Oando Sustains Positive Results, Posts N4.6bn Profit in Q1 - THISDAYLIVE via thisdaylive
Oando Plc has raised investors’ hope for better returns as it posted improved results for the first quarter ended March 31, 2019.
Also, the figures reflected an increase in production by 11 per cent at 43,745boe/day compared to 39,556boe/day in the same period of 2018 in Oando’s upstream subsidiary. Commenting on the results, the Group Chief Executive of Oando Plc said: “Our results reflect the progress made over the last few quarters and provides an indication of our expectation for the year. Now that our debt profile is down by 78 per cent from $2.5billion as of December 2014 to $ 558 million, and our de – leverage programme is 90 per cent complete with most of our non-core operations divested for good value, we can now focus on steady growth in our upstream entity.
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