Oando Plc has released its financial results for the first quarter of 2025, reporting a profit after tax (PAT) of N113 billion, up 90.5% from N59.3 billion recorded in the same period of 2024.
Interestingly, this net profit came despite the company posting a pre-tax loss of N52.5 billion, compared to a pre-tax profit of N70.3 billion in Q1 2024.
The swing to net profitability was driven by a substantial income tax credit of N165.6 billion, which more than offset the loss before tax.
Revenue for the quarter stood at N932.5 billion, representing a modest increase of 1.9% from N915.4 billion in the prior year.
On the downside, other operating income turned negative, falling from N248 billion in Q1 2024 to a loss of N301.8 billion in the period under review, primarily due to fair value losses from the modification of financial assets.
Additionally, the company posted an impairment reversal gain of N182.2 billion, while administrative expenses climbed to N86.1 billion. Nevertheless, an operating loss of N120.3 billion was reported.
Finance-related items showed mixed results.
On the balance sheet, total assets grew from N6.4 trillion to N6.8 trillion, reflecting modest expansion. However, retained earnings remained negative, closing the quarter at a deficit of N181.2 billion.
As of the close of trading on June 24, 2025, shares of the company were priced at N62.50 on the Nigerian Stock Exchange.