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Nairaland Forum / Nairaland / General / Politics / Oando Declares N4.6bn PAT In H1 2017 (4143 Views)
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Oando Declares N4.6bn PAT In H1 2017 by eyesoflagos: 6:39am On Aug 02, 2017 |
Oando Declares N4.6bn PAT In H1 2017 source : http://www.eyesoflagos.com/2017/08/oando-declares-n46bn-pat-in-h1-2017.html Oando Plc said it has achieved a profit- after- tax of N4.6 billion in its half year result for the period ended June 30, 2017. The company in its result released on the Nigerian Stock Exchange (NSE), showed that the profit- after-tax went up by 117 per cent to N4.6 billion from a loss- after- tax of N26.9 billion in H1, 2016. Reviewing the company’s result further showed that turnover increased by 26 per cent to N267.1 billion from N212.3 billion, gross profit increased by 76 per cent to N33.4 billion from N19 billion and net finance costs more than halved to N16.4 billion from N35.3 billion. According to the reports gathered by Eyes Of Lagos, The company in a release to media, said that, “The first half of 2017 has witnessed the country’s production levels steadily recovering to normalcy. This has largely been as a result of the containment of the Niger Delta unrest, and the more recent resumption of activity on the Trans Forcados Pipeline. There is optimism around the approval of the Petroleum Industry Governance and Institutional Framework Bill (PIGB), which should result in a more efficiently regulated sector and a conducive business environment for industry players.” Commenting on the company’s financials, the group chief executive, Oando, Mr Wale Tinubu, said, “With security concerns in the Niger Delta receding, Nigeria’s economic recovery has been buoyed by a boost in oil output, while the legislative approval of certain segments of the Petroleum Industry Bill (PIB) provides greater long-term policy certainty for the sector. Our returns underline our continued successful foray into the Upstream.” Oando scored significant operational highlights in the first half of 2017. The company through its upstream business, Oando Energy Resources, successfully realised N3.2 billion in net cash from the crystallisations of the Corporate Facility hedges (1,590 bbls/day), while in the second quarter of 2017, it successfully completed the sale of its interest in OMLs 125 and 134 to Nigerian Agip Exploration Limited “NAE” for a profit of N4.6 billion. In its downstream business, Oando Trading (OTD), witnessed a 40 per cent growth in traded volumes and a commendable 147 per cent increase in turnover to N217.5 billion compared to N88.1billion for the comparative period of 2016. The trading business lifted volumes exceeding 7.5mmbbls of crude and imported 610,000MT of refined petroleum products, a 72 per cent and 20 per cent increase respectively. The structured trade finance lines in its downstream business increased by N76.5 billion to N214.1 billion in total, from a total of five International and African banks, further validation that Oando is still a good business investment. This increase in financing allows the company to achieve greater trading capacity and in turn more volumes. Speaking on the outlook for the company in the second half of 2017, Tinubu said, “We remain committed to optimising our overall production base, seeking unique profit-driven opportunities to further partner with IOCs, while firming up our balance sheet to provide greater shareholder value. 2 Likes
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Re: Oando Declares N4.6bn PAT In H1 2017 by shams040(m): 6:54am On Aug 02, 2017 |
good. dnt forget 2 check my signature. 1 Like |
Re: Oando Declares N4.6bn PAT In H1 2017 by mycare(m): 6:54am On Aug 02, 2017 |
Congrats 1 Like |
Re: Oando Declares N4.6bn PAT In H1 2017 by Deem: 6:55am On Aug 02, 2017 |
q |
Re: Oando Declares N4.6bn PAT In H1 2017 by stonemasonn: 6:55am On Aug 02, 2017 |
It seems the economy is bouncing back 3 Likes |
