Oando Plc, on Tuesday, announced an N81.23 billion loss in its 2022 financial year, citing a hike in the cost of sales and finance costs that signify a struggling company.
The indigenous petroleum company quoted on the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange Limited (JSE) had declared N32.86 billion profit after tax in the 2021 financial year.
Oando also declared a N61.84 billion loss before tax in the 2022 financial year from N44.47 billion reported in 2021. This came amid growing revenue from contracts with customers to N1.99 trillion in 2022, a growth of 148 per cent from N804.8 billion declared in 2021.
InsideBusinessNG gathered that the company posted N1.92 trillion cost of sales in 2022, representing 151 per cent from N761.9 billion in 2021, much higher than the proportion of its revenue from contracts with customers in the year under review.
Also, Oando’s cost of sales was higher than its total assets which stood at N1.25 trillion in 2022, a growth of 26 per cent from N996.06 trillion in 2021.
