Oando Plc Grows Earnings by 130% in H1 2017

Oando Plc in its half year 2017 financials had revenue grow by 130% to N267bn, cost of sales rose by 110% translating to a 565% rise in gross profit to N33bn. Despite a 36% drop in operating expense and a return operating profit, the group recorded a loss before tax of N840mn and a loss after tax of N172mn.

The group's balance sheet show minimal growth in total assets and liabilities translating to a 3% rise in net assets to N199bn. Working capital remained negative. See details below.

Income Statement	H1 2017	H1 2016	% Change
Revenue (mn)	266,978	116,237	130%
Cost of Sales (mn)	233,544	111,208	110%
Gross Profit (mn)	33,434	5,029	565%
Operating expense (mn)	31,506	49,419	-36%
Other Gains & Losses (mn)	12,662	12,635	0%
Operating Profit/Loss (mn)	14,590	(31,755)	-146%
Net Finance Cost (mn)	(16,367)	(35,344)	-54%
LBT (mn)	(840)	(66,836)	-99%
Income Tax/Credit (mn)	668	22,266	-97%
LAT (mn)	(172)	(44,571)	-100%
Balance Sheet	H1 2017	FY 2016	% Change
Fixed Assets (mn)	363,330	362,530	0.22%
Total Assets (mn)	1,029,208	991,545	4%
Financial Liabilities (mn)	333,436	343,586	-3%
Cash & Bank Balances	19,921	10,391	92%
Total Liabilities (mn)	830,452	799,200	4%
Net Assets (mn)	198,756	192,345	3%
Working Capital (mn)	(257,434)	(263,760)	-2%