Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, Oando Plc has announced unaudited results for the nine months period ended 30 September, 2017, with the following highlights:
Commenting on the results, the Group Chief Executive, Oando Plc, Mr Wale Tinubu said: “Our third-quarter financials are reflective of the success of our strategic initiatives of Growth through our dollar earning upstream portfolio; Deleverage through recapitalization and asset divestments and the expansion of our oil export trading business.”
“The proceeds from our business restructuring have been successfully used in improving our balance sheet with a reduction of N21 billion in our net debt position from N230.6 billion as at December 2016 to N209 billion today.”
“Despite prevailing headwinds, we continue to create value as seen in our improved performance four quarters in a row and remain confident about the resilience of our business model,’’ he concluded.
More From Energy Worth Online
Electricity tariff reviews’ll now follow service-based principles —NERC
NERC explained in a media statement that “under these service-based principles Discos will only be able to review tariff rates for customers when they consult …
Edo oil producing communities commend Obaseki for new focus of EDSOGPADEC
Communities in the oil-producing local government areas of Edo State, comprising Orhionmwon, Ikpoba-Okha and Ovia North-East have praised Governor Godwin Obaseki for providing a new …
‘Shell using JTF to force us to sign report on oil spills’
Energy Worth with Agency Report The people of Aghoro 1 community in Ekeremor Local Government Area, Bayelsa State, have accused Shell Petroleum Development Company of …