Oando Plc, Nigeria’s leading indigenous energy group listed on both The Nigerian and Johannesburg Stock Exchange, today announced its unaudited results for the six months period ended June 30, 2018.
Its Turnover increased by 11% to N297.3 billion when compared to N267.0billion it recorded half year 2017.
Profit-After-Tax increased by 86% to N8.5billion compared to N4.6billion it reported half year 2017.
The Oil marketing company’s earnings per share consequently stood at 68kobo after it grew 86% from 37kobo of previous period. Though the group only considered the profit attributed to the parent company to arrive at 24kobo earnings per share in its report.
The PE Ratio for the period stood at multiple 7 with a price of N4.85, and the earnings yield is 14%.
Commenting on the results Wale Tinubu, Group Chief Executive, Oando PLC said:
“I am pleased to report that Oando PLC has made significant progress in 2018, evidenced by our substantial free cash flow generation and profitability. Oil prices have rallied over the last year, a direct consequence of increasing demand and reduced supply.
Higher oil prices, and the resolution of Joint Venture funding challenges with the Nigerian National Petroleum Corporation has driven increased investment in the upstream sector.
This stable operating environment, coupled with our fiscal prudence, has reinforced our solid financial footing as we continue to build on the momentum garnered in 2017.”