Oando releases impressive 1st quarter results
May 22nd, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The share prices of Oando Plc has started experiencing some price rally as the company released its first quarter results for its 2007 financial year ended March 31, 2007.
In the report, turnover grew from N41.3 billion to N46.9 billion, while bottomline increased significantly by 69 percent. This saw profits increase from N636 million in 2006 to N1.037 billion in 2007.
Directors of the bank stated that some plans are in the pipeline, which would see the company diversify business interests soon. The company is hoping to earn additional income from the sale of gas to consumers later in the year.
It would be recalled that the company paid a dividend of N4.00 in its just concluded financial year, and it is confident of sustaining this payment based on existing and intended efforts.
Oando bidded for the Port Harcourt refinery last week, but lost to a consortium comprising Zenon Oil, Dangote Group and Transcorp Plc.
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