Popular Energy company, Oando Plc, has announced a 45% increase in its revenue, which hit N4.1tn at the end of 2024 compared to N2.9tn in the previous year.
This was revealed in its Unaudited Interim Consolidated and Separate Interim Financial Statements filed with the Nigerian Exchange Limited on Friday.
In the Q4 2024 financial year, Oando acquired a 20 per cent stake in the Nigerian Agip Oil Company JV, which boosted its oil production to an average of 23,911 barrels of oil equivalent per day, an increase from the 23,258 boe/d achieved in 2023.
In a statement made available to PUNCH Online on Saturday, Oando Plc, which is listed on both the NGX and Johannesburg Stock Exchange, recorded N65.5bn in profit after tax.
Additionally, the group incurred $18.1m on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $52.3m in the 12 months to December 31, 2023.
Speaking on the results, Group Chief Executive of Oando Plc, Wale Tinubu, said, “2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity, attaining peak operated production of 103,206boepd and net entitlements of 45,000 boepd.
“Despite a challenging operating environment, we achieved a 45 per cent increase in revenue to N4.1tn, reflecting the strength of our business model, and a nine per cent rise in profit after tax to N65.5bn, notwithstanding the costs associated with the onboarding of NAOC.”
On the 2025 outlook, Tinubu said, “In 2025, our priority shall be to drive cost optimisation, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations. In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling program across three rig lines. Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground security challenges by implementing a revamped security framework that integrates advanced surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and unjustifiable theft of oil to ensure the long-term integrity of our vast network.
“As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all.”
This report has brought Oando up to date on its financial reporting requirements for the NGX and the JSE.
