Oando Plc, a prominent energy provider in Nigeria, has recently received positive news. The Johannesburg Stock Exchange (JSE) has reverted Oando’s suspension, allowing trading of shares once again. This suspension was imposed earlier in the year due to Oando’s failure to meet the deadline for publishing its audited year-end results and interim results.
The company wasted no time in informing its shareholders and the investing public about this development, expressing gratitude for their patience throughout the process. Oando’s commitment to maintaining high standards of corporate governance and transparency remains unwavering.
In addition to this positive development, Oando Plc experienced a significant increase in its share price, with a 9.75% rise to N12.95 per share. The financial and operational reports for the year ending December 31, 2023, revealed an impressive pre-tax profit of N104.1 billion. The operational reports also displayed remarkable improvements, marking a turnaround from previous losses. The annual interim report also highlighted substantial growth in key performance indicators, generating optimism for the company’s future.
Furthermore, Oando recently finalised an acquisition deal to acquire Eni’s shares in Nigeria’s Nigeria Agip Oil Company Limited (NAOC). This strategic move further solidifies Oando’s position in the energy sector. Notably, the company’s turnover saw a remarkable surge of 71%, reaching N3.4 trillion in 2023. This was a significant increase compared to N1.9 trillion in 2022.
This impressive growth resulted in a net profit of N74.7 billion for the same year. By focusing on enhancing major business sectors, particularly with a 50% increase in trading operations, Oando has made significant strides in aligning with regulatory standards for all listed companies.
Shareholders and investors can now have increased confidence in Oando’s current position and future prospects.
