Oando Improves PAT by 9.5% to N4.6bn in Q1’19

By Modupe Gbadeyanka

Leading energy firm in Nigeria, Oando Plc, seems to be bouncing back to the good old days going by the details of the company’s financial status released to the investing public yesterday.

In the first quarter of this year, which ended on March 31, 2019, Oando’s revenue improved N168 billion from N160.6 billion in Q1 2019.

However, the gross profit decreased to N23.2 billion from N27.9 billion in the same period of last year as a result of the increase in the cost of sales incurred in the period under consideration, which jumped to N144.8 billion from N122.6 billion.

Also, the administrative expenses rose to N14.6 billion from N13.6 billion, while the finance costs increased to N10.7 billion from N10.6 billion.

However, the operating profit improved in Q1 2019, closing at N17.2 billion against N14.9 billion in Q1 2018, with the finance income appreciating to N2.5 billion from N2.4 billion.

Further cursory look into the financial details indicated that Oando declared a profit before tax of N8.8 billion in the first three months of this year compared with the N6.5 billion in the first three months of last year.

Similarly, the profit after tax improved by 9.5 percent to close at N4.6 billion in the period under review in contrast to N4.2 billion in the same time of 2018.