Commenting on the performance, Wale Tinubu, Group Chief Executive, Oando PLC says: “We are pleased to announce a record half-year results demonstrating consistent value creation, underpinned by strong commercial momentum. Our earnings growth is a reflection of the consistent improvement in operational efficiency, accompanied by revolutionary aggressive market penetration across the entire value chain”.
Commenting further, Mr. Tinubu said, “With the consistent quality of the group performance and an unwavering commitment to a robust year-end, we are glad to declare an interim dividend to our shareholders. This is a milestone in our history and it attests to the fact that truly, the future is here”.
“The sterling performance of our Supply and Trading and Marketing businesses was recorded against mixed macroeconomic factors represented by fluctuating and increasing prices of crude oil and concerns over the availability of petroleum products”. He adds.
Importantly, the profit attributable to the group grew by 97% from N1.86 billion to N3.67 billion in the year under review, despites increased numbers of shares due to share swap and additional bonus issued in 2008. The growth in profit is a further reflection of the strong performance of Oando’s subsidiaries which have since become more visible and active players within the energy supply chain.
In the second half of the year, the company expects an accelerated value extraction from its downstream business as it increase its market share; continued prominent earnings from the midstream business as a result of the completion of 300% expansion in the Lagos Phase III gas pipeline project and from the upstream business, the commencement in earnings contributions to the group. |
