Shareholders of Oando Plc, Nigeria’s leading indigenous integrated energy group will receive a dividend of N5.1 billion for the year-ended December 31, 2012 as the company resumes payment of dividend.
Although the company has been paying dividend over the years, 2011 was different. The shareholders did not receive dividend following a major decline in the profit due to one-off write-offs that resulted from impairments of assets, acquisitions, and termination of technical and managerial services charges.
However, having posted a profit after tax of N10.9billion for the 2012, the directors have recommended a dividend of N5.1 billion, which translated to 75 kobo per share.
The company, which is listed on the Nigerian Stock Exchange (NSE) and Johannesburg Stock Exchange (JSE), reported a jump of 526 per cent in profit after tax in 2012 to N10.9 billion from N1.8 billion in 2011.