Oando Plc has released Interim consolidated and separate financial statement of financial position as at 31 March 2016 and 31 December 2015
Its 2016 group revenue stood at N27.72 billion versus N30.65 billion a year ago.
Financial Highlights:
Turnover decreased by 34%, N64.0 billion compared to N97.1 billion (Q1 2015)
Gross Profit decreased by 57%, N8.8 billion compared to N20.5 billion (Q1 2015)
Profit-Before-Tax increased by 98%, (N461 million) compared to (N19.4 billion) (Q1 2015)
Profit-After-Tax increased by 120%, N4.1 billion compared to (N20.9 billion) (Q1 2015)
Operational Highlights:
PLC:
Restructures debt with the execution of its N94.6Billlion Medium Term Note facility with 10 leading financial institutions.
Upstream:
Oando Energy Resources (OER) increased 2P net reserves by 6% from 420.3 MMboe to 445.3 MMboe.
Midstream:
Oando Gas & Power commences development of a 20 mmscf/day Mini-LNG facility in Ajaokuta, Kogi State.
Oando Gas & Power completes profitable sale of the 12.15MW Akute Independent Power Plant (IPP) Signs term sheet for the divestment of the 10.4MW Alausa Independent Power Plant (IPP)·
Downstream:
Oando PLC amends and restates terms of recapitalization via the injection of· USD210million from Helios/Vitol JV.
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