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Johannesburg - Oando [JSE:OAO], one of Nigeria's leading energy groups with a primary listing on the Nigerian Stock Exchange and a secondary listing on the JSE, on Friday reported a 42% increase in its full-year profit after tax to 14.4bn Naira (about R624.9m).
Attributable profit to equity holders for the year to end-December 2010 climbed 39% to 14.3bn Naira (about R620.6m), while turnover grew 12% to 378.9bn Naira (about R16.4bn.)
"In spite of the enormous challenges posed by the operating environment during the year under review, the group achieved higher profitability when compared to the previous year," it said in its statement to the stock exchange.
The group's six divisions include Oando marketing, Oando supply and trading, Oando energy services, Oando gas and power, Oando exploration and pProduction and Oando refinery and terminals.
Nigeria last month awarded Oando and Eni SpA's Agip a $2bn contract to build a natural gas processing facility at Obiafu.
Attributable profit to equity holders for the year to end-December 2010 climbed 39% to 14.3bn Naira (about R620.6m), while turnover grew 12% to 378.9bn Naira (about R16.4bn.)
"In spite of the enormous challenges posed by the operating environment during the year under review, the group achieved higher profitability when compared to the previous year," it said in its statement to the stock exchange.
The group's six divisions include Oando marketing, Oando supply and trading, Oando energy services, Oando gas and power, Oando exploration and pProduction and Oando refinery and terminals.
Nigeria last month awarded Oando and Eni SpA's Agip a $2bn contract to build a natural gas processing facility at Obiafu.
