• Thursday, February 29, 2024
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Oando profit rises 103 percent to N12.53 billion


Nigerian energy company Oando said on Tuesday its pre-tax profit in the first half rose 103 percent to N12.53 billion from N6.15 billion (37.53 million US dollar)in the same period last year.

Revenue dropped to N194.55 billion compared with 280.32 billion, the firm said in a filing with the Nigerian Stock Exchange.

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.

Shares in the oil and gas firm were up 9.5 percent on the local bourse at 25.93 naira by 1218 GMT