OANDO DECLARES 3.5BN PROFIT AFTER TAX

Oando plc , an indigenous energy group , has reported a profit after tax of N 3 . 5 bn in the
2016 financial year , showing an increase of 107 per cent from the loss recorded in 2015 .

The group’ s turnover increased by 49 per cent to N 569 bn from N 382 bn in 2015 , while earnings before interest, tax , depreciation and amortisation increased by 51 per cent to N71 bn.

The Group Chief Executive Office , Oando , Mr . Wale Tinubu , was quoted as saying, “ 2016 saw the country plunge into a recession, the first in over two 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 programme of growth in our upstream division ; deleverage , through divestments resulting in a net debt reduction of N125 bn; and profitability by focusing on dollar - denominated earnings. ”
He said in the upstream sector , the group witnessed a decline in production while 2 P reserves increased from 445 million barrels of oil equivalent in 2015 to 469 mmboe.

Tinubu said , “ We are hopeful that the Federal Government will establish a long - term resolution to the conflict in the Niger Delta which will positively impact the oil and gas industry , consequently ramping up our daily production . ”
Punching

We give all for Benefits...