Oando Plc posts N60.27 billion profit-after-tax in FY 2023 

This is according to the Group’s audited financial statement for the full year of 2023 where it grew revenues from N1.99 trillion in 2022 to N2.84 trillion in the year under review.

This represents a 43% growth in revenues from contracts with customers during the period.

Oando Group’s financial performance during the period was severely impacted by the high cost of sales which gulped a whopping 97% of revenues. Cost of sales increased from N1.91 trillion to N2.76 trillion in FY, 2023.

Commentary: The company’s financial performance shows significant growth in revenue and profitability, with revenues rising by 43% year-over-year (YoY) to N2.84 trillion. However, the cost of sales increased at a faster pace of 45%, bringing gross profit growth down to a modest 8% YoY at N85.02 billion. This stems from significantly elevated inventory costs.

The Chief Executive Officer of the company Wale Tinubu commenting on the company’s performance stated thus, “Despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta, we achieved a profit after tax of N60 billion, bolstered by the strength of our global trading alliances, a 12% increase in total production, and favourable exchange gains from our foreign currency denominated assets.”