Now Reading: Oando Profits Soar 164% to ₦210bn Despite 20% Revenue Drop, Driven by Strong Oil Output
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Oando Profits Soar 164% to ₦210bn Despite 20% Revenue Drop, Driven by Strong Oil Output
Oando Profits Soar 164% to ₦210bn Despite 20% Revenue Drop, Driven by Strong Oil Output
Oando Plc has reported a remarkable 164% surge in profit after tax to ₦210 billion for the first nine months of 2025, up from ₦76 billion in the same period last year — a performance the company attributes to increased oil and gas production and stronger operational efficiency.
Despite the profit jump, the company’s group revenue declined by 20% year-on-year to ₦2.5 trillion, down from ₦3.2 trillion in 2024. The drop was linked to reduced gasoline imports following the ramp-up of the Dangote Refinery, which has significantly reshaped Nigeria’s downstream market.
Oando’s gross profit fell 42% to ₦113 billion, reflecting evolving market dynamics and a shift in the group’s operational mix.
Group Chief Executive Wale Tinubu said the company’s upstream performance continues to strengthen following its acquisition of NAOC’s assets, which it now operates.
“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 said.
He revealed that Oando achieved a 59% year-on-year rise in crude oil and gas output, averaging 38,121 barrels of oil equivalent per day (boepd), underscoring the impact of the acquisition and renewed focus on upstream operations.
To maintain momentum, Oando expanded its Reserve-Based Lending (RBL 2) facility to $375 million, improving liquidity and supporting the accelerated development of its 1 billion barrels of oil equivalent (boe) upstream portfolio. The company also renegotiated key credit facilities on more favourable terms to strengthen its balance sheet and fund its drilling programme.
The results mark a strong rebound for Oando, reinforcing its position as one of Nigeria’s leading integrated energy players amid shifting market forces and the country’s evolving energy landscape.
