SAN FRANCISCO, October 30, (THEWILL) – Oando PLC has announced a N13.1 billion profit-after-tax which is an increase of 26% compared to the same period in 2018.
This was contained in the company’s Year-To-Date (YTD) September 2019 results.
According to the Group Executive Chairman, Oando PLC, Wale Tinubu, “the company made substantial progress in its top priority of operational growth.”
“In the period under review, we made substantial progress on our top priority of operational growth and recorded an 8% increase in hydrocarbon production.
“In conjunction with our partners, we successfully completed an ambitious 6-well drilling program, the results of which have been positive, and are particularly excited about the discovery of a significant gas and condensate find at a field in OML 61 of our Joint Venture.
“This has had a major impact on our reserves and, consequently, future cash flows,” he said.
Some of the highlights of the results include 8% Production increase, 43,045b/day compared to 40,039b/day; 18% Turnover decrease, N413.8 billion compared to N505.1 billion; 26% Profit-After-Tax increase, N13.1 billion compared to N10.4 billion and 8% Total Group Borrowings decrease, N193.1 billion compared to N210.9 billion.
In the downstream sector, the company also traded approximately 9.3 million barrels of crude oil under various contracts with the Nigerian National Petroleum Corporation (NNPC) and delivered 317,649 MT of refined products.