Oando PLC, Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange, today announced its audited results for the twelve months period ended December 31, 2021.
HIGHLIGHTS
Operational
Upstream: 40% production decrease, 26,775boe/day compared to 44,550boe/day (FYE 2020)
- Oil production of 8,849bbls/day (vs 15,912bbls/day in FYE 2020)
- Natural Gas production of 16,227boe/day (vs 26,881boe/day in FYE 2020)
- NGL production of 1,699bbls/day (vs 1,757bbls/day in FYE 2020)
Downstream:
- 8% increase in traded crude oil volumes of 17.4 million (vs 16.1 million in FYE 2020)
- 39% increase in traded refined petroleum products (962,370 MT compared to 694,653 MT in FYE 2020)
Financial
- 68% Turnover increase, N803.5 billion compared to N477.1 billion (FYE 2020)
- Profit-After-Tax of N32.9 billion compared to Loss-After-Tax of N140.7 billion (FYE 2020)
- 10% Total Group Borrowings increase, N460.8 billion compared to N419.6 billion (FYE 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% increase in average realized 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 stabilize 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”
