Group CEO, Mr Wale Tinubu, commented on the performance, “Despite the challenges faced by the industry during the first half of the year, including volatile crude oil prices, several man-hours lost due to election holidays, general and industrial strike action and some scarcity of petroleum products, the Oando Group continues to deliver impressive profit growth. We look forward to further strong performance and growth from our new and existing businesses as we take advantage of the significant opportunities available to us in our chosen markets. Oando is strategically positioned to become one of the foremost integrated energy players in Africa through diversification and acquisition.”
Looking forward Mr Tinubu added, “Oando anticipates exceptional growth ahead from our continued drive to increase volumes of higher margins products such as lubricants, and sustainable contributions made by the Group’s newer businesses. The group is focussed on tight cost management, improving further operational efficiencies and increasing value for all of its stakeholders. With changes to the Group structure to increase transparency and visibility of earnings, along with moves to separate out the Marketing business allowing for simpler comparison of our business with peers, we hope investors will realise the true value inherent in the Group as we continue to realise our vision of creating the Africa’s pre-eminent integrated energy group.”
For more information please contact:
Tokunboh Durosaro
Head, Corporate Communications
Oando Plc
2 Ajose Adeogun Street
Victorial Island, Lagos
Phone: 01 2625857
Email: tdurosaro@oandoplc.com
www.oandoplc.com |
