Oando pays N5.4b dividend to shareholders

Shareholders of Oando PLC, sub-Saharan Africa’s largest integrated energy group with a primary and secondary listing on the Nigerian Stock Exchange and Johannesburg Stock Exchange, has received a total dividend payout of N5.4 billion on August 31, this year.

Head of Corporate Communications, Mr Meka Olowola, confirmed the payment.  He said the payment represents N3 for an ordinary share of 50 kobo totalling 1,810,169,256 shares held as at April 29, 2011.

The proposal by Oando’s Board of Directors, he said was approved by the shareholders at the company’s 34th Annual General Meeting (AGM) in Lagos, on June, 30 2011. This is in addition to one for two bonus share for every ordinary share already held by the shareholders. The 2010 dividend payout increased by 100 per cent compared to N2.7billion paid the year prior, inclusive of an award of ‘one for four’ bonus shares.

A cursory look at the Group financial result for last year showed that turnover increased from N336.9 billion in 2009 to N378.925 billion in 2010, while Profit before Tax (PBT) stood at N24.318 billion compared to N13.512 billion in 2009. Sources in Oando said the company is poised to surpass this performance in 2011 as half-year turnover grew by 55 per cent to N267.8 billion from N172.9 billion in 2010. Profit-Before-Tax surged by 33 per cent to N12.8 billion in relation to N9.6 billion posted in 2010, while Profit-After-Tax rose by 25 per cent to N6.7 billion compared to N5.3 billion same year.

This performance underscores the resilience of Oando’s integrated business model, which leverages scale, diversity and market leadership in delivering a positive result in the face of a challenging environment.

Shareholders said the dividend payout was a welcome development. They commended Oando for keeping to its promise of delivering value and paying dividend year on year. Also, applauded was the bonus awarded to shareholders for the second year.

TheNation