Oando Plc has announced N4.2 billion profit-after-tax (PAT) for the first quarter of 2018 (Q1’18), which represents 145 percent increase over N1.7 billion recorded in Q1’17.
Highlights of the company’s financial statement released on the Nigerian Stock Exchange, NSE, showed that the company’s turnover grew by nine percent to N150.5 billion from N138.4 billion a year ago, while its gross profit rose by 108 percent to N27.9 billion from N13.4 billion in 2017.
The company said in a statement that the numbers are reflective of the increase in the company’s production due to the re-opening of the Trans Forcados pipeline.
The company added that the increase in net income is primarily driven by a general increase in the price of oil and gas commodities during the period.
“We cashed into the favourable micro and macro business environment characterised by an increase in national oil production, exchange rate stability, as well as an increase in global oil prices which averaged $66 per barrel in the first quarter of the year, $3 more than the projected average of $63 for 2018 and 2019,” the statement added.
Speaking on the results, Wale Tinubu, Group Chief Executive, Oando Plc, stated: “Our Q1 performance was characterised by a stable operating environment, continued incline in crude oil prices, and the highest level of compliance by member countries’ of the OPEC Accord. Considering the background of current industry trends, the company is committed to maximizing throughput rates to ensure a positive financial performance in the ensuing quarters of 2018.”