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Oando Plc has announced a strong financial performance for the 2024 financial year, with a 45% growth in revenue to N4.1 trillion. The company’s profit after tax also increased by 9% to N65.5 billion.

According to the Group Chief Executive, Oando, Wale Tinubu, the company’s successful acquisition and integration of NAOC Ltd. was a key highlight of the year. “2024 was a year of transformation for Oando… which significantly enhanced our production capacity, attaining peak operated production of 103,206boepd and net entitlements of 45,000 boepd,” he said.

Despite operating in a challenging environment, Tinubu attributed the company’s revenue growth to the strength of its business model. “We achieved a 45% increase in revenue to N4.1 trillion… and a 9% rise in profit after tax to N65.5 billion, notwithstanding the costs associated with the onboarding of NAOC,” he explained.

Oando’s production averaged 23,911 barrels of oil equivalent per day (boe/d) in 2024, up from 23,258 boe/d in 2023. The growth was driven by the acquisition of an additional 20% stake in the NAOC JV, partially offset by production disruptions due to sabotage activities.

The company incurred $18.1 million on capital expenditures related to developing oil and gas assets and exploration and evaluation activities, compared to $52.3 million in 2023.

Looking ahead to 2025, Tinubu outlined the company’s priorities: “In 2025, our priority shall be to drive cost optimization, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations.

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