Energy giant Oando Plc has announced a 164 percent rise in Profit After Tax (PAT) to N210 billion for the nine months ended September 30, 2025, up from N76 billion in the same period last year. The performance was driven by higher production volumes and improved operational efficiency.
Despite the profit surge, group revenue declined 20 percent year-on-year to N2.5 trillion, compared to N3.2 trillion in 2024, largely due to reduced gasoline imports following the ramp-up of the Dangote Refinery, which has reshaped Nigeria’s refined-product market.
Gross profit stood at N113 billion, representing a 42 percent decline, reflecting shifts in market dynamics and changes in Oando’s business mix.
Group Chief Executive, Wale Tinubu, said the company consolidated gains from its acquisition of NAOC’s assets in 2024.
“Our assumption of operatorship has been transformational, granting us the ability to act decisively and execute with precision in driving production growth and operational efficiency,” Tinubu said.
He added that crude oil and gas production rose 59 percent year-on-year to an average of 38,121 barrels of oil equivalent per day (boepd), underscoring the impact of the NAOC acquisition and the potential of Oando’s reserves.
To sustain growth momentum, the company upsized its Reserve-Based Lending (RBL 2) facility to $375 million, boosting financial flexibility and supporting accelerated development of its 1 billion barrels of oil equivalent (boe) upstream portfolio.
Oando also renegotiated key credit facilities on more favorable terms, extending repayment periods to free up liquidity and fund its ongoing drilling programme.
