Oando announces YTD September 2017 results Posts N7.1bn Profit-After-Tax

Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, Oando Plc has announced unaudited results for the nine months period ended 30 September, 2017, with the following highlights:

Commenting on the results, the Group Chief Executive, Oando Plc, Mr Wale Tinubu said: “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,’’ he concluded.

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