Oando Plc posts profi t of N4.561 bn

Th e management of Oando Plc, is set to put smile on the face of shareholders as the company Profi t after tax stood at N4.561 billion. Th e 2017 half year result is a signifi cant improvement over the preceding year’s loss of N26.991billion representing a seven kobo earnings per share, from a loss of 226 kobo. A return to profi t, according to operators enhanced by a signifi cant N150.741billion or 129.68 per cent growth in revenue, which more than compensated for the equally high increase in cost of sales.

Th e company revenue went to N266.977 billion within the period under review from N116.236 billion recorded the same period of 2016 while cost of sales soared to N233.544 billion, representing an increase of N122.337 billion or 110 per cent, leaving gross profi t at N33.433 billion compared with a mere N5.028 billion in the corresponding half year of 2016. Other operating income remained fl at at N12.662 billion from N12.635 billion, administrative expenses dropped to N31.506 billion from N49.419 billion, resulting in operating profi t of N14.59 billion as against the loss of N31.755 billion. Finance costs for the period stood at N12 billion, a decline from the previous N37.999 billion .

Also fi nance income jumped to N4.632 billion from N2.655 billion, following which net fi nance costs dropped to N16.367 billion compared to the previous N35.344 billion A breakdown of the result by segment showed that Oando Plc’s earnings -supply and trading business recorded highest performance accounting for N217.244 billion, followed by N49.699 billion from exploration and production, which incidentally accounted for the bulk N25.343 billion of operating profi t and N8.191 billion fi nance cost. Exploration and production also recorded N18.514 billion net profi t for the period.

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