Oando returns to profitability, posts N3.5bn FY2016 PAT

One of the Nigeria’s indigenous energy group, Oando Plc, has reported a profit after tax of N3.5 billion, for the FY2016, a 107 per cent increase from the loss of N49.7 billion in FY 2015. A review of the company’s results further showed that turnover increased by 49 per cent to N569 billion from N382 billion in FYE 2015, while EBITDA increased by 51 per cent to N71.0 billion from N47.0 billion in FYE 2015, boosting investors and shareholders confidence in the brand and its management team. Commenting, Mr. Wale…

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