By Abdulquddus OKELE InvestAdvocate
Lagos (INVESTADVOCATE)-Oil marketing company, Oando Plc on Tuesday reported a profit after tax (PAT) of N7.13 billion in the third quarter (Q3) period ended September 30, 2017 compared to a loss of N54.35 billion recorded a year ago.
Also, the company recorded a loss before tax (LBT) of N9.49 billion from N87.51 billion declared same period of last year; showing a loss of 110.9 percent.
Revenue grew 68.2 percent to N383.35 billion from N227.84 billion reported in the same period of 2016, Oando said in a filing with the Nigerian Stock Exchange (NSE).
“Our third-quarter financials are reflective of the success 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 have been successfully used in improving our balance sheet with a reduction of N21 billion in our net debt position from N230.6 billion as at December 2016 to N209 billion today. Despite prevailing headwinds, we continue to create value as seen in our improved performance four quarters in a row and remain confident about the resilience of our business model,’’ Wale Tinubu, group chief executive, Oando said in a statement.
The Securities and Exchange Commission (SEC) on October 24, 2017 alleged from findings their findings that the oil marketing major had presented false dividend and financial statements overtime which its still investigating.
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