Oando Grows Half Year Profit by 59 per cent ...Declares N3.00 Interim Dividend
OANDO Plc has announced a 59 per cent growth in its Profit After Tax for the half-year ended 30th June 2008. The company's earnings also grew from N2.31 billion in 2007 to N3.67 billion in 2008.
The company's board of directors has also declared an interim dividend of N3.00 per share to all its shareholders duly registered as at 15th August 2008, with payment due for 30th of September 2008.
Further review of the company's half-year result showed that its turnover increased by 17 per cent from N106 billion in 2007 to N124 billion in 2008 while profit attributable to the group grew by 97 per cent over the 2007 profit of N1.86 billion to N3.67 billion.
Similarly, the company's adjusted earnings rose by 97 per cent from N2.06 to N4.06.
Commenting on the performance, Group Chief Executive, Oando Plc, Wale Tinubu said, "we are pleased to announce a record half-year results demonstrating consistent value creation, underpinned by strong commercial momentum. Our earnings growth is a reflection of the consistent improvement in operational efficiency, accompanied by revolutionary aggressive market penetration across the entire value chain".
Furthermore, Tinubu added that "the consistent quality of the group performance and an unwavering commitment to a robust year-end, we are glad to declare an interim dividend to our shareholders. This is a milestone in our history and it attests to the fact that truly, the future is here.
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"The sterling performance of our supply and trading and marketing businesses was recorded against mixed macroeconomic factors represented by fluctuating and increasing prices of crude oil and concerns over the availability of petroleum products".
Importantly, the profit attributable to the group grew by 97 per cent from N1.86 billion to N3.67 billion in the year under review, despites increased numbers of shares due to share swap and additional bonus issued in 2008. The growth in profit is a further reflection of the strong performance of Oando's subsidiaries, which have since become more visible and active players within the energy supply chain.
In the second half of the year, the company expects an accelerated value extraction from its downstream business as it increase its market share; continued prominent earnings from the midstream business as a result of the completion of 300 per cent expansion in the Lagos Phase III gas pipeline project and from the upstream business, the commencement in earnings contributions to the group.
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