Oando Plc's Record N183.9 Billion Loss Breaks Social Media
BEVERLY HILLS, October 23, (THEWILL) – Nigeria's oil and gas giant, Oando Plc Friday posted its long-delayed 2014 FY results, alongside its Q1 2015 results, racking up record after-tax losses of N183.9 billion in FY 2014, creating a wild hysteria on Twitter and Facebook.
The results announced by Oando at the NSE showed that mounting losses continued into 2015, with a N20.9 billion after tax loss in Q1.
According to business website, Nairametrics, Oando's FY 2014 total revenue fell by 5% to N424 billion from N449.8 billion, while Q1 2015 revenue increased by 83% to N33 billion, up from N18 billion in Q1 last year 2014.
THEWILL can report that following the release of the result, foremost financial analyst, Proshare said it had lost confidence in the financials released by the Oando, adding that it would no longer cover the company.
So what happens to @oando_plc if oil doesn't rise. With over 400 billion naira of loans to pay ? @OloriSupergal
— Akpifo O Ohwovoriole (@quansimodo) October 24, 2015
The issues regarding oando are a bit more complicated than you've put it. It goes beyond the oil prices. @OloriSupergal
— Akpifo O Ohwovoriole (@quansimodo) October 23, 2015
“I havn’t seen this much blood since season 3 of Game of Thrones” – Analyst speaking on Oando’s 171.32 bn loss. pic.twitter.com/h5NRXVR7BM
— Olufemi Kassim (@rubiconlex) October 23, 2015
In challenging financial times, we advise our client to take steps to shore up value. #Oando @TrafficChiefNG @FT pic.twitter.com/x2ZDSctms1
— Olufola Wusu (@OlufolaWusu_IP) October 23, 2015
With no reference to Oando, we need to make a distinction between market and regulatory induced losses which are… https://t.co/L9PnwiSCZn
— Moshood’BodeAbolade (@benzino87) October 23, 2015
Ovid: “Misfortune sharpens the genius” #Oando @btvanewsroom @TrafficChiefNG @NNPCgroup @IE_Africa @afroip @The_IPO
— Olufola Wusu (@OlufolaWusu_IP) October 23, 2015
Who is talking about just petitioning Oando? By Monday morning, the CEO should honorably resign and an immediate action from sec.
— Firms Kanayo (@masterofdisrupt) October 23, 2015
So really we have to take the dropping oil prices into account when discussing the Oando figures
— olorisupergal (@OloriSupergal) October 23, 2015
Truth be told, @Oando_PLC and its history has been an unfaltering narrative of corporate arrangement packaged to appear normal..
— Proshare Nigeria (@proshare) October 23, 2015
. @TunjiAndrews & @gboyegaolatunde Review OandO ‘bloody’ earnings: OANDO FY & HY ANALYSIS https://t.co/4298L7Fddn via @YouTube
— Bar Baric (@Bar_Baric) October 23, 2015
You people need to watch this. This Oando boju-boju needs to be exposed. https://t.co/7cvZCMmx7c
— T. Rankïn’ (@AfroVII) October 23, 2015
Singapore was built on integrity. When the true story about Oando is finally told, we’ll understand that “integrity” is far from us.
— Onye #2ndNigerBridge (@cchukudebelu) October 23, 2015
@Oando_PLC must learn that the game is up & @NSEContant % @SECNigeria must ask questions of the firm & its auditors https://t.co/miFl8zFdb0
— Proshare Nigeria (@proshare) October 23, 2015
We have no reason to have confidence in the financials released by @Oando_PLC today & it is high time shareholders take action @TheAnalystNG
— Proshare Nigeria (@proshare) October 23, 2015
@Oando_PLC did the same release of multiple quarters in 2014 and this cannot be the conduct of a serious company https://t.co/miFl8zFdb0
— Proshare Nigeria (@proshare) October 23, 2015
@Oando_PLC release of 3 Qtr results is the most distressful corp action we have ever observed in a decade @JSE_SENS #TorontoStockExchange
— Proshare Nigeria (@proshare) October 23, 2015
[Record Loss] Oando “Beats Estimates”, Posts Record N183 Billion Loss In FY 2014 https://t.co/ETcMk3CgQW pic.twitter.com/WjEXyj0rR9
— Nairametrics (@Nairametrics) October 23, 2015
Oando lost almost $1bn in 2014. If you’re going to lose money, don’t be a wimp. Lose big money
— F (@DoubleEph) October 23, 2015