Oando Posts Pre-tax Loss of N17.3bn in Six Months

By Dipo Olowookere

Nigerian Oil and gas company, Oando Plc, has released its financial status for the half year period ended June 30, 2019 and from the brief analysis done by Business Post, the bottom-line was not too impressive as the firm recorded a loss before tax of N17.3 billion against N2.3 billion loss before tax of the first half of 2018.

Though the firm declared a profit after tax of N7.2 billion in the period under review, this was lower than the N8.5 billion achieved in the same period of last year.

However, a look at the top-line showed an improvement as the revenue generated by the energy firm grew to N316.4 billion from N297.3 billion, while the cost of sales rose to N273.5 billion from N246.3 billion.

In the results, Oando said its finance costs slightly increased to N21.3 billion from N21.0 billion, while the administrative expenses jumped to N53.7 billion from N32.4 billion, with the finance income dropped to N4.6 billion from N5.1 billion.

Furthermore, the gross profit went down to N41.9 billion in H1 2019 from N51.0 billion in H1 2018, while the other operating income increased to N2.4 billion in the first six months of this year from N2.0 billion in the first six months of last year.

Also, the company said its operating profit was down to N1.2 billion in H1 2019 from N13.8 billion.