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Oando PLC, one of the leading integrated energy companies in Africa, has announced its increase in income to N4.1 trillion.
This is contained in the Full Year (TA) of 2024 financial results that ended on December 31, 2024.
According to the results posted at the Nigerian Exchange Group (NGX) on Wednesday, June 4, 2025, this is a 44% increase when compared to N2.9 trillion recorded in TA 2023.
Commenting on the results, Wale Tinubu, head of the group executive, Oando PLC, noted that the company could achieve this achievement despite the challenging macroeconomic and security environment.
Hear that; “2024 is a decisive year for Oando, with successful acquisitions and integration of Nigeria Agip Oil Company (NAOC) which marks the peak of strategic growth trips for a decade which significantly deepens our upstream portfolio, which produces more than Operators from 60-60% OML, and doubles of 20% of OPL 6. Barel oil is equivalent to 1 billion barrels.
“Despite the challenging macroeconomic and security environment, we provide an increase in revenue of 44% to ₦ 4.1 trillion and an increase in profit 267% after tax becomes ₦ 220 billion, which is caused by the intrinsic value of the NaOC acquisition and underlines our trade.
Also Read: Oando Targets 100,000BPD Production with NaOC Acquisitions
In the prospect of 2025, Tinubu said, “In the future, 2025 will be our execution year. Our top priority must include the opening of synergy from acquisitions, handling security risks on land through implementation of security operations that aim, increase in excess operation, operation of excess.
“In our efforts to increase production to achieve our target from 100,000 BOPD and 1.5 TCF gas in 2029, we will pursue a double track approach from intervention without rigs and good workovers, equipped with an aggressive drilling program, and remain in front of, and remain a back holder, and remain the holder back.
The additional results of the report also showed that profits surged to N220 billion from N60 billion in 2023, representing an increase of 267%.
Reserves grew 95 percent to 983 million barrels of oil equivalent, up from 505 million barrels in 2023.
However, capital expenditure fell sharply to N19 billion from N45 billion in the previous year, which reflects the priority of the company from the Naoc agreement.
By: Babajide Okeowo
