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Oando pays N5.1b dividend, as NSE Index rebounds

By on September 7, 2013

Integrated energy firm- Oando Plc, paid a total dividend of N5.1 billion to its shareholders for the financial year ended December 2012, on September 2, 2013.

Shareholders expressed satisfaction with the disbursement, which represents a significant 61 per cent increase over previous year’s payout by the company.

Oando recently concluded a N62.6 billion rights issue, which opened between December 2012 and February 2013, recording over subscription, which analysts say further highlighted the measure of shareholder confidence in its ability to continue generating sustainable earnings and increased value.

Wale Tinubu, Oando’s group chief executive, explained: “The centerpiece of our overall growth strategy remains focused on steady and progressive value creation for our shareholders. With a business such as ours that guarantees steady returns on investments, we are positioning ourselves to ensure that our shareholders continue to enjoy an exemplary dividend payout year after year.”

Oando steadily reduced its overall debt by 18 percent in the last twelve months from N289 billion to N236 billion, indicating a difference of N53 billion. The active debt reduction also impacted the company’s net interest expense, and was achieved through the restructuring activities the Group has embarked on over the last 12 months.

 

 

[Daily Independent]