Oando plc, one of Africa’s largest integrated energy companies which is under a forensic audit investigation, has reported a 46 percent rise in profit after tax.
This development is ascribed to the positive improvements in the price of crude.
Oando says its performance was further improved by sale price increase of 6 percent for natural gas liquids and 31 percent for its natural gas deliveries.
CEO Oando group Adewale Tinubu says the positive results were supported by buoyant commodity prices combined with operational efficiency.
The company has more than 450 million barrels of reserves and interests in 14 oil licenses in Nigeria and the island of Sao Tome and Principe.