Lagos, Nigeria – Oando Plc has announced a pre-tax profit of N47.7 billion for the full year ending December 31, 2024, according to its latest unaudited financial report released on the Nigerian Exchange. This marks a decline from the N102.9 billion recorded in 2023.
Despite the drop in pre-tax profit, the company saw a strong recovery in the fourth quarter of 2024, posting a pre-tax profit of N16.6 billion, a sharp turnaround from the N29.5 billion loss in Q4 2023.
Oando’s total revenue for the year surged by 44.86% to N4.1 trillion, up from N2.8 trillion in 2023. In Q4 2024 alone, revenue rose by 87.96% to N932.4 billion, compared to N496.1 billion in the same period the previous year.
Revenue Growth Driven by Supply & Trading Segment
The company attributed the revenue increase primarily to its Supply & Trading segment, which accounted for 89.73% of total revenue, contributing N3.7 trillion. The Exploration & Production segment made up 10.11%, while corporate and other operations contributed just 0.10%.
Despite the revenue boost, Oando’s cost of sales also surged by 39.09% to N3.8 trillion, up from N2.7 trillion in the previous year. However, gross profit saw an impressive 232.31% increase, reaching N282.5 billion from N85 billion in 2023.
Other operating income declined by 12.56% to N349.7 billion, with foreign exchange gains making up 91.04% of the total. Meanwhile, administrative expenses climbed 54.08% to N402.6 billion, driven by higher operational costs.
Financial Performance and Profitability
Oando’s operating income saw a slight increase of 0.87%, reaching N220.1 billion from N218.3 billion in 2023. Finance costs, however, rose sharply by 74.04% to N232.1 billion, while finance income surged 245.77% to N58.4 billion.
The company ended the year with a post-tax profit of N65.4 billion, reflecting an 8.65% increase from the N60.2 billion reported in 2023.
Strong Asset Growth
Oando’s total assets expanded significantly in 2024, reaching N7.5 trillion, up from N2.6 trillion in the previous year. Non-current assets more than doubled, increasing from N1.8 trillion in 2023 to N3.8 trillion. Property, plant, and equipment accounted for 53.13% of this category, while intangible assets made up 33.18%.
Total current assets also experienced significant growth, rising to N3.6 trillion from N815.5 billion in the previous year. Trade and other receivables, along with contract assets, represented 92.68% of current assets.
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