Shareholders laud Oando’s mgt on ₦8.5bn profit in first-half 2018
Shareholders have applauded the management of Oando for restoring market confidence in the company by maintaining a track record of growth over the last 18 months culminating in the achievement of ₦8.5 billion profitability in first half of 2018 (H1’18), the company’s 7th quarter consecutive profit.
The shareholders spoke at the 41st Annual General Meeting, AGM, of the company held last Friday in Lagos.
Shareholders charged the management to keep up the good work and avoid distractions and distractors intent on destroying the company’s reputation and eroding shareholders’ value.
Speaking at the AGM, Adebayo Adeleke, an Oando shareholder, commended the management for transforming Oando from a downstream company to a dollar-earning upstream focused business.
He further said: “The profit declared in H1’18 has given us hope, I am optimistic that with hard work, the company will continue in this stead. I want to commend Oando on the impact of our Corporate Social Responsibility activities, we are touching lives, hundreds of thousands of lives and these same people are praying for the company. Therefore, we will not go down.”
In his closing remarks, Wale Tinubu, the GCCE, Oando Plc, assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders.
He said: “We are pleased that your company has shown resilience during the difficult times and is now on track for sustained growth. We will continue to evolve in the energy space to ensure that even when today’s energy products become less attractive, we have already made the investment for tomorrow.”
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