Oando Plc has released its unaudited financial result for the first half of 2024 posting a pre-tax profit of N45.51 billion.
The company’s financial statement for the first six months of 2024 posted on the NGX revealed that revenues in the period reached N2.03 trillion- an increase from N1.34 trillion generated in the same period of 2023.
In the period under review, the company’s pre-tax profit declined by 178% from N126.86 billion in revenue in the first six months of 2023 to N45.51 billion.
In the three months leading up to June 30, 2024, the company recorded revenues of N810.34 billion and gross profits of N38.71 billion. However, profit after tax for the period N140.37 billion in the second quarter of 2024.
The key drivers of the company’s revenue growth mostly came from its Supply & Trading Business which rose to N1.8 trillion from N1.3 trillion the previous year.
A cursory review of the company’s balance sheet also shows the group has a total external loan of N1.6 trillion up from N818.3 billion a year earlier.
Project Gazelle: Oando contributed $550 million in a $3.3 billion crude-backed finance deal led by Afreximbank.
Temporary Overdraft: Oando took a N58 billion overdraft for working capital, with a partial repayment and rollover of N42 billion.
FX Forward Contract: Oando agreed to a N16 billion forward contract with Argentil, partially repaying its overdraft facility.
Oando also provided some updates on some of the acquisitions made in 2024, most of which contributed to its meteoric share price appreciation.
Note: An earlier version of this article focused on the Company Results instead of the Group. This has now been updated to reflect the Group Earnings.