Re: Oando Declares N4.6bn PAT In H1 2017 by Nobody: 6:56am On Aug 02, 2017 |
I'm in love with this.. These capitalist should please help revive the dying economy. You too can help out, millions will be your reward. Home Of Entrepreneurs Visit www.entmirror.com 1 Like |
Re: Oando Declares N4.6bn PAT In H1 2017 by Sisqoman(m): 6:56am On Aug 02, 2017 |
That is there own palava. 1 Like |
Re: Oando Declares N4.6bn PAT In H1 2017 by Nobody: 6:57am On Aug 02, 2017 |
Good for them 1 Like |
Re: Oando Declares N4.6bn PAT In H1 2017 by masada: 6:57am On Aug 02, 2017 |
Coy are posting positive result and declaring profit compared to the losses posted in previous yrs gues the economy is picking up gradually esp wit stock exchange hitting a 2 yr high good news for investors 5 Likes |
Re: Oando Declares N4.6bn PAT In H1 2017 by kn23h(m): 6:57am On Aug 02, 2017 |
These are the Yoruba companies we're talking about. Not the small small fanyogo Ibo traders who lies about controlling the economy with their yogurt business. afo86: See silly question. Very stupid question, in fact. 6 Likes 1 Share |
Re: Oando Declares N4.6bn PAT In H1 2017 by afo86: 6:58am On Aug 02, 2017 |
Who dem epp? 2 Likes |
Re: Oando Declares N4.6bn PAT In H1 2017 by Agimor(m): 6:59am On Aug 02, 2017 |
The upturn is as a result of illegal oil deals. Bubu should turn to the Niger Delta unrest before everything returns to the status quo. |
Re: Oando Declares N4.6bn PAT In H1 2017 by Exponental(m): 6:59am On Aug 02, 2017 |
Can't we have free fueling for a day to celebrate as your true customers (sarcasm) 2 Likes |
Re: Oando Declares N4.6bn PAT In H1 2017 by stlarry001(m): 6:59am On Aug 02, 2017 |
seriously |
Re: Oando Declares N4.6bn PAT In H1 2017 by Viking007(m): 6:59am On Aug 02, 2017 |
[s] Ramxxy:Only greedy & silly people will fall for Your scam. 4 Likes |
Re: Oando Declares N4.6bn PAT In H1 2017 by NtoAkwaIbom(m): 7:01am On Aug 02, 2017 |
it's just those in the corporate World that are enjoying... if I waka to go buy bread of 50naira, na so mamankechi go still sell am 150, tell me say na Buhari bin make d bread. the government need to set up a price controlling board to fix all these greedy middlemen |
Re: Oando Declares N4.6bn PAT In H1 2017 by Okoyiboz3: 7:01am On Aug 02, 2017 |
Agimor: . Why have you decided to make commonsense your enemy? 1 Like |
Re: Oando Declares N4.6bn PAT In H1 2017 by Moreoffaith(m): 7:01am On Aug 02, 2017 |
Ok |
Re: Oando Declares N4.6bn PAT In H1 2017 by nfour4(m): 7:02am On Aug 02, 2017 |
Ramxxy:Oga are sure you will send the data. because my friend once paid for something like this and we are still waiting till today. |
Re: Oando Declares N4.6bn PAT In H1 2017 by harffie(m): 7:02am On Aug 02, 2017 |
Re: Oando Declares N4.6bn PAT In H1 2017 by success1smyn(m): 7:02am On Aug 02, 2017 |
Ramxxy:she oloriburuku nie ni? maje kin sheep fun e ooo 2 Likes |
Re: Oando Declares N4.6bn PAT In H1 2017 by gooddyoung8: 7:04am On Aug 02, 2017 |
OK o |
Re: Oando Declares N4.6bn PAT In H1 2017 by Tilda30(f): 7:08am On Aug 02, 2017 |
lot of money |
Re: Oando Declares N4.6bn PAT In H1 2017 by NkayTiana(f): 7:08am On Aug 02, 2017 |
Fist kor.... please correct it sharply |
Re: Oando Declares N4.6bn PAT In H1 2017 by seunmsg(m): 7:08am On Aug 02, 2017 |
nfour4: Don't send your money to that fraudster please. |
Re: Oando Declares N4.6bn PAT In H1 2017 by elmessiahs(m): 7:10am On Aug 02, 2017 |
Double mode,oando or tinubu |
Re: Oando Declares N4.6bn PAT In H1 2017 by Nobody: 7:14am On Aug 02, 2017 |
Good development. |
Re: Oando Declares N4.6bn PAT In H1 2017 by KingRex1(m): 7:15am On Aug 02, 2017 |
Should I get Oando shares? Stockbrokers and viability analysts in the house emmanuelewumi ACAN |
Re: Oando Declares N4.6bn PAT In H1 2017 by medolab90(m): 7:19am On Aug 02, 2017 |
good development |
Re: Oando Declares N4.6bn PAT In H1 2017 by Dutchey(m): 7:19am On Aug 02, 2017 |
owo o, go just use d money 2 carry 2odds 4 nairabet |
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