In case you are among shareholders, analysts and stakeholders waiting to see Oando PLC’s 2015 full year, FY result, I have a bad news for you.
Well for the umpteenth time, Oando PLC has not been able to produce its full year 2015 result.In a released made availabe to The Exchange, Oando is seeking the understanding of its shareholders and the market that it will be postponing the release of the result.
In the statement signed by Ainojie ‘Alex’ Irune, Head, Corporate Communications at Oando, the company said:
“This is to inform our valued shareholders and key stakeholders that there has been a further extension to the release of Oando PLC’s Full Year End (FYE) 2015 Results.
Additional enquiries and further engagement with our auditor, Ernst & Young (“EY”), post submission of our numbers to them have resulted in delays to the finalization of the Accounts which in turn has resulted in a delay in submitting the Accounts to the Financial Reporting Council of Nigeria (“FRCN”) for regulatory review.
Accordingly, the Company was unable to meet with the earlier communicated timeline for the submission of its Accounts of 31 May, 2016. We (Oando PLC) will work actively with EY and seek an accelerated approval process when the Accounts are submitted to the FRCN in order to ensure we conclude and file our Audited FYE 2015 Results on or before 30 June, 2016.
We will keep all concerned abreast of any further developments.”
Oando has faced series of criticism over its topsy-turvy balance sheets. The company suffered serious impairments in the wake of the crash in global crude oil price. In its belated 2014 FY result, Oando posted a net loss of NGN 184 billion. This shocked the entire market on its ability to exist as a going concern should the rally in global oil price continues to move in negative directions.
Shares of Oando currently trades at NGN 6.30 per share. The company’s stock has declined by 58.5% in the last 12 months.
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