The results discussed in this press release are presented in accordance with Nigerian Accounting Standards Board
July 24th, 2011
PRESS STATEMENT
Oando PLC Announces H1 2011 Results, Posts N33.23bn Gross Profit
Lagos, Nigeria – Oando PLC (referred to as “Oando” or the “Group”), Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced unaudited result for the (H1) half year ended 30 June, 2011. The Group delivered a gross profit of N33.2 Bn.
Financial Highlights:
• Turnover grew by 55%, N267.8 billion compared to N172.9 billion (2010)
• Profit-Before-Tax grew by 33%, N12.8 billion compared to N9.6 billion (2010)
• Profit-After-Tax grew 25%, N6.7 billion compared to N5.3 billion (2010)
Operational Highlights:
• Sustained production levels from Oando’s producing assets:
• Two of Oando’s five swamp rigs maintained drilling operations in the Niger Delta:
• Growth in the gas distribution business with additional customer connects:
• Oando-ENI consortium awarded mandate to develop natural gas Central Processing Facility (CPF) by the Federal Government of Nigeria: and
• Maintained our leadership position in the importation and distribution of petroleum products across Nigeria.
Commenting, Mr. Wale Tinubu, Group Chief Executive, Oando PLC said: “Our 2011 (H1) half year results underline the Group’s focus on building and developing the higher margin Upstream and Midstream divisions whilst sustaining our performance in the downstream division.
In the Upstream, we focused on the development of our E&P assets to ensure that we can increase our production to benefit from the favourably high crude oil prices, our Energy Services business maintained a 98% rig up time on drilling operations and we are finalizing the refurbishment of the third rig, which has already been awarded a drilling contract by an International Oil Company. The midstream experienced the completion of the construction of our second pipeline franchise in the East and we look forward to additional customer connects from the expansion of our Lagos gas pipeline. The downstream division reliably continues to contribute to the Group’s performance with increased importation, supply and distribution of petroleum products across the country.
With the 2011 elections successfully behind us, we approach the second half of the year with the promise of a renewed drive in the promotion of an enabling environment for indigenous participation in the oil sector ultimately resulting in superior value creation for you our shareholder.”
Ends
