By Peter Egwuatu
Oando Plc has recorded impressive third quarter 2017 financials as turnover increased by 16 per cent to N383.5 billion from N329.9 billion in comparative period of 2016.

•An Oando Filling Station that was also raided by the robbers.

The company also reduced  its debt by N18 billion, from N247 billion as at December 2016 to N229 billion.

The company’s gross profit increased by 148 per cent to N71.2 billion from N28.6 billion, while profit-after-tax increased by 120 per cent  to N7.1 billion from a loss of (N35.8 billion) in Q3 2016.

Commenting on the results, Wale Tinubu, Group Chief Executive, Oando Plc said: “After five consecutive quarters of contraction, Nigeria’s official exit from the recession buoyed by improved performance in the oil, agriculture, manufacturing and trade sectors of the economy is laudable news.

“The continued increase in oil prices to a 2017 high of $58 in September, coupled with ongoing peace efforts in the Niger Delta have significantly impacted our 4th successive profit declaration.”

Further commenting on the company’s results, Tinubu said: “Our third quarter financials are reflective of the continued implementation of our strategic initiatives of growth through our dollar earning upstream portfolio; deleverage through recapitalization and asset divestments and the expansion of our oil export trading business.

“The proceeds from our business restructuring and asset sales have been successfully used to improve our balance sheet with a reduction of N18 billion in our debt position from N247 billion as at December 2016 to N229 billion today.”

On the future of the company, Tinubu said: “Our tenacity to continuously create value despite prevailing headwinds is evident in our improved performance four quarters in a row; we remain optimistic about our future performance and focused on delivering robust returns to shareholders.”