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Oando Projects N5.3bn Profit in Q2

12 Apr 2012

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CEO, Oando, Mr. Wale Tinubu

Integrated energy group, Oando Plc Wednesday projected a profit before tax of N5.3 billion and profit after tax of N3.6 billion for the second quarter (Q2) ending June 30, 2012.
The profit projection is in compliance with the listings requirements and rules governing listing on the Nigerian Stock Exchange (NSE).

According to Oando, it will end the quarter with a turnover of N191.354 billion and an operating profit of N11.618 billion. But after making provision for operating expenses, interest expenses and charges and depreciation, a profit before tax of N5.339 billion is being envisaged by the company.

Oando  also projected that it would thereafter end Q2 with a profit after tax of N3.611 billion after providing for taxation and depreciation.

However, the company noted that the earnings forecast had neither been reviewed nor reported by its auditors.

Commenting on the forecast and performance of Oando, analysts at Vetiva  Capital Management Limited, said the energy company’s  long-term outlook was  still positive.

“Oando, with the commencement of East Horizon Gas Company gas pipeline system and OES Passion rig deployment for Shell drilling contract, has established further revenue streams with expectations of N5 billion and N5.4 billion revenue contributions in 2012 respectively. We believe this business is on a sound footing and is poised to tap into growth opportunities across Nigeria’s energy space,” they said.

Meanwhile, Portland Paints Plc has announced a dividend of 20 kobo for the year ended, December 31, 2011. Announcing its audited results yesterday, Portland Paints declared a turnover of N2.584 billion in 2011, up from N2.380 billion in 2010.

Profit before tax  and profit after tax rose to N274.948 million and 156.885 million in 2011 from N246.842 million and N131.624 million in 2010 respectively.

Trading at the stock market remained bearish for the second day as the NSE All-share Index declined by 0.15 per cent to close at 20,814.35. The market had opened for the week on negative note the previous day with the index sliding by 0.73 per cent.
The negative trend continued Wednesday as 22 equities lost value compared with 15 equities that appreciated.

Okomu Oil Palm Plc led the price losers with N1.53 to close at N30.30 per share. Flour Mills of Nigeria Plc shed N1.09 to close at N54.01, while Ashaka Cement Plc, Oando Plc and Zenith Bank Plc went down by N0.47, N0.19 and N0.18 respectively.

On the other hand, UAC of Nigeria Plc led the price gainers with N1.50 to close at N31.56. CAP Plc trailed with a gain of N1.00 to be at N21.02 per share.

Investors traded 176.693 million shares worth N1.426 billion in 3,918 deals.

Tags: Business, Nigeria, Featured, OandO, Projects, Profit, Q2

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