Commenting on the result, Mr. Wale Tinubu, Group Chief Executive, Oando Plc states, “The group is pleased to report continued impressive profit growth in the third quarter. This was mainly as a result of a huge improvement in the contribution from our non-marketing business which benefited from increased business activities, as well as sustained product availability in our traditional marketing business,” Tinubu said.
“Higher oil prices also contributed positively through improved margins. The positive performance and increasing opportunities in the energy sector further support Oando’s strategic decision to continue diversifying and expanding our operations base,” Tinubu said.
Our third quarter results highlight the company’s unwavering commitment to enhancing stakeholder value. We expect a stable outlook for the rest of the year and thus look forward to a robust performance by year end.
We shall relentlessly seek to expand our diversified platform in our bid to become the largest integrated energy solutions provider in Africa. Our current performance and future projection supports this strategic in-sight. Already our Supply and Trading business is well positioned to fully tap into opportunities along the supply chain; Our Energy services business has been fully re-engineered to meet the immediate and future challenges and Our Gas and Power company is poised to continue to maintain its leadership position in natural gas distribution by incursions into West African. . With our aggressive cost containment strategies, ambitious and promising initiatives, and a management staff alert to the enormous opportunities in the business, there is a huge potential for growth in the coming months and years.
The Future
With increasing opportunities in the upstream, exploration & production, gas and power, Oando is geared towards attaining the apex position in the energy sector by continually diversifying and expanding our business lines. Our valuable shareholders are guaranteed to benefit from the benefits that would accrue as a result.
The Board is of the view that this third quarter results, highlights the success the company has continued to achieve in meeting the challenges of managing its diversified platform with a view of actualizing its vision of becoming Africa’s Leading integrated energy company driven by excellence.
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 |
