Oando Grows Profit to N8.5b in Six Months

By Dipo Olowookere

One of Africa’s largest integrated energy solutions providers, Oando Plc, on Thursday released its unaudited financial statements for the period ended June 30, 2018.

In the results, the revenue generated by the company increased by 11.4 percent to N297.3 billion from N267 billion, while the gross profit went up by 52.6 percent to N51 billion from N33.4 billion.

Also during the period under review, Oando said its finance income improved by 9.9 percent to N5.1 billion from N4.6 billion, while the finance costs-net closed at N15.9 billion against NN16.4 billion 12 months ago.

The company further stated in the results that its cost of sales during the period under review went up to N246.3 billion from N233.5 billion.

Oando also grew its profit in the first half of 2018 to N8.5 billion, while the total assets appreciated to N1.1 trillion from N1 trillion in the first half of 2017.

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