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Johannesburg - Energy, oil and gas group Oando [JSE:OAO] has posted headline earnings per share (Heps) of 4.49 US cents, a drop from last year's 8.28c, for the year ending on December 31 2010.
The group - which is primarily listed in Nigeria - clocked turnover of $2.5bn for the year, up 12% from $2.3bn last year. Operating profit was $186.8m, up from $150.8 last year. No dividends were declared.
The group attributed the increase in turnover to the commissioning of its Akute power plant in Lagos, Nigeria. Connection of additional customers to' its gas distribution network and increased levels of oil production also contributed to the rise in turnover.
Oando has Nigerian companies such as Oando Gas and Power, Oando Energy Services, Oando Exploration and Production, and Oando Refining and Terminaling in its portfolio. It listed on the JSE in November 2005 to increase its investor base and access to capital.
On its outlook, Oando said it would continue its investment in the Nigerian OML 90 offshore oil field and collaborate with relevant partners to develop upstream assets owned by Equator Exploration Limited, a subsidiary acquired during 2009.
Oando also envisaged further growth in its upstream portfolio through the ongoing strategic acquisition of producing or near-term assets. These efforts were intended to improve the upstream business' contribution to the group's future revenue and profitability, according to Oando.
"The group is confident that the diversified asset portfolio will continue to deliver continuous improved revenue and profitability," the Oando board said.
The group - which is primarily listed in Nigeria - clocked turnover of $2.5bn for the year, up 12% from $2.3bn last year. Operating profit was $186.8m, up from $150.8 last year. No dividends were declared.
The group attributed the increase in turnover to the commissioning of its Akute power plant in Lagos, Nigeria. Connection of additional customers to' its gas distribution network and increased levels of oil production also contributed to the rise in turnover.
Oando has Nigerian companies such as Oando Gas and Power, Oando Energy Services, Oando Exploration and Production, and Oando Refining and Terminaling in its portfolio. It listed on the JSE in November 2005 to increase its investor base and access to capital.
On its outlook, Oando said it would continue its investment in the Nigerian OML 90 offshore oil field and collaborate with relevant partners to develop upstream assets owned by Equator Exploration Limited, a subsidiary acquired during 2009.
Oando also envisaged further growth in its upstream portfolio through the ongoing strategic acquisition of producing or near-term assets. These efforts were intended to improve the upstream business' contribution to the group's future revenue and profitability, according to Oando.
"The group is confident that the diversified asset portfolio will continue to deliver continuous improved revenue and profitability," the Oando board said.
