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OAO - Oando - Unaudited Company Financial Results For The Quarter Ended 31 March

Release Date: 14/05/2007 15:00:01      Code(s): OAO
OAO - Oando - Unaudited Company Financial Results For The Quarter Ended 31 March
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                                              
ISIN: NG00000UNTP0                                                              
Share code on the Nigerian Stock Exchange: UNTP                                 
("Oando" or "the Company")                                                      
Unaudited Company financial results for the quarter ended 31 March 2007         
Overall, the Group delivered significant growth in profitability despite a      
quarter characterized by challenges along the petroleum products supply chain.  
Intermittent product shortages exacerbated by the high product prices in the    
international market which did not make it feasible for marketers to intervene  
meant we could not always meet customer demand.                                 
Aggressive plans are on the way to ensure completion of the on-going pipeline   
expansion by Gaslink. We expect a huge contribution to our margin once this is  
achieved as more customers will benefit from our gas network. Our marketing arm 
has been repositioned to offer excellent services through existing retail       
outlets and other customer- focus products we are deploying. We also expect     
stability in international market for oil and an improvement in local           
production. We shall continue to explore all low volume but high margin         
business in a bid to ensure increased profitability for all our stakeholders.   
Gradually receivables from the Government in respect of the petroleum subsidy   
fund as well as bridging claims are being brought under control and this should 
lead to a positive impact on the Group`s interest costs going forward.          
The business cum political environment is expected to remain stable for the     
rest of the year. Government regulation of the pump price of fuel and other     
products is expected to remain unchanged.                                       
Profit and Loss Statement of the group                                          
All FIGURES IN $`Millions                                                       
                            Actual Q1 `07     Actual Q1 `06     (Decrease)      
Turnover                            371.76            326.05            14%     
Cost of Sales                     (346.92)          (303.51)            14%     
Gross Margin                         24.84             22.54            10%     
Other Operating                                                                 
Income/(Charges)                      3.32              1.07           211%     
Operating Expenses                 (14.95)           (14.09)             6%     
Operating Profit                     13.21              9.52            39%     
Interest Payable & Similar                                                      
Charges                             (2.57)            (1.84)            40%     
Profit/(Loss) Before Tax             10.64              7.68            38%     
Provision for Taxation              (2.13)            (1.67)            28%     
Profit After Tax                      8.51              6.01            41%     
Attributable to Minority                                                        
Interest                              1.87              0.17           999%     
Attributable to the Group             6.64              5.83            14%     
Earnings per share (Cents)            1.16              1.02            13%     
Adjusted Earnings per share                                                     
(Cents)                               1.16              1.02            13%     
Registered office: 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. A. Akinrele                  Director                                    
5. Prince F. N. Atako JP.           Director                                    
6. HRM Oba M. A. Gbadebo           Director                                     
7. Mr. O. Ibru                      Director                                    
8. Alhaji H. Mahmud                 Director                                    
9. Mr. O. P. Okoloko                Director                                    
10. Mr. I. Osakwe Director                                                      
11. 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,             
Date 14 May 2007                                                                
Issued by: Deutsche Securities (SA) (Proprietary) Limited                       
Date: 14/05/2007 15:00:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  

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