Nigerian energy company Oando said on Tuesday its pre-tax profit in the first half rose 103 percent to 12.53 billion naira from 6.15 billion naira (37.53 million US dollar)in the same period last year.
Revenue dropped to 194.55 billion naira compared with 280.32 billion, the firm said in a filing with the Nigerian Stock Exchange.
Oando, which concluded the purchase of the Nigerian upstream oil and gas business from ConocoPhillips for $1.5 billion in July, said it had proposed a 0.70 naira interim dividend from its half-year profit and a 0.30 naira final dividend on its 2013 full-year profit.
Shares in the oil and gas firm were up 9.5 percent on the local bourse at 25.93 naira by 1218 GMT
Oando Plc also plans to increase its oil production capacity to 100,000 barrels per day over the next five years after completing the acquisition of ConocoPhillips’ Nigerian assets for $1.5 billion in July.
Oando Chief Executive Wale Tinubu said in a statement on Tuesday that production capacity was currently 42,500 bpd and that the company would grow through future acquisitions as it seeks to increase market share in Africa’s top oil exporter.
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