Modupe Gbadeyanka
By Modupe Gbadeyanka
Embattled energy firm, Oando Plc, has released details of its financial statements in the first nine months of 2017.
Oando has been going through a turbulent time lately with the allegations of financial misconduct and announcement of false financial statement and declaration on unrealised profit trailing the leading oil company in Nigeria.
This led to the Securities and Exchange Commission (SEC) placing a technical suspension on the shares of Oando with the Johannesburg Stock Exchange (JSE) taking a similar action.
On Tuesday, despite all the troubles, Oando released its earnings for the third quarter of this year, growing its revenue to N383.4 billion from N227.9 billion in the corresponding period of last year.
In addition, the company recorded a gross profit of N71.2 billion in contrast to N13.1 billion achieved a year ago.
Furthermore, the operating profit of Oando closed as at September 30, 2017 at N38.1 billion against the N42 billion loss posted as at September 30, 2016.
Also, Oando recorded a profit before tax of N9.5 billion during the period under review in contrast to the loss of N87.5 billion declared 12 months ago, while the post-tax profit was N7.1 billion versus N35.9 billion loss of a year ago.
In the financial statements, no dividends were paid by Oando to its shareholders during the period, while the company did not acquire new interests in any new subsidiaries, and no significant litigation settlement occurred during the period under review.
