Oando PLC announces Q1 2019 results, posts N4.6 billion PAT

BABAJIDE OKEOWO

Oando Plc, Nigeria’s leading indigenous energy group listed has announced the unaudited results for the three months period ended March 31, 2019.

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In the result released, the Profit-After-Tax, PAT of the company rose to N4.6 billion, an increase of 11% compared to the same period in 2018 (N4.2 billion). This was primarily driven by a 15% increase in Operating Profit.

Revenue for the period also rose to N168.0 billion, an increase of 12% compared to the same period in 2018 (N150.6 billion) primarily driven by an 11% increase in production, and an 11% growth in traded volumes compared to prior year.