Oando Reports N4.1trn Revenue, N220bn Profit on NAOC Boost

Samuel Mobolaji

Oando Plc has announced a revenue of N4.1 trillion and a profit after tax of N220.1 billion for the financial year ended December 31, 2024—marking a 44 per cent revenue growth and a 267 per cent surge in net profit.

The performance was driven by gains in the Exploration & Production (E&P) segment, naira devaluation, and a N1.1 trillion increase in other operating income. Operating profit rose to N569.7 billion, while gross profit climbed to N155.8 billion from N85 billion in 2023. Earnings per share improved to N18, up from N5.

Group Chief Executive, Mr. Wale Tinubu, attributed the strong results to the successful acquisition of Nigerian Agip Oil Company (NAOC), which doubled Oando’s working interest in OML 60–63 assets to 40 per cent and boosted 2P reserves from 500 million to 1 billion barrels of oil equivalent.

Despite economic and security challenges, Tinubu said the company delivered solid returns and expanded clean energy operations. For 2025, Oando aims to deepen production via rig-less interventions and drilling, targeting 100,000 barrels per day and 1.5 trillion cubic feet of gas by 2029.

He added that the focus would be on unlocking post-acquisition synergies, tackling oil theft, cutting costs, and restructuring the balance sheet.