Oando records N65.5bn profit in 2024, grows revenue to N4.1trn

Oando Plc, Africa’s leading energy company listed on the Nigerian Exchange Group (NGX), has announced a profit after tax of N65.5 billion for the full year 2024.

This was disclosed in the company’s recently released unaudited financial statements on the Nigeria Exchange Limited website.

The company’s revenue rose by 45 per cent to N4.1 trillion, up from N2.9 trillion in 2023.

The Group Chief Executive of Oando, Wale Tinubu, attributed the growth to the successful acquisition and integration of NAOC Ltd. He stated that the transaction increased production capacity, with peak operated production reaching 103,206 barrels of oil equivalent per day (boepd) and net entitlements of 45,000 boepd.

Oando’s production for the year ended 31 December 2024 averaged 23,911 boepd, compared to 23,258 boepd in 2023. The company noted that the acquisition of an additional 20 per cent stake in the NAOC joint venture contributed to this increase.

The company also reported a capital expenditure of $18.1 million for the development of oil and gas assets, exploration, and evaluation activities which was lower than the $52.3 million recorded in 2023.

Looking ahead, Oando plans to focus on cost efficiency, operational improvements, and increased production through rigless workovers and drilling programmes.

Wale Tinubu also highlighted plans to enhance security through advanced surveillance technology and intelligence driven initiatives.

With these developments, Oando has met its financial reporting requirements and is positioned to advance its strategy of becoming Africa’s first international oil company.

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