Oando Plc has recorded N10.396 billion profit-after-tax (PAT) in its third quarter ended September 30, 2018 results.
The company in a release to LEADERSHIP, yesterday stated that the continued increase in oil prices and sales volumes, Nigeria’s exemption from the production cut by the Organization of Petroleum Exporting Countries (OPEC), capital discipline and reduced disruptions on production activities in the Niger Delta are contributing factors to the improved cash flows and impressive results posted by Oil and Gas companies operating in Nigeria in the third quarter of 2018.
Also, the results released to the investing public by the company showed that profit after tax grew by 46 per cent, compared with N7.1 billion in the same period of 2017.
The company said that Oando’s 46 per cent jump in year-on-year quarterly net profits beat market expectations, saying that “despite being in the middle of an indirect shareholder dispute which has led to a yet to be concluded Securities…
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