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OANDO PLC MAINTAINS TREND OF POSITIVE RESULTS

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… Posted N13.1 billion  Profit After Tax in Q3
Despite the challenges encountered by the leading oil and gas Oando Plc the company has continually put smiles in the face of its shareholders  with  trend of positive results, as the company just  posted its unaudited third-quarter result (Q3) ended September 2019,  boosted its profit after tax (PAT) by 26% from N10.4 billion in Q3 2018 to N13.1 billion in Q3 ’19.
While its total borrowing dropped by 8% from N210.9 billion to N193.1 billion, the oil and gas company’s turnover decreased by 18% from N505.1 billion to N413.8 billion within the same period.
Its production grew by 8% to 43,045 boe/day from 40,039 boe/day in year-to-date (YTD) September 2018.The increase in production, according to a statement from the oil and gas company, was driven by an 11% increase in natural gas production and an eight per cent increase in crude oil production.
A statement issued by the oil firm read, “Without a doubt 2019 has been another challenging year for the company, not just in terms of external factors beyond its control but an ongoing conundrum with the regulator.
Despite this, the company’s results show that a management team led by the brilliant and champion extraordinaire, Jubril Adewale Tinubu they worked aggressively to maintain a trend of positive results reflected in higher production and profit after tax.
HIGHLIGHTS
8% Production increase, 43,045boe/day compared to 40,039boe/day (YTD September 2018)
18% Turnover decrease, N413.8 billion compared to N505.1 billion (YTD September 2018)
26% Profit-After-Tax increase, N13.1 billion compared to N10.4 billion (YTD September 2018)
8% Total Group Borrowings decrease, N193.1 billion compared to N210.9 billion (FYE 2018)
In YTD September 2019, Oando Trading traded approximately 9.3 million barrels of crude oil under various contracts with the Nigerian National Petroleum Corporation (NNPC) and delivered 317,649 MT of refined products.

Background: Oando recently announced that the NNPC/NAOC/OANDO Joint Venture (of which Oando Energy Resources, the upstream subsidiary of Oando Plc, holds a 20 per cent working interest), had made a significant gas and condensate find in the deeper sequences of the Obiafu-Obrikom fields in OML 61, onshore Niger Delta.
The preliminary evaluation had indicated that the discovery amounted to about one trillion cubic feet of gas and 60 million barrels of associated condensate in the deep drilled sequences.

“The full impact of this discovery will be determined and communicated to the market on the conclusion of the next annual independent reserves and resources evaluation,” it added.

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A Glimpse Into Tomorrow: Tingo AI Radio Leads the Way

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Tingo AI Radio, acclaimed as Africa’s first AI radio, hosted a transformative meet and greet event in Lagos that showcased the wonders of AI innovations and mind-blowing robotic automations. Indigenous community members, tech experts, and curious citizens gathered at a bustling venue to witness live demonstrations that brought futuristic technology into everyday context. Robots were seen performing tasks such as digital storytelling and automated craft production, sparking discussions on the integration of technology with cultural heritage. “It’s truly a glimpse into tomorrow, where our traditions coexist with innovation,” said community elder Mr. Olanrewaju. Expert panels explored the applications of AI in education, agriculture, and local business, stressing the importance of ethical practices and community empowerment. Interactive workshops offered hands-on experiences with digital interfaces, reinforcing the potential for technology to uplift indigenous communities. With Tingo AI Radio at the helm—as the first AI radio on the continent—the event underscored a commitment to blending modern advancements with time-honored traditions. Enthusiasm filled the air as plans for ongoing digital literacy programs and collaborative initiatives were announced, marking a significant step toward a digitally empowered future in Lagos.

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Tingo AI Unveils the Future: Students Experience Cutting-Edge Robotics Innovation

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Tingo AI opened its doors to students of Lagos State Model School College, Meiran for an immersive excursion into the future of robotics and artificial intelligence, showcasing groundbreaking innovations that will define Africa’s technological landscape.

 

Inside our state-of-the-art robotics lab, students watched in awe as small, intelligent machines designed and produced everyday objects from plates and cups to intricate mechanical components all with precision and automation. With just a few commands, these robots crafted items that once took hours to manufacture, proving that the future of AI-powered automation is here.

“Robotics isn’t just about machines, it’s about building Africa’s self-sufficiency in technology and manufacturing,” said Abraham, at Tingo AI. “With the power of AI, we are demonstrating that Africa can design, build, and scale robotic solutions that revolutionize industries, reduce costs, and accelerate production.”

Beyond robotics, Tingo AI is pioneering advancements in AI agent development, automation, and digital transformation, with a fully operational AI-powered radio station that redefines media in the digital age.

Today’s event is only the beginning. Tingo AI is shaping the future, and the world is watching

Stay connected with us @tingoai_ for more groundbreaking innovations and educational experiences.

 

#TingoAI #AIinAfrica #FutureLeaders #ArtificialIntelligence #TechRevolution #DozyMmobuosi #Tingo1025fm #NextGenTech #InnovateAfrica #FutureOfBroadcasting

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Tingo AI Radio: The First and Only AI Radio in Africa

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Tingo AI Radio, Africa’s first and only AI-powered radio station, was thrilled to welcome students from CrystalCliff School at A4 Greenhaven Estate, Alatunse Town, Lagos to an exclusive Tingo AI School Meet and Greet. This groundbreaking initiative aims to introduce young minds to the vast opportunities artificial intelligence offers and how they can be part of this technological revolution.

 

During the visit, students experienced the power of AI-driven broadcasting firsthand through live demonstrations and interactive discussions. Victor Simeon, an enthusiastic student, expressed his amazement: “I had no idea AI could do all this! This visit has inspired me to learn more about technology and maybe even create something that can change the world.”

From live AI broadcasting to cutting-edge automation, these students witnessed the future of media unfold before their eyes. At Tingo AI, we’re not just creating technology—we’re shaping the future. Stay tuned as we continue to lead Africa’s AI revolution!

 

Together, we are shaping Africa’s tech-driven future, and today’s students are the pioneers of tomorrow! #TingoAI #AIInnovation #FutureLeaders #ArtificialIntelligence #TechRevolution

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