Oando Plc, Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, yesterday announced unaudited results for the three months period ended 31 March, 2016, with profit after tax standing at N4.1 billion.

The results were delayed due to an exhaustive audit process overseen by external auditors, Ernst & Young, and extension approvals sought and received by Oando from the Securities and Exchange Commission, SEC, and the Financial Reporting Council, FRC.

The company’s Q1 results are a welcome contrast for investors and shareholders alike, following Oando’s dismal 2015 financial performance which was significantly impacted by impairments and foreign exchange pressures.

Commenting on the development, the company’s Grouip Chief Executive Officer, Mr. Wale Tinubu, in a statement, highlighted the company’s drive to ensure profitability going forward.

He said:  “This first quarter of 2016 demonstrates our dedication to return our business to profitability by the end of the 2016. We have implemented constructive corporate initiatives which are driving forces for our business in this new global reality of economic restraint and lower oil prices in our industry.

‘’The successful and ongoing implementation of these initiatives reiterates our strategy of Growth, Deleverage and a return to Profitability by the end of 2016. As a group we have placed our focus on growing our upstream higher margined business while still holding fundamental interests in the midstream and downstream sectors.

‘’We look forward to a rewarding year, where we solidify our aspirations and return to profitability”.

As oil prices gradually increased, Oando commenced 2016 with a reinvigorated strategy hinged on key corporate initiatives to drive the company back to profitability and ensure fiscal efficacy. To optimize its balance sheet the company focused on aggressive debt reduction and recapitalisation.