Oando Plc released its Q4 2020 Unaudited results for the period ended December 31^st, 2020 along with Q1, Q2, Q3 2020 and FY 2019 result.

Key Highlights

• Revenue declined by 15% from N576.57bn to N489.99bn.
• Loss before tax stood at N133.43bn
• Loss after tax stood at N132.57bn
• Share Price Currently Stands at N5.7k

Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both Nigerian Exchange Limited and Johannesburg Stock Exchange, today announced unaudited results for Q1 – Q4 2020. 

HIGHLIGHTS 

Operational 

• Upstream: 5% production increase, 44,550boe/day compared to 42,492boe/day (FYE 2019) 

• Oil production of 15,912bbls/day (vs 17,969bbls/day in FYE 2019) 
• Natural Gas production of 26,881boe/day (vs 22,047boe/day in FYE 2019) 
• NGL production of 1,757bbls/day (vs 2,476bbls/day in FYE 2019) 

• Downstream: 

• 13% increase in traded crude oil volumes of 16.1 million (vs 14.2 million in FYE 2019) 
• 53% increase in traded refined petroleum products (694,653 MT compared to 452,919 MT in FYE 2019) 

Financial 

• 15% Turnover decrease, N490.0 billion compared to N576.6 billion (FYE 2019) 
• Loss-After-Tax of N132.6 billion compared to Loss-After-Tax of N207.1 billion (FYE 2019) 
• 16% Total Group Borrowings increase, N419.6 billion compared to N362.2 billion (FYE 2019) 

Commenting on the results Wale Tinubu, Group Chief Executive, Oando PLC said: 

“2020 proved to be an unprecedented year for the global economy due to the impact of the novel COVID-19 pandemic. The Oil & Gas industry was no exception as the year turned out to be one of the most challenging years in its history as we witnessed the lowest oil prices since our sojourn into Nigeria’s upstream sector in 2008, thus negatively impacting our revenue during the period. This resulted in us having to impair a portion of the goodwill on our balance sheet to ensure the carrying value of our assets was a true reflection of the environment we were operating in. Furthermore, the second tranche funding of the settlement of a protracted and disruptive shareholder issue resulted in us taking a further impairment on a category of our financial and non-financial assets. Despite these challenges, our hedging policy and long-term offtake contracts ensured our cash flows were not severely stressed during this period. 2 

Amid an uncertain operating environment, our operational performance remained on track as we grew our upstream production by 5%, whilst downstream traded volumes of crude oil and refined products ramped up by 13% and 53% respectively”.

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