Oando Revenue Reaches N4.1 Trillion

According to Oando Plc, revenue for the fiscal year that concluded on December 31, 2024, increased by 45 to N4.1 trillion from N2.9 trillion the year before.

On Friday, the Nigeria Exchange Limited published the companys unaudited financial accounts, which also revealed a 9 increase in profit after tax, from N60.3 billion in 2023 to N65.5 billion.

Despite lower trading volumes and a drop in realised crude oil prices, Oando claims that the impact of foreign exchange gains, higher petrol prices, and larger crude oil volumes were the main drivers of the revenue increases.

Wale Tinubu, Oando Plcs Group Chief Executive, credited the success to the companys strategic growth, especially the purchase of a 20 larger share in NAOC Limited, which greatly increased manufacturing capacity.

Tinubu claimed that he had achieved peak operating production of 103,206 barrels of oil equivalent per day boepd and net entitlements of 45,000 boepd through the seamless integration of NAOC Ltd.