Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Ex- change (JSE), announced a strong financial performance for the Full Year (FY) 2024 with a 45% growth in revenue to N4.1 Trillion compared to N2.9 Trillion in FY 2023 results.
The company’s 2024 performance showcases a consistent upward trajectory following its announcement of N65.5 billion in profit after tax.
Speaking on the results, Group Chief Executive, Oando PLC, Wale Tinubu CON, commented, “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% increase in revenue to N4.1 trillion, reflecting the strength of our business model, and a 9% rise in profit after tax to N65.5 billion notwithstanding the costs associated with the onboarding of NAOC.”
Oando’s production for the twelve months ended December 31, 2024, averaged 23,911 barrels of oil equivalent per day (boe/d), an increase from the 23,258 boe/d achieved in 2023. This growth was primarily driven by the acquisition of an additional 20% stake in the NAOC JV in Q4, partially offset by production disruptions due to shutting wells resulting from sabotage activities.
Additionally, the Group incurred $18.1 million on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $52.3 million in the twelve months to December 31, 2023.
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