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Business Oando Records 100% Profit Increase



Nigerian energy company Oando on Tuesday announced that its pre-tax profit in the first half rose 103 percent to 12.53 billion naira from 6.15 billion naira (37.53 million US dollar)in the same period last year.

According to #Reuters, the firm said in a filing with the Nigeria Stock Exchange that revenue dropped to 194.55 billion naira compared with 280.32 billion.

Oando, which concluded the purchase of the Nigerian upstream oil and gas business from ConocoPhillips for $1.5 billion in July, said it had proposed a 0.70 naira interim dividend from its half-year profit and a 0.30 naira final dividend on its 2013 full-year profit.

#Oando #Nigeria