 2016 results with a N3.5 billion profit-after-tax, a 107 percent increase from the loss of financial year ended 2015.

A review of the company’s results further showed positive performance across all financial indices, turnover increased by 49 percent to N569 billion from N382 billion in financial year ended 2015, while EBITDA increased by 51 percent to N71.0 billion from N47.0 billion in financial year ended 2015, boosting investors and shareholders confidence in the brand and its management team.

Commenting, Mr. Wale Tinubu, Group Chief Executive, Oando Plc said: “2016 saw the country plunge into a recession, the first in over 2 decades, besieged with liquidity constraints, devaluation of the naira and a slump in oil earnings due to low oil prices intensified by the insurgency in the Niger Delta. We were proactive in the timely execution of our restructuring program of Growth in our upstream division; Deleverage, through divestments resulting in a net debt reduction of N125 billion; and Profitability by focusing on dollar denominated earnings.

[Daily Trust]

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