Oando’s First Quarter Turnover hits N69.40 billion

• Grows Profit After Tax up by 30%
• EBITDA increases from N1.92b to N2.77b
• Operating profit increases by 65%

The EBITDA of the company stood at N2.77 billion in 2008 compared to N1.92 billion in the first quarter of year 2007, whilst the profit after tax (PAT) also increased by 30% over same period from N1.07 billion to N1.39 billion. This strong performance is due to a combination of improved margin line, cost containment effort and efficient management of debt.

In addition, the impressive growth is attributable to the sterling performance of Oando’s marketing business as well as the supply and trading division, as both recorded improved performance over the previous year.
Commenting on the result, Mr. Wale Tinubu, Group Chief Executive, Oando PLC state, “We are pleased to announce a strong performance that once again underscores our strategic decision of diversifying our earning platform while growing our traditional downstream marketing business.

The stable performance of the petroleum subsidiary fund coupled with high trade volume and efficient supply chain management have consolidated our market lead in the downstream sector, despite a quarter characterized by challenges, controversies and turbulence along the petroleum products supply chain”

“As we start 2008 on this positive note, we are confident of a robust year driven by our expectations of significant contributions from our gas and power division; sustained increase in profitability from our marketing business and considerable yields from upstream investments” he added.