Oando's profit rises 529.6 % in 2012

By The Rainbow

Oando Plc has wowed investors with a superlative 529.6 per cent profit growth in 2012.

The company's fourth quarter result released by the Nigerian Stock Exchange showed a 16.5 per cent decline in sales at N149.4 billion as against the same quarter in 2011, but 11.5 per cent positive in full year at N637.182 billion.

Profit before tax (PBT) of N145 million in Q4 2012 was an improvement over the N5.2 billion loss reported in Q4 2011 which brings PBT for the full year to 35.4 per cent gain at N17.553 billion.

With profit after tax (PAT) N1.5 billion in Q4 2012, the figure for the full year is N10.785 billion, a 529.6 per cent improvement over 2011,

The main driver behind the weak results was finance charges of N8.9 billion which increased 461 per cent y/y. This more than offset a 939bps expansion in gross margin.

Meanwhile, Oando has subsequently published a proposed 2012 dividend of 75 kobo.