Nigeria's Oando and Total Declare Profit

Image: Courtesy of Oando

Lagos (THEWILL) - Nigeria’s Oando Plc has declared a pre-tax profit of N9.23 billion naira, a 27% improvement from last year, for the nine months ending in September 2009.

Oando, which intends to get listed on the London Exchange soon, said in a filing at the Nigerian Stock Exchange that its gross earnings rose by 7% to N343 billion naira from N319.6 billion announced in the previous year.

The energy company was recently selected as the lead developer in a $1 billion dollar natural gas project at the Jubilee oilfield in Ghana.

Also, one of Nigeria’s petrol marketers, Total declared a pre-tax profit of N4.5 billion naira for its nine months ending in September, 2009, representing a 15% drop from its reporting last year.

Total also said its gross earnings was off-mark by 1.6% to N131 billion naira from a previous N133 billion naira for 2008. It intends to pay out an interim dividend of N3.4 naira per share.