Oando PLC, Nigeria’s largest indigenous oil company is finally reporting profits after two years of consecutive losses.
While the profit report is a good sign, its result shows that the company still has alot of ‘financial surgeries’ to perform on its books and business model.
Oando plc ended the financial year 2016 with NGN455.7 billion revenue compared to NGN203.4 billion recorded in the financial year 2015.
The company’s cost of sales went through the roof to NGN426.9 billion against NGB156.7 billion recorded in the year 2015.
The company recorded NGN28.8 billion gross profit in the year in review in contrast to NGN46.5 billion recorded in 2015. It’s operating loss for the year was NGN7.6 billion against NGN10.4 billion profit recorded in 2015.
Oando plc recorded NGN63.3 billion loss before taxation compared to NGN39.1 billion recorded in the year before.
Oando said profit for the year after taxation was NGN3.4 billion against NGN49 billion loss recorded in 2015.
Total assets at the end of the year was NGN991.5 billion in the year 2016 against NGN946.3 billion recorded in the year 2015.
Further cost cutting measures has led to a reduction of its total liabilities for the year to NGN799.2 billion compared to NGN895.4 billion recorded in the previous year.
For more details on the report, click here>>>