PROMOTED: Oando Steadily Wins Shareholder Confidence: Posts N4.6 Billion Profits in Q1 2019
The company continues to wax strong posting results for the first quarter of 2019 , with a profit of N4.6 billion PAT which is an 11% increase from the first quarter of 2018 , despite the volatile nature of the sector and economy.
An in-depth analysis of the company’s financials reveals that its turnover grew by 12% to N168 billion from N150.6 billion in Q1 2018; profit-after-tax increased by 11% to N4.6 billion compared with N4.2 billion in Q1 2018. The Group also decreased its total borrowings by 5% to N200.9 billion compared to N210.9 billion in FYE 2018 while its long term borrowing decreased by 1% to 75.8 billion compared to N76.8 billion in FYE 2018.
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% increase year-on-year, driven by a strong performance in its crude oil trading division and a 3% increase in turnover to $312 million, from $301 million.
As is the nature of commodity pricing nothing is certain, the economic outlook for 2019 indicates that oil prices are likely to fluctuate which would leave Nigeria’s largely oil-driven economy vulnerable.
Speaking on the full divestment from Axxela, Wale Tinubu said: “The completion of this divestment signifies another win for the Company. We pioneered the development of Nigeria’s foremost natural gas distribution network which has subsequently grown to become the largest private sector gas distributor in Nigeria creating a lasting impact on both the sector and the Nigerian economy.
In February Oando and its Joint Venture partners commissioned six mini water schemes in primary schools in Omoku Central Communities to improve access to potable water for schools in the community. Market stalls, concrete floors and modern toilets amongst other facilities were also commissioned in Utuechi Community, Ogba/ Egbema/ Ndoni Local Government Area in Rivers State.
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