Oando shares spike over 14% following strong earnings report 

The company reported a post-tax profit of N13.6 billion for the third quarter of 2024, a 510.48% increase from the previous year, bringing the total for the nine months ending September 30 to N76.2 billion.

For the third quarter, revenue reached N1.1 trillion, a 15.7% increase from the previous year, while total revenue for the nine-month period was N3.1 trillion.

A significant portion of this revenue, N2.9 trillion, came from the supply and trading of crude oil, along with refined and unrefined petroleum products.

After the earnings release in mid-December 2024, Oando’s stock declined slightly, reaching N62.50 on January 10, 2025.

Nevertheless, in the third week of January 2025, the stock rebounded, rising over 14% for the week.

Oando recorded a notable year-to-date performance of 528.57% in 2024, positioning itself as the leading stock in the oil and gas sector.

The year began with the stock price at N10.50, followed by a phase of stagnation in the first quarter. However, the second quarter brought about positive price movement.

The upward trend gained momentum in the third quarter, particularly in August when the stock surged by over 200%.

By October, it had surpassed N85 but later retraced to N64.95 in November. As of mid-January 2025, there are indications of a potential upward correction in the stock’s trajectory.

Oando’s latest earnings report for the third quarter has likely attracted attention from investors.

The company posted a post-tax profit of N13.6 billion for Q3 2024, a notable recovery from the N2.2 billion loss recorded in the same period last year.

In terms of revenue, Oando reported N1.1 trillion for the third quarter, which is a 15.7% increase from the previous year.

Main operating income increased by 13.7% to N39 billion, largely due to ongoing exploration and production activities in oil blocks on the Nigerian continental shelf, deep offshore, and in São Tomé and Príncipe.

These results have likely raised investor interest, leading some to consider buying in at a low of N65 as they navigate the current market conditions.

Wale Tinubu CON, Group Chief Executive of Oando PLC, shared insights on the company’s recent results:

Wale Tinubu CON, Group Chief Executive of Oando PLC, shared insights on the company’s recent results:

“Our performance for the nine months ending September 30, 2024, underscores our resilience and steadfast commitment to providing value, even in a challenging operating landscape.”  

He further emphasized, “With this solid foundation and a definitive growth roadmap, we are optimistic about our potential to deliver long-term, sustainable value to all our stakeholders.”