Leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, Oando Plc, has reported an increase in its turnover by 32 percent in the nine-month period ended September 30, this year

In its audited financial report submitted to the Nigerian Stock Exchange (NSE), the company increased its turnover to N505.1 billion from N383.5 billion in comparative period of 2017, driven by higher commodity prices; while its gross profit grew by nine per cent to N77.6 billion from N71.2 billion in 2017.

Underlining how far both majors and indigenous companies have come since oil prices plummeted in 2014, Oando Plc recently posted its nine months ended September 2018 results, with a profit of N10.4 billion, a 46 percent increase over the N7.1 billion recorded in the same period of 2017.

The company has since recovered from the effects of the oil price crash, with this being its 8th consecutive profit since 2017 and its 3rd profit in 2018.

Speaking on the company’s financials, the Group Managing Director, Adewale Tinubu said the company’s positive result indicated the progress made by the company in 2018 driven by its continued focus on execution and operational efficiency, supported by buoyant commodity prices.

Tinubu said the exploration and production sector, Oando’s upstream subsidiary, Oando Energy Resources made a stellar performance as it benefited from the ramp-up of higher margin production resulting in a 45 percent increase in realized crude selling price compared with the same period in 2017.

According to a statement issued by the company, its performance was further buoyed by sale price increases of 6 percent for Natural Gas Liquids and 31 percent for natural gas deliveries.

In the downstream, Oando traded over 10 million barrels of crude oil and ensured petroleum products efficiency through the importation of 445,483MT of refined products.

An improved cash flow led to a reduction in the Group’s total borrowing with a reduction in total borrowing from N237.4billion in the nine months ended September 2017 to N227.1 billion in the same period of 2018.