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.
The results are disapponting for an oil company the size and stature of Oando Plc. Some analysts are questioning if the management of the company is fit to run the company properly. The shares of Oando Plc are currently trading for N 14.99, which is a multi year low for the stock price.
reporting for easykobo.com on Wednesday, May 23 2012 from Lagos, Nigeria