Oando Plc has released its financial statements for the first half of the year. This comes after the company last week released its audited financial statements for 2023.
According to the financial statements released on Monday, Oando Plc grew its revenue by 50.7% to N2.03 trillion in H1 2024 from N1.35 trillion in H1 2023. On the contrary, its profit for the period declined by 44.4% to N62.65 billion from N112.45 billion in H1 2023.
The company reported N82.3 billion gross profit, representing a gross margin of 4.05%.
It however, recorded N280.2 billion as “other operating income, boosting its operating profit to N121.93 billion despite a whooping N233.35 billion “administrative expenses.” The operating profit is lower than the N175.28 billion reported in H1 2023.
It’s important to note that N280.3 billion of the “other operating income” was “Foreign exchange gain”
Finance cost, which amounts to N93.81 billion gulped more than half of the operating profit.
The company’s earnings per share stood at N5. Its current share price however is N80.7 per share as it has lost 9.98% today.
Oando’s total assets increased to N4.97 trillion from N2.68 trillion in 2023. The major components of the assets are:
- Property, plant and equipment: 1..56 trillion (2023: N1.03 billion)
- Trade, other receivables and contract assets: N1.89 trillion (2023: N710.39 billion)
Oando’s total liabilities, which is more than its total assets amounted to N5.2 trillion in H1 2024 (2023: N2.68 trillion).
The major components of the company’s liabilities are trade and other payables valued at N2.68 trillion and borrowing which stood at N1.56 trillion.
It posted a negative equity of N230.26 billion in H1 2024 (2023: N267.18 billion)
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
