Oando profits soar on back of high oil price
The company, which is listed in Nigeria and Johannesburg, said profits after tax for the nine months to September rose to 10.4-billion naira
Oando Plc, one of Africa’s largest integrated energy companies, which is under a forensic audit investigation, reported a 46% rise in profit after tax thanks to higher oil prices. The company, which is listed in Nigeria and Johannesburg, said profits after tax for the nine months to September rose to 10.4-billion naira (R420m). Revenues rose 32% to 505.1-billion naira. Oando said its performance was further buoyed by sale price increases of 6% for natural gas liquids and 31% for its natural gas deliveries. Oando group CEO Adewale Tinubu said the positive results were supported by buoyant commodity prices combined with operational efficiency. Brent prices averaged $72.25 a barrel, resulting in a 45% increase in the crude selling price compared to the same period in 2017. Oando’s oil production was also 10% higher for the period. The company has more than 450-million barrels of reserves and interests in 14 oil licences in Nigeria and the island of São Tomé and Príncipe. However, it re...
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