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 per cent 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 per cent 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 per cent 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 per cent to N3.9 trillion, but gross profit still increased significantly to N155.8 billion, up 83.35 per cent year-on-year.
Notably, other operating income jumped by 175.23 per cent 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 per cent increase over FY 2023.
On the balance sheet, total assets rose by 140.43 per cent to N6.4 trillion. Oando completed the 100 per cent acquisition of NAOC during the year, which contributed to the increase in production capacity and asset base.
Oando’s shares closed at N51.70 on June 4, 2025, representing a 10.00 per cent intra-day gain, likely driven by a positive market reaction to its newly released audited financial statements