Oando Reports N47.7bn Pre-Tax Profit as Full-Year Revenue Surges to N4.1trn

Oando Reports N47.7bn Pre-Tax Profit as Full-Year Revenue Surges to N4.1trn
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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.

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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.


Copyright 2024 REPORT AFRIQUE (RA). Permission to use portions of this article is granted provided appropriate credits are given to www.reportafrique.com and other relevant sources. This Article is Fact-Checked. See Policy.
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