Monday, May 16, 2016 7.03PM / @TheAnalystNG
Further to enquiries received and our comments on the issue; we wish to bring to the attention of the investing and general public the statement issued by Oando Plc on why its results for financial year 2015 will be delayed, as usual.
The Management of Oando PLC would like to advise our valued shareholders, key stakeholders, and wider investor community that from available indications we are unlikely to complete our 2015 audit and issue our audited accounts on 31 March, 2016, as required by The NSE Rules (the Rules).
We have worked diligently with our external auditor, Ernst & Young (“EY”) to ensure a swift conclusion to the audit process.
However, after reviewing the financials, EY indicated that the Accounts may likely need to be referred to the Financial Reporting Council of Nigeria (“FRC”) pursuant to Rule 5 of the recently publicised FRC Rules.
We expect the process to be concluded on or before 31 May, 2016.
However this is dependent on the completion of the external review process as referred to above.
The company’s management would also like to bring to the attention of its shareholders and the investor community that the accounts of the company at FYE 2015 will be in line with its Q3 2015 performance.
The expected decline is attributable to the industry’s downturn, prevalent economic headwinds, as well as fiscal and monetary restrictions driven by a challenging macro environment.
While we are actively restructuring the business to adapt to this difficult period, we are optimistic and steadfast in our commitment to return to profitability in 2016.