Oando Plc has released its audited results for the twelve months ending December 31, 2024, showcasing pre-tax earnings of N383.8 billion.
The figure represents a substantial 272.72% jump from the N102.9 billion achieved in 2023, primarily attributed to enhanced revenue performance and increased operational income streams.
Annual turnover climbed to N4.08 trillion, reflecting a 43.61% rise from the previous year’s N2.84 trillion.
Geographically, overseas activities accounted for the majority of income at N3.6 trillion, with domestic Nigerian business contributing N755.3 billion.
Product-wise, crude oil sales dominated revenue generation, with gas income and energy transactions following as secondary contributors.
Detailed analysis reveals Oando’s crude oil extraction increased 22% to reach 7,558 barrels daily, while aggregate daily production averaged 23,727 barrels of oil equivalent.
This expansion stemmed primarily from completing the full takeover of Nigerian Agip Oil Company (NAOC) within the reporting period.
Sales expenses increased 42.4% to N3.9 trillion, yet gross earnings still demonstrated remarkable growth to N155.8 billion, marking an 83.35% annual improvement.
Significantly, additional operational income soared 175.23% to N1.1 trillion, fuelled mainly by a N784.8 billion bargain purchase benefit and N305.9 billion foreign currency gains.
Therefore, while administrative costs expanded to N610.8 billion, Oando achieved robust operational earnings of N569.6 billion, indicating a 160.96% improvement versus the prior year.
Regarding financial position, total assets expanded 140.43% to N6.4 trillion. Oando finalized the complete purchase of NAOC throughout the year, enhancing both production capabilities and asset portfolio.
Key Financial Metrics:
– Revenue: N4.08 trillion, +43.61% YoY
– Cost of Sales: N3.93 trillion, +42.39% YoY
– Gross Profit: N155.8 billion, +83.35% YoY
– Other Operating Income: N1.1 trillion, +175.24% YoY
– Administrative Expenses: N610.8 billion, +133.73% YoY
– Operating Profit: N569.6 billion, +160.96% YoY
– Pre-tax Profit: N383.8 billion, +272.72% YoY
– Total Assets: N6.43 trillion, +140.43% YoY
Oando’s stock price ended at N51.70 on June 4, 2025, posting a 10.00% daily increase, presumably reflecting investor enthusiasm following the publication of the company’s strong audited financial performance.
