Oando Reports Impressive 3Q Numbers, Floors Analysts Estimates

Oando Plc, the golden child of the Nigerian indigenous Oil and gas sector released its unaudited 3Q statements earlier this week.

Turnover for the 9 months period has been significant at $ 2.5 Billion USD (NGN 392 Billion), an increase of 41% over the same period in 2010.

Profit Before Tax was also up a respectable 39% to close at $ 153.7 Million or NGN 19.4 Billion from N 13.9 Billion in the same period last year.

Net Profit escalated a healthy 34% to N 10. 2 Billion or $ 65 Million from N 7.6 billion after 3Q 2010.

Managing Director of Oando Plc, Wale Tinubu issued the following statement, ‘”We anticipate a robust financial year end, as we continue to create superior value for our shareholders through innovative initiatives which benefit from favourable local incentives, government policies and the high international price of petroleum commodities”.

Mr. Tinubu also referred to upcoming events in the company’s economic calendar such as the reverse takeover of Exile Resources, a Canadian listed oil and gas firm operating in the upstream sector. He indicated that this was a strategic move in order to enable Oando take advantage of additional international funding for its Exploration and Production activities.

The company has continued to outperform analyst expectations, its 9M 2011 numbers beat a leading Nigerian Investment Bank Renaissance Capital’s numbers by 13%.

Oando stock is currently trading at N 29.05 on the Nigerian stock Exchange.

The company is also listed on the Johannesburg Stock Exchange.