A total sum of N4.6 billion was posted by Oando Nigeria Plc as Profit After Tax (PAT) in its first quarter 2019 operations, against N4.2 billion achieved in the corresponding period in 2018.
The company’s Turnover grew by 12 per cent to N168 billion from N150.6 billion in the same period.
Meanwhile, unaudited result for the first quarter ended March 31, 2019 showed 11 per cent increase in profit to N4.6 billion compared with N4.2 billion in Q1 2018.
In a statement by the company, the Group also decreased its total borrowings by five per cent to N200.9 billion, compared with N210.9 billion in 2018, while its long term borrowing decreased by one per cent to N75.8 billion, against N76.8 billion in 2018.
Figures also reflect an increase in production by 11 per cent at 43,745boe/day compared to 39,556boe/day in the same period of 2018 in Oando’s upstream subsidiary.
The company’s production activities reveal that oil production increased by 13 per cent from 14,823bbls/day in Q1 2018 to 16,815bbls/day in Q1 2019, whilst natural gas production increased by 18 per cent from 124,910mcf/day in Q1 2018 to 147,163mcf/day in Q1 2019.
“This is in line with the company’s Group Chief Executive, Adewale Tinubu’s promise to aggressively grow production organically and inorganically in its upstream business.
“Increased production speaks to just one metric that is supporting these strong financials; the company’s near-completion of the implementation of it’s widely spoken about corporate strategic initiatives is another strong contributor.
“Despite its partial divestment from its marketing subsidiary the company continues to increase its market share in the downstream sector through its trading business, Oando trading which recorded an 11 per cent increase year-on-year, driven by a strong performance in its crude oil trading division and a three per cent increase in turnover to $312 million, from $301 million,” the statement noted.
