and as a result the stock has been falling. There will be no dividend payment to shareholders of Oando Plc this year.
May 23 (Lagos) - The management of Oando Plc released their full year 2011 financial results. The oil company had earlier issued profit warning statement with one-off provisioning downplaying expected performances.
Oando Plc reported N 586.62bn turnover as against N 378.93bn in 2010. This represents a significant growth of 55%. There was a one time loss provision of N 9.62 billion for impairment of assets, costs of acquisitions and other charges. Profit after tax declined by 74% to N 3.67 billion. There will be no dividend payment to investors.
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