Oando Plc has published its audited financial statements for the year ended 31 December 2024, reporting a pre-tax profit of N383.8 billion.
This marks a sharp increase of 272.72% compared to the N102.9 billion recorded in 2023, driven largely by a strong rise in revenue and other operating income.
Total revenue for the year surged to N4.08 trillion, up 43.61% from N2.84 trillion in the previous year.
- By region, international operations generated most of the revenue at N3.6 trillion, while Nigerian operations contributed N755.3 billion.
- By product line, crude oil was the dominant revenue driver, followed by gas revenue and energy sales.
A closer look shows that Oando’s crude oil production rose by 22% to 7,558 barrels per day, while total daily output averaged 23,727 barrels of oil equivalent.
- This growth was largely driven by the full acquisition of Nigerian Agip Oil Company (NAOC) during the year.
Moving on, the cost of sales rose by 42.4% to N3.9 trillion, but gross profit still increased significantly to N155.8 billion, up 83.35% year-on-year.
- Notably, other operating income jumped by 175.23% to N1.1 trillion, driven primarily by a N784.8 billion gain from a bargain purchase and a N305.9 billion foreign exchange gain.
Thus, despite a rise in administrative expenses to N610.8 billion, Oando delivered a strong operating profit of N569.6 billion, representing a 160.96% increase over FY 2023.
On the balance sheet, total assets rose by 140.43% to N6.4 trillion. Oando completed the 100% acquisition of NAOC during the year, which contributed to the increase in production capacity and asset base.
Key highlights:
- Revenue: N4.08 trillion, +43.61% YoY
- Cost of Sales: N3.93 trillion, +42.39% YoY
- Gross Profit: N155.8 billion, +83.35% YoY
- Other Operating Income: N1.1 trillion, +175.24% YoY
- Administrative Expenses: N610.8 billion, +133.73% YoY
- Operating Profit: N569.6 billion, +160.96% YoY
- Pre-tax Profit: N383.8 billion, +272.72% YoY
- Total Assets: N6.43 trillion, +140.43% YoY
Oando’s shares closed at N51.70 on June 4, 2025, representing a 10.00% intra-day gain, likely driven by a positive market reaction to its newly released audited financial statements.