Oando reports N47.7 billion pre-tax profit as full-year revenues top N4.1 trillion 

This figure shows a decline from the full-year pre-tax profit of N102.9 billion reported in 2023.

However, there was a strong recovery in the fourth quarter of 2024, where Oando Plc posted a pre-tax profit of N16.6 billion, bouncing back from a loss of N29.5 billion in the same quarter the previous year.

The company reported a revenue increase of 87.96% in the fourth quarter of 2024, reaching N932.4 billion, up from N496.1 billion in the same period the prior year.

Meanwhile, total revenue for the full year ended December 31, 2024, soared to N4.1 trillion, a 44.86% growth year-over-year from N2.8 trillion reported in the previous year.

Notably, the Supply and Trading of crude, refined, and unrefined petroleum products contributed substantially to the annual revenue figure.

Key Highlights (2024 vs 2025) 

Commentary 

Oando plc announced a strong revenue surge for the 12-month period ending 31st December 2024, achieving a total of N4.1 trillion, which reflects a substantial year-over-year increase of 44.86%.

The cost of sales experienced a spike, rising by 39.09% year-over-year to N3.8 trillion, compared to N2.7 trillion reported in the prior year.

Nonetheless, gross profit soared by an impressive 232.31% year-over-year, reaching N282.5 billion, compared to N85 billion in 2023.

Income from core operations experienced a modest increase of 0.87%, rising to N220.1 billion from N218.3 billion in 2023.

Nevertheless, finance costs soared by 74.04% to N232.1 billion; however, finance income also experienced a remarkable increase of 245.77%, reaching N58.4 billion.

The company reported a pre-tax profit of N47.7 billion for the 12 months, marking a decline compared to N102.9 billion for FY 2023.

Oando also disclosed an FY 2024 post-tax profit of N65.4 billion, reflecting an increase of 8.65% compared to the previous year’s post-tax profit of N60.2 billion.

Asset position 

Asset position 

In the full year of 2024, the group reported total assets amounting to N7.5 trillion, a significant increase from N2.6 trillion in the previous year.

Total current assets also saw considerable growth, reaching N3.6 trillion, up from N815.5 billion.