The shareholder also commended the board and management for the impressive results under review period.
Oando group listed on both the Nigerian Stock Exchange, NSE, and Johannesburg Stock Exchange, JSE, reported a jump of 526 per cent in profit after tax in 2012, standing at N10.9 billion, up from N1.8 billion in 2011.
The profit was made from a turnover of N675.5 billion, which showed a growth of 18 per cent from N573.2 billion in 201.
Based on the performance, the directors recommended a dividend N5.1 billion which translated into 75 kobo per share.
The shareholders who spoke at the 36th Annual General Meeting held in Lagos last Thursday said the dividend came at the right time considering the fact no dividend was paid in respect of 2011.
Addressing the shareholders at the AGM, Chairman of Oando Plc, Oba Michael Gbadebo, said the company has a very brighter future, saying the company is on the cusp of achieving its desire to grow the high margin upstream business following the acquisition of ConocoPhillips Nigerian companies. “2013 will witness the closure of this deal, thereby signalling our arrival as a major upstream player in Nigeria,” Gbadebo said.
He noted that Oando’s midstream business continue to expand its pipeline network, while the downstream businesses would grow their already leading market share position as well as focus on new areas.
– Peter Egwuatu, Vanguard