Oando PLC, Nigeria’s leading integrated energy solutions provider, has announced a 59% growth in Profit After Tax (PAT) for the half year ended 30 June 2008. The earnings grew from N2.31billion in 2007 to N3.67billion in 2008.
The company’s board of Directors also declared an interim dividend of N3.00 per share to all its shareholders duly registered as at 15th August 2008, payable on the 30th of September 2008.
Other financial indicators are:
- Turnover increased by 17% from N106 billion in 2007 to N124 billion in 2008
- Profit attributable to Group grew by 97% over 2007 profit of N1.86 billion to N3.67 billion
- 97% rise in adjusted earnings per share from N2.06 to N4.06.
Commenting on the performance, Wale Tinubu, Group Chief Executive, Oando PLC says: “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”.
Commenting further, Mr. Tinubu said, “With 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”.
“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”. He adds.
Importantly, the profit attributable to the group grew by 97% 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% expansion in the Lagos Phase III gas pipeline project and from the upstream business, the commencement in earnings contributions to the group.
