The Nation Newspaper Oando’s N104.1b profit rallies investors
has recorded nearly the highest possible gain at the Nigerian stock market since the release of its latest financial and operational reports.
Yesterday, Oando also closed with the third highest gain of 9.65 per cent to close at N14.20 per share. Turnover rose by 71 per cent from N1.9 trillion in 2022 to N3.4 trillion in 2023. As against net loss of N81.2 billion in 2022, the company recorded net profit of N74.7 billion in 2023. Pre-tax profit stood at N104.1 billion in 2023, compared with pre-tax loss of N61.84 billion in 2022.
The release of the 2023 results brings the company a step closer to being in line with regulatory requirements for all listed companies. It indicates that by the end of this year, Oando will be on track with its peers in reporting results thus giving confidence to shareholders and investors on the company’s current state and future.
According to him, despite the persistent pipeline vandalism across the Niger Delta, which continues to dampen crude production, the profit after tax of N 74.7 billion in 2023 was largely driven by increased trading volumes due to strategic global partnerships and net foreign exchange gains on the group’s foreign currency denominated assets as against losses on foreign currency denominated liabilities.
Shareholders said the recovery, from previous streak of losses, underlined the relentless efforts of the board and management to turn around the company.
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