Proshare Logo
   Market Date: 23-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Oando Doubles Q1 Pre-Tax Profit

Category: Capital Market

  Read (2166)
Oando Doubles Q1 Pre-Tax Profit



Oando Plc, an integrated energy solutions provider, which has its primary listing on the Nigeria Stock Exchange (NSE) and a secondary listing on the Johannesburg Stock Exchange of South Africa has doubled its pre-tax profit for the first quarter of 2010, according to its unaudited results announced last week.According to the financial highlights, the turnover grew by 16per cent to $618million; while gross profit was up by 48per cent to hit $86 million.The company's operating profit also soared by 56per cent to $56 million, with the pre-tax profit rising by 105per cent to $34 million.


Profit after tax was up by 69per cent to $21 million, with attributable profit after tax growing by 69per cent to $21million, while earnings per share also rose 69per cent to 2.34 cents. In operation, there was revenue contribution from the company's first Independent Power Project (IPP) which was commissioned in Lagos State during the period, while rig upgrade revenue income was recognised for the first time in the income statement, with crude oil production from producing assets also increasing during the period under review.


For the first quarter of the 2010 financial year ended March 31, Oando reported profit after tax of S21.2 million, which was 69per cent higher than in the first quarter of 2009. Pre-tax profit was 105per cent higher at $34 million, while revenue of $S618 million was 16per cent higher than in the previous first quarter.


Operating profit was $56 million, 55per cent higher than in the previous quarter, while earnings per share for the quarter came in at 2.34 US cents per share compared to 1.37 US cents a year earlier. Group Chief Executive Officer, Oando Plc, Mr. Wale Tinubu, commented: “I am happy to announce a positive start to the year. The first quarter's success is attributable to the increase in earnings from the midstream and upstream divisions as the new project initiatives continue to come on stream. Furthermore our downstream division has performed creditably in line with our financial expectations.


The quarter heralded our launching a major capital market transaction in recent times with a Rights Issue exercise which received overwhelming support from our shareholders and closed with a 28per cent oversubscription. Our Gas and Power division commissioned our first captive power plant for Lagos State Water Corporation, and in so doing substantially reduced their operational costs.


Furthermore, the project has major social consequences as clean potable water throughput has increased by 300per cent. Our Energy Service division deployed an additional swamp rig to commence operations with a major International Oil Company and our Exploration and production also increased production from our producing Oil and Gas assets. We look forward to continued growth for the Group in 2010. In the downstream business we welcome the Sovereign Debt Note Programme aimed at guaranteeing future Petroleum Subsidy Fund (PSF) receivables. In the upstream business the Local content Policy initiative which promotes indigenous companies has been elevated into law thus providing preferential terms, both fiscal and operational for Nigerian Corporates.”



Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014