Wale Tinubu: Oando CEO

Oando Plc on Tuesday announced a profit after tax of N10.7 billion for the third quarter ended Sept. 30, 2014.

The company in a statement issued in Lagos said that profit after tax represented a growth of 75 per cent when compared with N6.1 billion declared in the comparative period of 2013.

The report showed that profit before tax rose by four per cent to N10.2 billion, against the N9.8 billion recorded in corresponding period of 2013.

Also, the company’s gross profit during the period grew by 70 per cent to N79.6 billion compared with N46.7 billion achieved in the comparative period of 2013.

Commenting on the result, Mr Wale Tinubu, the company’s Group Chief Executive, attributed the growth to strategies embarked upon to improve service delivery.

Oando retail outlet

Tinubu said that the company was making solid progress in achieving a more robust financial performance despite the present industry trend and 30 per cent decline in global crude oil prices.

“Our conservative nature ensures that we apply risk mitigating processes, by implementing hedging tools in the upstream on our future crude production, at $100/barrel for three years,” he said.

Tinubu said that the company had fixed gas prices through long-term contracts with customers in the midstream sector.

According to him, the company has taken advantage of the lower prices in landing its refined imported products, resulting in improved pricing efficiencies.

He said that the company had completed the construction of the Apapa Single Point Mooring jetty and that it would be inaugurated by the end of the year.

According to him, 2014 has been a year of phenomenal growth for the company with an interim dividend of 70K paid to shareholders for the six months ended June 30, 2014.

“With strong profits in the third quarter of 2014 and project plans on target, the company is set to end the year on a positive note, delivering superior value to shareholders,” Tinubu said.