Oando PLC posts N13.6 billion third quarter profit amid increase in supply and trading revenue 

This represents a 510.48% year-on-year increase, bringing the company’s total post-tax profit for the nine months to N76.2 billion.

Revenue for the third quarter stood at N1.1 trillion, a 15.7% rise compared to the previous year, with total revenue for the nine months reaching N3.1 trillion.

The bulk of the group’s nine-month revenue, at N2.9 trillion, came from the supply and trading of crude oil, as well as refined and unrefined petroleum products.

Key financial highlights:  

A cursory look at Oando’s third-quarter 2024 results highlights improved performance despite a significant rise in net finance costs during the period.

Cost of sales increased by 8.93% to N1 trillion, up from N960.7 billion in the same period last year, but gross profit climbed significantly to N112 billion, a 174.9% jump from N40.7 billion.

In all, Oando reported a post-tax profit of N13.6 billion, a notable turnaround from the N2.2 billion loss recorded the previous year, reflecting a 510.6% year-over-year improvement.

The group’s total assets demonstrated substantial growth, rising by 192.97% year-over-year to N7.84 trillion for the nine-month period ending September 30, 2024, compared to N2.68 trillion recorded in the previous year.

Investments in finance, lease receivables, and short-term investments also played a key role in the expansion of the asset base.