OANDA TURNOVER IMPROVES

OIL TRADER Oando, which is jointly listed on the JSE and Nigeria bourse, improved turnover for the year to September by 32 percent to 505.1 billion naira (R20.3bn) compared to 383.5bn naira the year before, driven by higher commodity prices. The group said despite the price per barrel of oil climbing to more than $75 during the last quarter, it was optimistic to maintain its performance despite inventory reductions and geopolitical tensions. “Our upstream business is well positioned to take advantage through production growth via investment in targeted profitable projects, while maintaining fiscal prudence,” the group said. Profit after tax increased by 46 percent to 10.4bn naira compared to 7.1bn naira in the previous corresponding period while it reduced total borrowings by 4 percent to 227.2bn naira compared to 237.4bn naira in 2017. “The outlook for the remainder of the year is positive and we remain committed to delivering on our value-based strategy towards improving our liquidity” said Wale Tinubu, the group chief executive of Oando.