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For the 2016 first quarter, Oando Plc recorded N64.413billion, indicating a drop of 34 per cent when compared with N97.070 recorded within same period in the previous year.
Presenting the company’s “Facts behind the figures” at the Nigerian Stock Exchange (NSE), Group Chief Executive, Mr Wale Tinubu explained that profit after tax stood at N4.1billion as against loss after tax of N20.9billion in the previous year.
Besides, Oando downstream is to be renamed OVH Energy to following the conclusion of N71billion recapitalization scheme.
According to the company, the name reflect the new owner, adding that the new company would hold interests in Oando downstream comprising Oando Marketing Limited, Oando Supply & Trading Limited, Apapa SPM Limited, and OandoTrippmart Limited.
*Contact Editor on Citybusinessnews@yahoo.com
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