Upstream oil and gas giant Oando Nigeria Plc has surmounted the headwinds as the company recorded a profit after tax of N1.71 billion, a 58.29 percent reduction from N4.10 billion the previous year.
The company has been struggling with lower oil price, a weak currency and a militant attack on oil facilities in the Niger Delta region.
A 575.18 percent surge in revenue was responsible for the company’s profit position.
Oando’s share price gained 1.22 percent to close at N5.88 as of 2:00 pm on Thursday.
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