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Oando turnover hits N77.5bn

LAGOS—OANDO PLC, weekend announced its unaudited results of N77.5 billion in turnover for the first quarter ended March 31,2009, this represents a 12 per cent increase from N69.4 billion when compared to the result of the same period in 2008.

According to a statement issued by the company’s Head of Corporate Communications, Mr. Meka Olowola, the result of the company turnover was N77.5 billion compared to N69.4 billion in the first quater of 2008, a growth rate of 12 per cent.

Turnover increased on the back of increased activity in all business divisions.
Oando said gross margin increased by 42 per cent over that of the same period in  2008. It said gross margin efficiency increased to 8.2 per cent in the first quarter of 2009, from 6.5 per cent for the same period last year

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) hit N4.66bn in 2009, as against N2.4bn in  2008, an increase of 94 per cent.

Profit after tax increased by 30 per cent over the first  2008 from N1.4bn to N1.8bn in 2009, due largely to a combination of improved margin line, cost containment effort and efficient debt management  Adjusted Earnings Per Share increased 30 per cent to N2.01.


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