Oando Nigeria Plc’s revenue grew from 18% (N180 billion) to N212
billion in six months for the half year ended June 30, 2016.
Gross profit decreased
by 49 per cent from N37.1 billion in 2015 to N19 billion in 2016. However, the
company recorded one-off unrealised foreign exchange loss of N28.6 billion from
dollar denominated liabilities as a result of currency devaluation.
Consequently, it ended the H1 with a loss after tax of N27 billion in 2016, as
against a loss of N35 billion in H1 of 2015.
A review of the half-year results of oil and gas companies
operating in Nigeria reveals a continued steady decline in earnings, Royal
Dutch Shell missed its quarterly profit expectations by more than $1 billion
after reporting a 72 per cent plunge in earnings due to weak oil prices and
high costs following its $54 billion takeover of the BG Group. ConocoPhillips
posted a loss of $1.1 billion in Q2 – a six fold increase in loss over the same
period in 2015 and Chevron, a $1.47 billion loss in its half-year 2016 result
compared with profit of $571 million in the preceding year. Also, Seplat
Petroleum declared a N13billion loss in Q2 2016. Revenue dipped 41% to N29bn
($143m) partly owing to the vandalism of its Forcados terminal
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