Oando declares N4 Dividend
April 4th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
For shareholders of Oando Plc,goood times are here again as the downstream petroleum marketing company made a profit after tax of N2.8 billion for the period ended December 31 2006. This indicates an increase of 86 per cent over the figure of N1.51 billion of 2005.
In its results which were presented to the Nigerian Stock Exchange last week, the company declared a dividend of N4.00 per share which would be paid on May 25, 2007 as the closure of register has been fixed for April 30, 2007. The results also shows that it made a turnover of N209.3 billion as against N182.8billion it made in the full year of 2005.This was N26.5 billion improvement over what it made in the preceding year.
The companys turnover for the half year of 2006 was N151.6 billion compared to N87.1billion in 2005 which represents a growth of 74 per cent while profit grew by 42 per cent to N1.31billion. Also, the company recorded a turnover of N224billion in its unaudited third quarter results ended 30 September 2006. That was a growth of 64 per cent over the figure of N136.5billion of the same period of 2005. Its profit after tax for the period was N2.3billion over the figure of N2.0billion in the same period of 2005.
According to the management of the company then, the key drivers of the improved performance have continued to be the overall increase in business activities especially in its supply and trading business, as well as an increase in products prices. The company believes that it has all the aces to push forward in the current year 2007.
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