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OAO
UNTP
OAO - Oando - Unaudited Company Financial Results For The Quarter Ended 31 March
2007
Oando Plc
(Incorporated in Nigeria and registered as
an external company in South Africa)
Registration number RC6474
(External company registration number 2005/038824/10)
Share code on the JSE Limited: OAO
ISIN: NG00000UNTP0
Share code on the Nigerian Stock Exchange: UNTP
("Oando" or "the Company")
Unaudited Company financial results for the quarter ended 31 March 2007
Overall, the Group delivered significant growth in profitability despite a
quarter characterized by challenges along the petroleum products supply chain.
Intermittent product shortages exacerbated by the high product prices in the
international market which did not make it feasible for marketers to intervene
meant we could not always meet customer demand.
Outlook
Aggressive plans are on the way to ensure completion of the on-going pipeline
expansion by Gaslink. We expect a huge contribution to our margin once this is
achieved as more customers will benefit from our gas network. Our marketing arm
has been repositioned to offer excellent services through existing retail
outlets and other customer- focus products we are deploying. We also expect
stability in international market for oil and an improvement in local
production. We shall continue to explore all low volume but high margin
business in a bid to ensure increased profitability for all our stakeholders.
Gradually receivables from the Government in respect of the petroleum subsidy
fund as well as bridging claims are being brought under control and this should
lead to a positive impact on the Group`s interest costs going forward.
The business cum political environment is expected to remain stable for the
rest of the year. Government regulation of the pump price of fuel and other
products is expected to remain unchanged.
Profit and Loss Statement of the group
All FIGURES IN $`Millions
GROUP
Increase/
Actual Q1 `07 Actual Q1 `06 (Decrease)
Turnover 371.76 326.05 14%
Cost of Sales (346.92) (303.51) 14%
Gross Margin 24.84 22.54 10%
Other Operating
Income/(Charges) 3.32 1.07 211%
Operating Expenses (14.95) (14.09) 6%
Operating Profit 13.21 9.52 39%
Interest Payable & Similar
Charges (2.57) (1.84) 40%
Profit/(Loss) Before Tax 10.64 7.68 38%
Provision for Taxation (2.13) (1.67) 28%
Profit After Tax 8.51 6.01 41%
Attributable to Minority
Interest 1.87 0.17 999%
Attributable to the Group 6.64 5.83 14%
Earnings per share (Cents) 1.16 1.02 13%
Adjusted Earnings per share
(Cents) 1.16 1.02 13%
Registered office: 2, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria
Directors:
1. General M. Magoro (Rtd.) Chairman
2. Mr. J. A. Tinubu Group CEO
3. Mr. O. Boyo Deputy Group CEO
4. Mr. A. Akinrele Director
5. Prince F. N. Atako JP. Director
6. HRM Oba M. A. Gbadebo Director
7. Mr. O. Ibru Director
8. Alhaji H. Mahmud Director
9. Mr. O. P. Okoloko Director
10. Mr. I. Osakwe Director
11. Mr. O. Osifo Director
Company Secretary: Mrs. Oredeji Delano
Office of the South African registrars:
Computershare Investor Services 2004 (Proprietary) Limited
(Registration number: 2004/003647/07)
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown,
2107
Date 14 May 2007
Issued by: Deutsche Securities (SA) (Proprietary) Limited
Date: 14/05/2007 15:00:01 Produced by the JSE SENS Department.
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