Oando Plc on Wednesday disclosed that the Johannesburg Stock Exchange (JSE) has lifted trading suspension on its shares.
Oando listed on Johannesburg Stock Exchange (JSE) and Nigerian Exchange Limited (NGX), was suspended by the management of JSE for failure to file its results and accounts at the stipulated time.
The Chief Compliance Officer and Company Secretary, Oando, Ayotola Jagun notified the public and its shareholders that it has received confirmation from the JSE on the lifting of the suspension on the secondary listing of the Company’s securities.
“This change takes effect from June 5, 2024, allowing trading to resume on the shares. We acknowledge and appreciate the patience of our stakeholders during this time; furthermore, we remain committed to maintaining the highest standards of corporate governance and transparency”.
The company migrated to profit in the 2023 financial year influenced by a significant increase in revenue from contracts with customers and non-core business income.
The Indigenous energy group listed on the Nigerian and Johannesburg Stock Exchange declared N74.72 billion profit in the 2023 financial year from a loss of N81.23 billion declared in the 2022 financial year.
Key drivers include N3.4 trillion in revenue in 2023, about a 71 per cent increase from N1.9trillion reported in 2022, while non-core business income increased to N381.83 billion in 2023 from N28.48 billion reported in 2022.
Revenue for the period was positively impacted by the significant increase in the trading activity and exchange rate translations, despite lower oil, gas and NGL production volumes and realised prices.
A total of N377.88 billion foreign exchange gain in 2023 up from N32.91 billion in 2022 played a significant role in the company’s migration from loss to profit in the year under review.
During the 12 months ended December 31, 2023, average production was 20,837bbl/day, compared to 20,703bbl/day in 2022. In 2023, the firm’s production comprised 6,024 bbls/day of crude oil, 241 bbl./day of NGLs and 14,572 boe/day of natural gas. The marginal Production increase resulted from the repairs of shut-in wells offset by persistent sabotage activities.
In 2023, the Group incurred $52.9 million in capital expenditures from oil and gas assets and exploration and evaluation activities, compared to $101.9 million in the twelve months to December 31, 2022.
Operating Profit for the period increased by 924 per cent primarily driven by the increase in revenue, as well as a significant increase in other operating income largely because of foreign exchange gains on the group’s US dollar-denominated monetary assets despite an increase in admin expenses primarily from exchange losses from the impact of the Naira devaluation on our foreign currency denominated liabilities.
Capital Expenditures of 2023 covered $50.6 million at OMLs 60 to 63 incurred on oil and gas properties, $2.2 million at OML 56, and $0.1 million at OML 13.
