This marks a drop from the N102.9 billion pre-tax profit they reported for 2023.
On a brighter note, the fourth quarter of 2024 saw a significant rebound, with Oando Plc achieving a pre-tax profit of N16.6 billion, recovering from a loss of N29.5 billion in the same quarter the year before.
The company also experienced a remarkable revenue boost of 87.96% in Q4 2024, hitting N932.4 billion, compared to N496.1 billion during the same time last year.
For the entire year ending December 31, 2024, total revenue jumped to N4.1 trillion, reflecting a 44.86% increase from the N2.8 trillion reported the previous year.
Revenue hit N4.1 trillion, marking a 44.86% increase from last year. Cost of Sales came in at N3.8 trillion, up by 39.09% YoY. Gross Profit soared to N282.5 billion, a whopping 232.31% rise YoY. Other Operating Income was N349.7 billion, down 12.56% YoY. Administrative Expenses reached N402.6 billion, climbing 54.08% YoY. Operating Income stood at N220.1 billion, with a slight increase of 0.87% YoY. Finance Costs were N232.1 billion, up 74.04% YoY, while Finance Income jumped to N58.4 billion, a massive 245.77% increase YoY. Pre-tax Profit was N47.7 billion, down 53.60% YoY, but Post-tax Profit rose to N65.4 billion, up 8.65% YoY.
Oando plc has reported a significant boost in revenue for the year ending December 31, 2024, hitting N4.1 trillion, which is a remarkable 44.86% increase from the previous year.
The Supply & Trading division, which includes crude, refined, and unrefined petroleum products, made up a whopping 89.73% of the total revenue, totaling N3.7 trillion. Exploration & Production contributed 10.11%, while the 'corporate and others' segment was minimal at just 0.10%. The cost of sales jumped by 39.09% year-over-year, reaching N3.8 trillion, up from N2.7 trillion last year.
On the bright side, gross profit skyrocketed by an impressive 232.31% year-over-year, hitting N282.5 billion compared to N85 billion in 2023.
However, other operating income dipped slightly by 12.56%, dropping from N399.9 billion last year to N349.7 billion in FY 2024, with foreign exchange gains making up 91.04% of that total. Administrative expenses surged by 54.08%, climbing to N402.6 billion from N261.3 billion the previous year. Income from core operations saw a small rise of 0.87%, increasing to N220.1 billion from N218.3 billion in 2023.
On the downside, finance costs shot up by 74.04% to N232.1 billion, but finance income also saw a huge jump of 245.77%, reaching N58.4 billion.
The company reported a pre-tax profit of N47.7 billion for the year, down from N102.9 billion in FY 2023. Notably, Q4 pre-tax profit was N16.6 billion for 2024, showing a strong recovery from a loss of N29.5 billion in Q4 2023. Oando also announced a post-tax profit of N65.4 billion for FY 2024, which is an 8.65% increase from last year's post-tax profit of N60.2 billion.
In 2024, the group reported total assets of N7.5 trillion, a huge jump from N2.6 trillion the year before.
Non-current assets increased from N1.8 trillion in 2023 to N3.8 trillion for the fiscal year 2024. In this category, property, plant, and equipment made up 53.13% of the total, while intangible assets were 33.18%.
Current assets also saw a big boost, hitting N3.6 trillion, up from N815.5 billion.
Interestingly, trade and other receivables, along with contract assets, accounted for 92.68% of the total current assets.