Oanda posts 26% increase in interim turnover
Dual-listed Oando has lifted its turnover to N330-billion for the six months ended September 30, compared with the N262-billion turnover recorded in the prior interim period.
Gross profit decreased by 52% to N28.7-billion, but its after-tax loss narrowed 25% to N35.9-billion for the six months under review.
The company this week said the Nigerian economic environment continued to impact its business, with the further devaluation of the naira during the third quarter of the year from an average exchange rate of N280.00 to the dollar in quarter two to N316.00 to the dollar in the third quarter.
This has resulted in further foreign exchange losses owing to an impairment of Oando’s dollar-denominated receivables.
Further, it pointed out that unrest in the Niger Delta had negatively impacted on the group’s operations for the biggest part of the year.
CEO Wale Tinubu commented that the federal government’s ceasefire with militants in the third quarter had led to stabilised daily production from Oando’s assets.
He added that the company had been proactive in its cost management initiatives to ensure increased value extraction for every barrel of oil produced as the global oil price lingers below $50/bl.
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