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Oando Plc - Unaudited financial results for the quarter ended 31 March 2006

Release Date: 10/05/2006 15:33:36      Code(s): OAO
Oando Plc - Unaudited financial results for the quarter ended 31 March 2006     
Oando Plc                                                                       
(Incorporated in Nigeria and registered as                                      
an external company in South Africa)                                            
Registration number RC6474                                                      
(External company registration number 2005/038824/10)                           
Share code on the JSE Limited: OAO                                              
Share code on the Nigerian Stock Exchange: UNTP                                 
ISIN: NG00000UNTP0                                                              
("Oando" or "the Company")                                                      
Unaudited Company financial results for the quarter ended 31 March 2006         
Turnover increased marginally by 2% compared to the corresponding period last   
year. This was as a result of our increase in the downstream marketing business 
- due to the impact of pump prices, which were increased in Quarter 1 last year,
and the lower level of activity in the supply and trading business due to the   
relatively lower imported products requirement in the country in the Quarter    
under review.                                                                   
Operating profit was 8% higher driven by slightly higher overall margins.       
PBT was 6% higher compared to the previous quarter, as a result of higher       
interest costs brought about by higher levels of borrowings.                    
Profit attributable to ordinary shareholders of the Company was 22% higher as   
compared to the previous quarter. This was due to the relatively higher         
contribution from the wholly owned business - downstream marketing, compared to 
that by the partly owned businesses in the previous quarter.                    
The business environment is expected to remain the same for the rest of the     
year. On the downstream marketing front we expect that the price caps on petrol 
and other products will remain. We shall be concentrating on driving the        
efficiency of the business, including the level of capital requirement.         
With the anticipated start up of the subsidy fund, we expect to become a major  
player in the importation of fuels in the Nigeria. This should have a positive  
impact on our bottom line.                                                      
In addition the on going business expansion projects we have in our gas and     
energy services businesses are on track. In particular, the pipeline expansion  
should be concluded as planned by the fourth quarter of this year. The business 
should start contributing to the Company"s profitability.                       
Profit and Loss Statement of the group                                          
All FIGURES IN $"Millions                                                       
Actual Q1   Actual Q1                            
                               06          05                                   
Turnover                        410.32     400.68     2%                        
Cost of Sales                  (380.95)    (373.51)   2%                        
Gross Margin                   29.37       27.17      8%                        
Other Operating                1.07        1.97       -46%                      
Operating Expenses             (20.92)     (21.34)    -2%                       
Operating Profit               9.52        7.80       22%                       
Interest Payable & Similar     (1.84)      (0.48)     283%                      
Profit/(Loss) Before Tax       7.68        7.32       5%                        
Provision for Taxation         (1.67)      (1.64)     2%                        
Profit after Taxation          6.01        5.68       6%                        
Attributable to Minority       0.17        0.90       -81%                      
Attributable to the Group      5.83        4.78       22%                       
Earnings per  share (Cents     1.02        0.83       22%                       
Adjusted Earnings per  share   1.02        0.83       22%                       
Registered office: Stallion House, 2, Ajose Adeogun Street, Victoria Island,    
Lagos, Nigeria                                                                  
1. General M. Magoro (Rtd.)   -    Chairman                                     
2. Mr. J. A. Tinubu           -    Group CEO                                    
3. Mr. O. Boyo                -    Deputy Group CEO                             
4. Mr. O. P. Okoloko          -    Executive Director                           
5. Prince F. N. Atako JP.     -    Director                                     
6. Mr. A. Akinrele            -    Director                                     
7. Mr. O. Ibru                -    Director                                     
8. Alhaji H. Mahmud           -    Director                                     
9. Mr. I. Osakwe              -    Director                                     
10. Mr. O. Osifo              -    Director                                     
Company Secretary: Mrs. Oredeji Delano                                          
Office of the South African registrars:                                         
Computershare Investor Services 2004 (Proprietary) Limited                      
(Registration number: 2004/003647/07)                                           
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107        
Date 10 May 2006                                                                
Issued by: Deutsche Securities (SA) (Proprietary) Limited                       
Date: 10/05/2006 03:33:39 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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