Oil and gas records 86.3 % profit in 1st quarfer
The Oil and Gas sector recorded a total turnover of N297.4 billion in Q1’17, up 86.3 per cent from N159.7 billion recorded in the corresponding period of 2016.
This accounted for 17.1 per cent of the overall turnover of the 62 corporates for the period.
The companies captured in this first batch of analysis included Forte Oil Plc, Total Nigeria Plc, Oando Plc, Caverton Offshore Support Group Plc, Mobil Oil Plc, Seplat Petroleum Development Plc, BOC Gases Plc and Capital Oil Plc.‘
A breakdown showed that Oando led the sector in absolute figures delivering N138.3 billion turnover in the quarter, thus accounting for 46.5 per cent of the overall turnover.
It was followed by Total Nigeria Plc with a turnover of N80.5 billion, accounting for 27 per cent of the sector’s turnover.
Forte Oil, posting N33 billion, came third and accounted for 11 per cent of the sector’s turnover.
In percentage terms, Oando also led with a growth rate of 574.6 per cent. It was followed by Total Nigeria Plc with a growth rate of 34.8 per cent, and BOC Gases came third, rising by 27.8 per cent to N601 million from N470 million.
In terms of pre tax, the sector recorded a total of N1.4 billion in Q1 2017 from a loss of N15.3 billion in Q1 2016.
Total Nigeria led in absolute figures with N4.3 billion, representing 307 per cent of the overall sector’s profitability.
This was principally because some of the corporate had recorded huge losses especially Seplat, Oando and Capital Oil, which diluted the sector’s PBT.
Trailing behind was Forte Oil with a PBT of N2 billion, accounting for 143 per cent of the sector’s PBT.
In percentage terms, BOC Gases led the sector’s PBT , rising by 73 per cent to N83 million from N48 million in Q1, 2016.
It was followed by Caverton, up by 70 per cent to N355 million from N209 million in Q1, 2016, while Forte Oil came third, up by 54 per cent to N2 billion from N1.3 billion in Q1, 2016. Industrial Goods Sector: