The long awaited financial reports of Oando Plc have started hitting the market as the Company published its full year reports for 2020 and 2021 financial year.
The Oil Company reported a turnover of N722.5 billion for 2021 year end, up by 51% compared to N477.1 billion reported in 2020 Financial Year.
Profit after Tax of N34.7 billion was reported to 2021 year end, up by 124.7% compared to the Loss-after-Tax of N140.7 billion in FYE 2020.
Commenting on the 2021 year end results, the Group Chief Executive, Oando PLC, Wale Tinubu, stated thus:
“2021 was defined by contrasting themes for Nigerian oil producers, with buoyant oil prices tempered by an increasingly challenging local operating environment. Bullish oil prices throughout the year saw us record a 105% increase in average realized oil sale price whilst a surge in militancy and sabotage across the Niger Delta resulted in a 40% decline in average hydrocarbon production compared to 2020.
Despite the challenges, a strong revenue performance, coupled with the refund of a longstanding receivable contributed to a Net Profit of N34.7 billion.
As we continue to drive growth of our existing businesses, whilst also exploring creative solutions towards curbing the incessant pipeline sabotage incidences that continue to plague our local industry, we are also committed to investing in climate friendly and bankable energy solutions via Oando Clean Energy Limited, thus expanding our portfolio from Oil and Gas to include nonfossil energy solutions. We will continue to update our esteemed shareholders as progressive developments are made in the coming year”.