Oando PLC (https://OandoPLC.com/), the Nigerian energy group listed on both the Nigerian Exchange and Johannesburg Stock Exchange, has announced its unaudited results for the nine months ended September 30, 2025, reflecting remarkable growth.
Financial Results Details
The Group delivered a Profit After Tax of ₦210 billion, a 164%, an increase from ₦76 billion in the same period in 2024, a performance driven by stronger production volumes, and operational efficiency.
While Group revenue declined by 20% year-on-year to ₦2.5 trillion from ₦3.2 trillion in 2024, this was primarily due to reduced gasoline imports following the ramp-up of the Dangote Refinery, a development that has reshaped Nigeria’s refined-product market for good.
Gross profit stood at ₦113 billion, representing a 42% decline and reflecting shifts in market dynamics and the Group’s evolving segment mix.Commenting on the results, Wale Tinubu, CON, Group Chief Executive, Oando PLC, stated:“In the first nine months of 2025, we consolidated the gains achieved following our acquisition of NAOC’s assets last year. Our assumption of operatorship has been transformational, granting us the agility to act decisively and execute with precision in driving production growth and operational efficiency.”He added that the Group achieved a 59% year-on-year increase in crude oil and gas production, now averaging 38,121 boepd, underscoring the impact of the NAOC acquisition and clear evidence of the beginning of the dawn of unlocking the tremendous value its reserves possess.
Credit Renegotiations and Production Improvements
During the period the company reported a surge in oil and gas output and continued operational gains, signaling strong momentum across its upstream operations for the nine months ended September 30, 2025.
The company also renegotiated key credit facilities on more favorable terms, extending repayment periods to free up liquidity and fund its ongoing drilling programme.The indigenous energy giant said group production averaged 38,121 barrels of oil equivalent per day (boepd), up 59% year-on-year, in line with its full-year guidance.
Oando noted that the revamp of its NGL processing plant played a key role in the improved performance, delivering 82% operational uptime and boosting recovery and reliability across production assets.
In its clean energy division, the company advanced its electric mobility, solar, and recycling initiatives, progressing development of a 1.2GW solar PV assembly plant, completing a techno-economic study for a 6MW geothermal pilot, and securing land for a 2,750-ton-per-month PET recycling facility.
The share price jumped by 3.75% on the JSE yesterday on the announcement
