Oando Plc has reported a 164 per cent surge in Profit After Tax (PAT) to N210 billion for the nine months ended September 30, 2025, up from N76 billion recorded in the same period of 2024. The company attributed the performance to higher production volumes and improved operational efficiency across its upstream operations.
Despite the profit growth, group revenue declined by 20 per cent year-on-year to N2.5 trillion from N3.2 trillion in 2024. The company linked the drop to reduced gasoline imports following the ramp-up of the Dangote Refinery, which has reshaped Nigeria’s refined-product market and reduced import demand.
Gross profit for the period stood at N113 billion, a 42 per cent decline, reflecting changing market dynamics and a shift in the Group’s segment mix.
Commenting on the results, Wale Tinubu, Group Chief Executive of Oando Plc, said the period marked a consolidation of the company’s post-acquisition gains following its 2024 purchase of NAOC’s assets.
“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,” he said.
Tinubu disclosed that crude oil and gas production rose by 59 per cent year-on-year, averaging 38,121 barrels of oil equivalent per day (boepd), a result he described as “clear evidence of the dawn of unlocking the tremendous value within our reserves.”
Oando said its performance reflects strong momentum across its upstream portfolio, supported by strategic financial restructuring. To sustain growth, the company upsized its Reserve-Based Lending (RBL 2) facility to $375 million, boosting its financial flexibility and enabling faster development of its 1 billion barrels of oil equivalent (boe) reserves.
Additionally, the company renegotiated key credit facilities on more favourable terms, extending repayment timelines to free up liquidity and support its ongoing drilling programme.
Oando’s latest results reinforce its strategy to strengthen its upstream operations, enhance efficiency, and consolidate its position as one of Nigeria’s leading integrated energy players.