The board of Oando Plc has recommended the distribution of N5.1 billion as cash dividends for the year ended December 31, 2012, representing more than 59 per cent above N3.2 billion projected as cash payouts for the year in the recent forecasts of the integrated energy company.
The upbeat dividend recommendation followed impressive growths across key performance indicators in 2012 as the company rode on the back of increased cost efficiency to grow net profit by 527 per cent. Basic earnings per share leapt by 532 per cent from 75 kobo in 2011 to N4.74 in 2012, providing adequate ground for current increase in payout and sustainable future payouts.
