H124: Oando Records 51 Growth In Revenue To N2 Trn
Oando PLC, Africas leadingenergy solutions company listed on both the Nigerian Stock Exchange NGX and Johannesburg Stock Exchange JSE has announced a 51 growth in revenue of N2 trillion in the unaudited first half 2024, HI24 compared to N1.3 trillion in H123.
This announcement comes as the company resumes trading on the NGX,along with the publication of its 2023 full year audited reports.
Following the performance set in its audited full year 2023 results, Oando continues to show impressive results across its key financial metrics. In addition to the significant growth in revenue, the company posted a profit-after-tax of N62.6 Billion.
Speaking on the H124 performance, Group Chief Executive, Oando PLC, Wale Tinubu stated : In the first half of 2024, we delivered a Profit After Tax of N62.6 billion, despite persistent challenges occasioned by sabotage and theft across our assets in the Niger Delta, which led to frequent shut-ins and impacted production. Since assuming operatorship, we have implemented a series of production-enhancing initiatives, which are already yielding results, as demonstrated by a 36 increase in output within the first 30 days following the acquisition. As we navigate a dynamic market environment, we are confident in our trajectory toward sustained production growth, positioning us to deliver long-term, sustainable value for all stakeholders.
