Oando Plc has published its long awaited Audited Financial Statement for the year ended 31 December 2021.
The Oil firm reported a revenue of N803.46 billion for the year under review, up by 68.42% from N477.07 billion reported in FY 2020.
Profit after tax of N32.86 billion was reported for the 12 months period, up by 123.36% from the loss after tax of N140.67 billion reported in FY 2020.
Earnings per share of Oando for the period under review stands at N2.64.
At the share price of 13.3, the P/E ratio of Oando Plc stands at 5.03x with earnings yield of 19.87%.
Commenting on the results Wale Tinubu, Group Chief Executive of Oando PLC said:
“Our Audited Full Year 2021 Financial Statements are broadly in line with our earlier published Unaudited results in which we announced an increase in profitability driven by a strong revenue performance – a consequence of an 82% increase in average realized oil sale price – coupled with the refund of long-standing receivable.
Although a surge in militancy and sabotage activities across the Niger Delta negatively affected our operations during the reporting period, we have since seen progress in security initiatives and are consistently seeking innovative solutions to stabilize our oil & gas production.
Moving forward, we remain committed to driving growth within our upstream and trading businesses, whilst simultaneously diversifying our portfolio by investing in non-fossil and climate friendly energy solutions through Oando Clean Energy Limited.
We will continue to update our esteemed shareholders as progressive developments are made in the coming year”