Oando Plc has posted impressive results for the nine months period ended September 2018, with a profit of N10.4 billion, representing a 46 per cent increase, compared with N7.1 billion it recorded in same period of 2017.
The feat was attributed to the continued increase in oil prices and sales volumes, Nigeria’s exemption from the production cut by the Organisation of Petroleum Exporting Countries (OPEC), capital discipline and reduced disruptions on production activities in the Niger Delta.
All these, according to a statement from the oil and gas company, contributed to the improved cash flows recorded in the period under review.
The company has since recovered from the effects of the oil price crash, with this being its eight consecutive profit since 2017 and its third profit in 2018.
Its peers in the sector had also posted positive results. Read more