Oando Plc, a Nigerian leading multinational energy company, has finally released its 2019 and 2020 unaudited interim financial statements after two years of dispute with shareholders and suspension of the company’s 2018 Annual General Meeting.
The revenue of the embattled oil company declined from N576.572 billion reported for the 2019 financial year to N489.986 billion in the 12 months ended 31 December 2020. This represents a decline of 15%. Oando disclosed in its unaudited financial statements obtained by Investors King.
Gross profit plunged by 43.8% to N40.782 billion, down from N72.560 billion achieved in the corresponding period of 2019.
The company’s net finance cost also grew from N40.712 billion in 2019 to N58.941 billion in 2020. Loss before income tax improved by 64.65% from -N377.415 billion in 2019 to -N133.426 billion in 2020.
Oando received N170.337 billion in tax credit in 2019 and another N855.420 million in 2020. Loss for the period moderated by 35.98% to N132.570 billion in 2019 to N207.078 billion.
Explaining the reason for the delay, Oando said “The suspension of the company’s 2018 AGM and attendant issues prevented shareholders from being kept abreast of business operations, a move decried on numerous occasions by Oando and her executives as not being in the best interests of the market.
“In July 2021, Oando entered into a settlement with the SEC on all matters subject to litigation and other issues flowing therefrom, thus putting an end to one part of the dispute with Ansbury.
“Key for Oando was that the SEC did not find the company guilty of any wrongdoing and by way of a settlement, was able to prevent further market disruption and harm to Oando Plc’s shareholders,” the statement said.
