Oando PLC has reported a 164 percent increase in profit after tax, reaching N210 billion for the first nine months of 2025, compared to N76 billion recorded in the same period last year.
The energy company attributed the remarkable growth to increased production volumes and stronger operational efficiency.
According to the company’s financial results released on Thursday, total revenue declined by 20 percent to N2.5 trillion, down from N3.2 trillion in 2024. Oando explained that the dip was due to reduced gasoline imports, a result of the Dangote Refinery ramping up operations and reshaping Nigeria’s fuel supply market.
Despite a fall in gross profit, which stood at N113 billion representing a 42 percent decline, the Group maintained a positive outlook, noting that its diversified business model continued to cushion against market volatility. The management said the company’s performance reflects resilience amid changing market conditions and a shift in segment contribution.
Group Chief Executive Officer of Oando PLC, Wale Tinubu, expressed optimism over the company’s operational progress. He stated, “In the first nine months of 2025, we consolidated the gains achieved following our acquisition of NAOC’s assets last year. Our assumption of operatorship has been transformational, granting us the ability to act decisively and execute with precision in driving production growth and operational efficiency.”
Tinubu added that Oando recorded a 59 percent year-on-year increase in crude oil and gas output, averaging 38,121 barrels of oil equivalent per day. He described the improvement as “clear evidence of the value unlocked through the NAOC acquisition” and reaffirmed the company’s commitment to expanding its upstream portfolio.
To maintain growth momentum, Oando announced the expansion of its Reserve-Based Lending facility to $375 million, enhancing its financial flexibility and supporting the accelerated development of its one billion barrels of oil equivalent reserves. The firm also renegotiated key credit facilities on improved terms, extending repayment periods to free up cash flow and sustain its ongoing drilling activities.
