Oando Plc has released its unaudited financial result for the first half of the year recording a pre-tax loss of N281.03 billion.
The company’s financial statement for the first six months of 2024 posted on the NGX revealed that revenues declined from N1.027 trillion in the first half of 2023 to N343.86 billion.
This represents a 67% dip in revenues year on year.
In the period under review, the company increased its losses from N134.54 billion in the first six months of 2023 billion to the current figure.
Commentary: The company experienced a challenging financial period, with revenues plummeting by 67% year-over-year to N343.86 billion, which aligns with a similar 67% drop in the cost of sales, suggesting a major contraction in sales activities.