The Group Chief Executive of Oando Plc, Wale Tinubu keeps winning as he leads the company through another half year on the back of the company’s 41st Annual General Meeting at the Eko Hotel and Suites, Victoria Island, Lagos. The company recorded a gross profit of N51.0 billion in H1 2018, which increased by 53% from N33.4 billion in H1 2017. Commenting on the results, Wale Tinubu said:
“I am pleased to report that Oando PLC has made significant progress in 2018, evidenced by our substantial free cash flow generation and profitability. Oil prices have rallied over the last year, a direct consequence of increasing demand and reduced supply. Higher oil prices and the resolution of Joint Venture funding challenges with the Nigerian National Petroleum Corporation has driven increased investment in the upstream sector. This stable operating environment, coupled with our fiscal prudence, has reinforced our solid financial footing as we continue to build on the momentum garnered in 2017.”
Oando is Nigeria’s leading indigenous energy company and one of Africa’s largest integrated energy solutions provider. The company has a dual listing on the Nigerian Stock Exchange (NSE) and Johannesburg Stock Exchange (JSE). Oando’s impressive performance in the first half of 2018 is a testament to the strong leadership of Wale Tinubu, continuing the outstanding results delivered in 2017.
Further analysis of Oando’s H1 2018 results reveals the following: an 11% increase in turnover to N297.3 billion, with profit after tax (PAT) of N8.5 billion, an increase of 86%.
Wale Tinubu and Oando keep defying the odds with each announcement this year. Having since overcome the effects of falling oil prices that affected every company in the industry, Oando is now shooting for the stars with its 7th consecutive quarter of profit. H1 2018 saw a pick up in the oil and gas industry’s recovery after 2017.
Shareholders of Oando Plc have also shown their support for Wale Tinubu and other management of Oando as the company continues to create value for its shareholders. Alhaji Kabiru Tambari, an Oando shareholder with the Sokoto Zone Shareholders Association recently commented: “This result reaffirms my commitment for the management of Oando. Seven profits in a row is no small feat. Not all companies who have gone through what this company has gone through in the last year would be able to come out this strong. I commend the management team, and I hope they continue the good work.”
Oando recently impacted the lives of over 5,000 people in Agbere Community, Bayelsa state by commissioning a 20,000-gallon water scheme in the district. This initiative, in partnership with Oando’s Joint Venture (JV) Partners, NNPC and NAOC, will drastically reduce deadly water-borne diseases in the area.
The Nigerian National Petroleum Corporation (NNPC) recently partnered with Oando and other major oil and gas companies in line with its efforts to improve electricity generation in Nigeria. The companies will work together on the “Seven Critical Gas Development Projects” to strive for the production of 15,000 megawatts of electricity in two years.
With these and other achievements recorded this year, all roads are looking good for Wale Tinubu and Oando.