June 19, 2024

Oando Plc declares N74.72bn as profit in Q4 2023

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Ilenre Irele

The long awaited financial reports of Oando Plc were published last week. These include Q1 2023, Q2 2023, Q3 2023 and Q4 2023 respectively.

The Fourth Quarter report of Oando for the year ended 31 December 2023 shows significant growth in the company’s topline and bottom line figures.

The Group reported revenue of N3.403 trillion for the 12 months period, up by 70.71% from N1.994 trillion reported the previous year.

Profit after tax grew year on year by 191.99% to N74.72 billion from the loss after tax of N81.23 billion reported in the previous year.

Earnings per share of Oando stands at N6.01.

At the share price of N12.95, the P/E ratio of Oando Plc stands at 2.15x with earnings yield of 46.42%.

Commenting on the results Wale Tinubu, Group Chief Executive, Oando Plc stated thus:

“Despite the persistent pipeline vandalism across the Niger Delta, which continues to dampen crude production, we achieved a profit after tax of N 74.7 billion in 2023 largely driven by increased trading volumes due to our strategic global partnerships and net foreign exchange gains on the group’s foreign currency denominated assets as against losses on our foreign currency denominated liabilities. Furthermore, our milestone signing of the Sale and Purchase Agreement with Eni towards the acquisition of 100% of the shares of NAOC Ltd, marked a pivotal moment for our organization and is poised to unlock substantial synergies in the near future. Our focus is now on completing the acquisition and seamlessly integrating operations to deliver exceptional value to our shareholders”

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