Economy
Oando Sustains Positive Moment with N4b Profit in Q1 2018
By Modupe Gbadeyanka
The positive momentum recorded by Oando Plc in its 2017 financial year was maintained in the Q1 2018 earnings, Business Post has observed in the financial statements of the energy firm for the period ended March 31, 2018.
In the period under review, the company declared a profit after tax of N4.1 billion with turnover increasing by 9 percent to N150.5 billion from N138.4 billion in the corresponding period of last year.
Also, the gross profit appreciated by 108 percent to N27.9 billion from N13.4 billion achieved in Q1 2017.
According to the group CEO of Oando Plc, this positive performance was influenced by a stable operating environment and continued incline in crude oil price.
“I am pleased to announce that the Company has maintained the momentum of 2017 by posting a profit of N4.1 billion in our first quarter ended March 31, 2018 unaudited financials.
“Our Q1 performance was characterised by a stable operating environment, continued incline in crude oil prices, and the highest level of compliance by member countries’ of the OPEC Accord.
“Considering the background of current industry trends, the Company is committed to maximizing throughput rates to ensure a positive financial performance in the ensuing quarters of 2018,” Mr Tinubu stated.
A look at Oando’s upstream operations showed that Oando Energy Resources (OER) recorded a 4 percent increase in total production to 3.6MMboe (average 39,556 boe/day) from 3.4MMboe (average 38,125 boe/day) in comparative period of Q1 2017.
Also, OER realised a net profit of N8.6 billion ($23.8 million) compared with N5.8 billion ($16.2 million) profit in the comparative period of Q1 2017, while it recorded an average production of 39,556 boe/day in the 3 months ended March 31, 2018 compared with 38,125 boe/day in the comparative period of 2017.
It was observed that the improved production was primarily due to increased production at Ebendo as a result of the Trans Forcados pipeline, which was down in the same period in 2017 as well as increased production at OMLs 60 to 63 as a result of reduced sabotage and crude theft activities, which necessitated a shut-in on production lines in the comparative period of 2017.
At the end, OER recorded a net profit of N8.6 billion ($23.8 million) compared with N5.8 billion ($16.2 million) in the comparative period of Q1 2017. The increase in net income between the quarters was primarily due to higher revenues as a result of a general increase in the price of oil and gas commodities (Q1 2018: Oil -$65.49/bbl, Gas – $1.54/mcf, NGL – $13.59/boe, compared to Q1 2017: Oil – $51.74/bbl, Gas – $1.39/mcf, NGL-$9.62/boe).
Its midstream subsidiary, Axxela, achieved drawdown on a N1.5 billion facility to refinance the Central Horizon Expansion Pipeline’s term loan.
For the downstream operations handled by OTD, the firm recorded average trading volumes of 32,000 bpd in the three months ended March 31, 2018 compared to 70,000 bpd in the comparative period of 2017
A total of 2.9m barrels of Crude Oil and 163,000 MT of petroleum products were traded in the first quarter of the year just as trading revenues remained relatively stable slightly over N108.1 billion ($300 million), driven by a strong performance in West African flows.
The first quarter of 2018 saw global crude prices average $66 per barrel, $3 more than the projected average of $63 for 2018 and 2019. The extension of the OPEC oil production cut agreement through 2018 further buoyed crude oil prices and are reflective in the balance sheet of various economies.
In Nigeria, macroeconomic indicators recorded progress in the first quarter of the year, as oil production increased, inflation rate moderated, the exchange rate and operating environment remained stable.
The outlook for 2018 remains promising as Nigeria’s Gross Domestic Product (GDP) is set to grow by 2%, propelled by increased oil production, improved government spending and investments set to benefit from an increasingly attractive investment climate.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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