Oando Plc has announced audited results for the twelve-month period ended December 31, 2015, with a loss of N49.7 billion
The leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchanges, had reported a loss of N145.7 billion in the prior financial results.
The company also reported a loss before tax of N51 billion in 2015 compared with N138 billion in 2014.
Further financial highlights indicated that revenue decreased by 10 per cent to N381.7 billion compared to N425.7 billion recorded in 2014 while gross Profit increased by seven per cent to N77.7 billion compared to N72.3 billion in 2014.
Commenting, Group Chief Executive, Oando Plc, Mr. Wale Tinubu, said: “2015 remained a turbulent year for the global oil and gas industry as business models had to be altered to enable industry players survive this new reality, by focusing on cost optimisation, increasing operational efficiency and downscaling capital expenditure.
He added that, “This re-evaluation of our business has resulted in the execution of strategic initiatives, which we are confident will return our business to profitability in the short-term in 2016, with Growth through our dollar earning upstream portfolio, Deleverage through recapitalization or asset divestments, and Profitability hinged on refocused dollar oil export trading business”.
In the upstream sector, Oando Energy Resources (OER) recorded an 118 per cent in total production to 19.9 million boe in the 2015 as compared to 9.1 million boe 2014.
There was also a growth in average production from 24,945 boe/day in 2014 to 54,520 boe/day in 2015. Oando Energy Services celebrated 5 years of continuous operations without a lost Oando Gas and Power commences 8.5km pipeline expansion for the Central Horizon Gas Company (CHGC). Oando Gas and Power signs Sales and Purchase Agreement (SPA) to sell the Akute Independent Power Plant (IPP)
The company explained that in the downstream sector in 2015, it amends and restates terms of recapitalization via the injection of $210million from Helios/Vitol JV.
“Oando Downstream increases global footprint by incorporating a trading business in Dubai;Oando Downstream successfully completed construction of a 14.4 million litre PMS tank in the Apapa terminal.
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