Oando Hits 52-Week High as Plan to File Outstanding Earnings Reports Triggers Rally
Oando Plc was one of the stocks that bucked negative trend on the Nigerian Exchange (NGX) last week with 13.3% positive price movement. Demand for the company share surged last week after the company announced plan to release its outstanding financial statements,
Trading data from the local bourse showed that the positive price movement lifted the company’s market value to N211.334 billion, spread over 12.431 billion shares outstanding.
Some equities analysts also attributed the improved demand for Ticker: OANDO to its latest feats in the market and earnings expectation for the year amidst stability in the global commodity market.
The oil and gas industry factor is expected to boost its investors’ metrics, including return on equity, earnings per share and expectation that its board of directors will play around healthy dividend payment.
Its trading data showed the oil and gas company share price surged from N15 at the beginning of the just concluded week to N17 on Friday, according to data from the local bourse.
With the current market price, Oando Plc is trading at about 0.3% discount to its 52 week high. In the last 12 months, the maximum price the stock has reached was N17.05 in the local bourse.
The company with dual listings on both the Johannesburg Stock Exchange JSE and the Nigerian Stock Exchange is projected to deliver good earnings after its participation in oil-backed loan syndication closed by Africa Import-Export Bank $3.3 billion deal with Nigerian National Petroleum Corporation Limited.
Analysts anchor their positive projections on crude oil market rallies that saw price of Brent climbing above $87 per barrel. Oando Plc share is a commodity share whose fortunes are determined by the international price of oil.
On 31st May 2024, the company published its results for the 12 months to 31st December 2023, reporting a 71% increase in turnover and an after-tax profit of 74.4 billion naira.
Details showed that the company’s borrowings fell 23% to $488.9 million. Management recently announced that trading suspension on in its shares by the JSE has been lifted.
Plan to Release Financial Statements
In a statement, Oando PLC told the Nigerian Exchange that it will be unable to meet the expected filing date of 31 July 2024 for the release of s its audited financial report for 2023 earlier communicated.
The statement signed by Ayotola Jagun, the company secretary, stated that following the publication of the 2022 Audited Financial Statements in April 2024 and the unaudited financial statements for Q1 – Q4 of 2023 in May 2024, the audit of the 2023 AFS commenced immediately.
“We are committed to finalizing the said audit by August 31, 2024. Subsequently, the 2023 audited financial statement will be presented to the Board for approval and submitted to the Financial Reporting Council of Nigeria for regulatory approval before being publicly released”, Jagun said.
In accordance with the extension applied for and granted by the NGX, the Company expects to publish its 2023 Audited Financial Statements and Q1 and Q2 2024 Management Accounts by Monday, September 30, 2024, thereby bringing up to date all its outstanding financial reporting obligations. #Oando Hits 52-Week High as Plan to File Outstanding Earnings Reports Triggers Rally
