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Oando’s profit up 530% as NSE Index slips

By on June 26, 2013

Integrated energy giant- Oando, on Monday presented its audited result for the full year ended December 31, 2012, revealing that profit after tax grew from N1.712 billion in the corresponding period of 2011 to N10.786 billion; representing an improvement of N9.074 billion or 530.02 per cent.

Reacting to the result wherein the board recommended a dividend of 75 kobo per share, the company’s share price appreciating by 20 kobo.

Turnover grew from N571.305 billion to N673.181 billion, out of which gross profit stood at N81.621 billion from N65.826 billion; while profit before tax improved from N12.965 billion in 2011 to N17.554 billion.

Meanwhile, the slide on the floor of the Nigerian Stock Exchange continued on Monday as profit taking continued, following which equities capitalisation closed lower at N11.521 trillion after depreciating by N193.582 billion as against N11.714 trillion it recorded on Friday. All-Share Index dropped 602.76 basis points or 1.65 per cent to close at 35,861.59 basis points from 36,464.39 points recorded at the weekend.

GlaxoSmithKline Consumer led the decliners, depreciating by 598 kobo; followed by Guinness Nigeria’s 500 kobo; Okomu Oil Palm lost 470 kobo; Ashaka Cement dropped 235 kobo; ahead of sub-sector peer-Dangote Cement with 220 kobo; among others.



[Daily Independent]