Oando Plc has sustained a rebound to profitability for three consecutive quarters this year with its profit after tax, PAT, for the third quarter (Q3) ended September 30, 2018, rising by 46 per cent to N10.4 billion from N7.1 billion in Q3 2017.
Highlights of the company’s Q3 financial statement released at the Nigerian Stock Exchange, NSE, showed that the gross profit grew by nine per cent to N77.6 billion from N71.2 billion in 2017.
Similarly, the company grew its turnover by 32 percent to N505.1 billion from N383.5 billion in the corresponding period in 2017.
Oando said in a statement that the revenue was driven by higher commodity prices, recovery in oil prices among others.
Adewale Tinubu, Chief Executive Officer, said: “Today’s positive result is further evidence of the progress made by Oando in 2018 driven by our continued focus on execution and operational efficiency, supported by buoyant commodity prices.”
He said the results confirm Oando’s ability to take full advantage of the improved macro environment to deliver on key corporate imperatives of increased revenues and profit to create value for its shareholders.
“As the year draws closer to an end, the management of Oando must be applauded for their dedication to keeping the company on course by delivering yet another consecutive quarter of strong financial performance,” he added.
The result further showed that in the exploration and production sector, Oando’s upstream subsidiary, Oando Energy Resources, made a stellar performance as it benefited from the ramp-up of higher margin production resulting in a 45 per cent increase in realised crude selling price compared with the same period in 2017.