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 nine months period ended 30 September, 2011, with following highlights:
- Turnover grew by 41%, N392.3 billion compared to N277.5 billion (2010)
- Gross profit grew by 14%, N49.6 billion compared to N43.6bn (2010)
- Profit-Before-Tax grew by 39%, N19.4 billion compared to N13.9 billion (2010)
- Profit-After-Tax grew 34%, N10.2 billion compared to N7.6 billion (2010)
Operational Highlights:
- Oando Gas and Power (OGP) commissioned its second franchise, the 128km East Horizon Gas Pipeline in the Southeast
- OGP also commenced gas distribution in a third franchise at the Rivers State Government’s existing gas infrastructure in Port Harcourt
- Executing a Reverse Takeover of Canadian listed Exile Resources Inc., to create Oando Energy Resources Inc.
- OES Integrity, one of the rigs in operation achieved two years of zero-incident drilling
Commenting, Mr. Wale Tinubu, Group Chief Executive, Oando PLC said: “We are pleased to report another positive set of numbers for the third quarter 2011 which underscores the leverage of the strength and uniqueness of our diversified business model.
In the Upstream, we are in the process of executing a Reverse Takeover of Canadian listed Exile Resources Inc., to create Oando Energy Resources Inc., an international platform to fund the substantial investment required for E&P growth. In our operations as a company, safety is a major driver, so we are pleased to report 24 months of incident free rig operations. In the Midstream; the quarter experienced increasing industrial conversion to gas by adding connects to our Lagos pipeline grid, the commissioning of our 2nd franchise- the 128km East Horizon Gas Pipeline in the Southeast and the commencement of operations of the 3rd franchise, the Rivers State Government’s existing gas infrastructure in Port Harcourt. In the Downstream, our companies sustained pole position in the supply and distribution of petroleum products across the country.
In the fourth quarter, additional cash flow will be generated from the deployment of our 3rd rig with an IOC, the flow of gas from the new pipeline systems in the Southeast and South-South regions of Nigeria and the downstream division which traditionally benefits from high seasonal demand.
We anticipate a robust financial year end, as we continue to create superior value for our shareholders through innovative initiatives which benefit from favourable local incentives, government policies and the high international price of petroleum commodities.”
Ends.
