Oando Shareholders to Get N5.1bn Dividend
All Africa Global Media
Oando Plc, listed on both the Nigerian and Johannesburg Stock Exchanges, has concluded arrangement to pay a dividend of N5.1 billion for the year ended December 31, 2012.
Information available to Vanguard revealed that the dividend, which translates to 75 kobo per share, reflects a yield of 5.7 per cent and would be paid out of the N10.9 billion profit after tax the company recorded in 2012.
The company recorded an increase of 526 per cent in profit after tax in 2012, standing at N10.9 billion, up from N1.8 billion in 2011.
The company ended the year with a turnover of N675.5 billion, up by 18 per cent from N573.2 billion in 2011. Profit before tax rose by 35 per cent from N13 billion to N17.5 billion, while profit after tax soared from N1.8 billion in 2011 to N10l9 billion in 2012.
Explaining the performance, the Group Chief Executive Officer, Oando Plc, Mr. Wale Tinubu, said "We are pleased to report our twelve months performance for 2012 in which we have taken positive steps in the implementation of our strategic focus to build our diversified higher margin business segment."
Explaining the performance of the divisions, he said, "In the upstream division, we listed Oando Energy Resources (OER) on the Toronto Stock Exchange (TSX) in Canada; increased our production capacity through successful drilling campaigns on OML 125, the Ebendo Field (OML 56) and the Qua Iboe Field (OML13); we also paid a 25 per cent deposit of $435 million for the acquisition of ConocoPhilips Nigerian business, which will add 43kboe to our daily production and substantially increase our 2P reserves and best estimate contingent resources to 235mmboe and 237mmboe respectively.
"OES completed a number of successful drilling campaigns on our various drilling rigs, whilst our 4th rig, is currently undergoing refurbishment and expected to be deployed in the 2nd half of 2013."
He said the Midstream division witnessed a 35 per cent growth in gas supply, mainly from the newly commissioned 128Km EHGC pipeline in the South East of the country.
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