Energy group, Oando Plc, has released its audited results for the financial period ended December 31, 2021, where it revealed that it recorded N32.9bn as profit-after-tax in contrast to a loss-after-tax of N140.7bn in 2020.
The results which were filed with the Nigerian Exchange Limited on Monday revealed that the indigenous energy company’s turnover increased by 68 per cent to N803.5bn compared to N477.1bn in 2020.
The group’s total borrowings also increased by 10 per cent to N460.8bn compared to N419.6bn in 2020.
Commenting on the results Wale Tinubu, Group Chief Executive, Oando PLC said, “Our Audited Full Year 2021 Financial Statements are broadly in line with our earlier published Unaudited results in which we announced an increase in profitability driven by a strong revenue performance – a consequence of an 82 per cent increase in average realised oil sale price – coupled with the refund of long-standing receivable.
“Although a surge in militancy and sabotage activities across the Niger Delta negatively affected our operations during the reporting period, we have since seen progress in security initiatives and are consistently seeking innovative solutions to stabilise our oil & gas production.
“Moving forward, we remain committed to driving growth within our upstream and trading businesses, whilst simultaneously diversifying our portfolio by investing in non-fossil and climate-friendly energy solutions through Oando Clean Energy Limited. We will continue to update our esteemed shareholders as progressive developments are made in the coming year.”
During the twelve months to December 31, 2021, the Group incurred $63.5m on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $83.4m in the twelve months to December 31, 2020.
Capital Expenditures in 2021 consisted of $59.2m at OMLs 60 to 63 incurred on oil and gas properties, $3.3m at OML 56 and $1.0m capital expenditure recorded on other assets.