26 October 2015, Lagos – Oando Plc has finally released its long-awaited results for the full-year ending 2014, in which it declared a historic loss after tax of N183.9 billion compared to a profit after tax of N1.396 billion in 2013.
The company also released its half-year unaudited results for 2015, recording another loss after tax of N35.12 billion from a profit after tax of N8.980 billion in the corresponding period in 2014.
Oando, whose shares have taken a beating in the last year from investors who have not been comfortable with the company’s inability to release its results on time, over exposure to financial creditors resulting from its acquisition of ConocoPhillips’ upstream assets in 2014, coupled with declining oil prices, also recorded a loss before tax of N171.3 billion in 2014 and a loss before tax of N38.58 billion for the half-year ended June 30, 2015.
For the full year 2013, the company made a profit before tax of N713.2 million and a profit before tax of N8.57 billion as at June 30, 2014.
For the full year 2014, Oando also recorded a decline in revenue from N449.8 billion to N424.67 billion while the company managed to increase revenue marginally from N55.67 billion in June 2014 to N60.32 billion in June 2015.
Commenting on its disappointing results, Oando, in a statement at the weekend, said the less than stellar numbers were indicative of the emergence of a new global oil order due to continuing crude price fluctuations – a near halving since June 2014 – that has changed the corporate landscape for oil companies, and has far-reaching implications for the economies of oil exporters.