Oando Plc has published its audited financial statements for the year ended 31 December 2024, reporting a pre-tax profit of N383.8 billion.
This marks a sharp increase of 272.72% compared to the N102.9 billion recorded in 2023, driven largely by a strong rise in revenue and other operating income.
Total revenue for the year surged to N4.08 trillion, up 43.61% from N2.84 trillion in the previous year.
A closer look shows that Oando’s crude oil production rose by 22% to 7,558 barrels per day, while total daily output averaged 23,727 barrels of oil equivalent.
Moving on, the cost of sales rose by 42.4% to N3.9 trillion, but gross profit still increased significantly to N155.8 billion, up 83.35% year-on-year.
Thus, despite a rise in administrative expenses to N610.8 billion, Oando delivered a strong operating profit of N569.6 billion, representing a 160.96% increase over FY 2023.
On the balance sheet, total assets rose by 140.43% to N6.4 trillion. Oando completed the 100% acquisition of NAOC during the year, which contributed to the increase in production capacity and asset base.
Oando’s shares closed at N51.70 on June 4, 2025, representing a 10.00% intra-day gain, likely driven by a positive market reaction to its newly released audited financial statements.