Oando Reports N10.4 Billion Profit After Tax in Q3

• Oando Reports N10.4 Billion Profit After Tax in Q3

The surge in global oil prices in recent months and the reduced disruptions of oil activities in the Niger Delta region have helped Oando Plc recovered from the effects of global oil glut despite internal crisis.

Oando Plc on Tuesday announced its financial results for the third quarter (Q3) ended September 30, 2018.

The report showed the company generated N10.4 billion profit after tax in the third quarter of 2018, a 46 percent increase when compared to the N7.1 billion filed in the same period of 2017.

Gross profit climbed 9 percent from N71.2 billion in 2017 to N77.6 billion in the Q3 2018.

Also, the company’s turnover climbed by 32 percent to N505.1 billion from N383.5 billion recorded in Q3 2017.

Speaking on the financial results, Adewale Tinubu, the Chief Executive Officer, attributed the success to higher oil prices and positive global growth.

“Today’s positive result is further evidence of the progress made by Oando in 2018 driven by our continued focus on execution and operational efficiency, supported by buoyant commodity prices.”

The CEO said the improved financial position showed the company has the ability to take advantage of the better macro environment to deliver strong revenues and profit needed to create value for its shareholders.

“As the year draws closer to an end, the management of Oando must be applauded for their dedication to keeping the company on course by delivering yet another consecutive quarter of strong financial performance,” he added.