The Nation Newspaper Oando turns around with N104.1b profit
Oando Plc has seen a major turnaround in profitability as the indigenous energy solutions provider recorded profit of N104.1 billion in 2023. The company had suffered losses in previous periods.
The report also highlighted significant reduction of 23 per cent in the group’s upstream borrowings from $635.6 million in 2022 to $488.9 million in 2023. 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.
Group Chief Executive, Oando Plc, Mr. Wale Tinubu, said the results showed that the company has weathered the storm and on track to consolidate future growth. “Moreover, our foray into and leadership in clean energy expand our footprint as a fit and proper integrated energy company with our feet firmly planted in today’s realities and the possibilities of the future,” Tinubu said.
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