Oando issues profit warnings for H1, 2016

Oando Plc Nigeria’s leading indigenous  energy  group  listed  on  both  the  Nigerian  and  Johannesburg  Stock  Exchanges, has issued a profit warning to its shareholders that it expects to report materially lower earnings for the second quarter of 2016.

The company, according to its Head, Investor Relations,  Tokunboh Akindele ,  in a statement on Monday, this is due to the impact of the  Naira  devaluation  against  the  US  dollar, which it said resulted in  unrealized  foreign  exchange  losses. This announcement is based on the unaudited financial statements for the period ended 30th June, 2016.

“The  impact  of  the  Naira  devaluation  by the Central Bank of Nigeria (CBN) is expected to  amount  to  an  unrealized  foreign  exchange  loss  arising  from  USD denominated  liabilities,  outstanding bank trade facilities as well as vendor payables.

“As at the time of the devaluation of USD, the  company  had  denominated  borrowings of  $261 million  in  our  Naira  dominated  earnings businesses, consisting of $68 million incurred loans, $89 Million in bank trade facilities, $83 million in asset financing and $21 million in other payables.

“A circa 40% devaluation in the  value  of  the  Naira  against  the  US  dollar from  the  bank  rate  of  N199.00:$1.00  to N280.00:$1.00, has effectively resulted in these significant foreign exchange losses which we have prudently booked into our financial statements”.

The company, however, said that despite  the  challenging operating  landscape  in  2016,  “We  reiterated  our  focus  of  returning  the  Group to profitability by growing our dollar earning higher margin upstream and export trading  businesses, which will not be impacted by the volatility of Foreign Exchange rates to the Naira.

“We remain confident in our diversified business model and the long-term prospects for growth in Nigeria and beyond. Further  details  of the Group’s  financial  performance  will  be  disclosed  when the  Half  Year  unaudited financial results are announced and during the subsequent results conference call”, the company said.

 

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