Oando Plc, an energy firm, reported that its earnings after tax increased to N34.7 billion in the fiscal year 2021. This was from a loss after tax of N140.7 billion reported in 2020, the group said in a statement on its audited results for the year ended December 31, 2021.
It further stated that compared to N419.6 billion reported in 2020, its total group borrowings grew by 10% to N460.8 billion. The corporation increased its turnover by 51%, from N477.1 billion at the end of the 2020 financial period to N722.5 billion in the same period of 2021, according to the statement.
A 40% decline in production was reported in its upstream operations, from 44,550 boe per day in 2020 to 26,775 boe per day in 2021. 8,849 bbls of oil were produced daily compared to 15,912 bbls daily.