Indigenous energy group Oando Plc has recorded a 164 percent increase in profit after tax at the end of the third quarter, which rose to N210bn from N76bn in the same period of 2023.
This was indicated in a statement from the firm on Thursday, following the release of its unaudited results for the nine months ended September 30, 2025, filed with the Nigerian Exchange and Johannesburg Stock Exchange.
Oando’s performance was driven by stronger production volumes and operational efficiency. However, the group’s revenue declined by 20 per cent year-on-year to N2.5tn from N3.2tn in 2024, a decline primarily linked to reduced gasoline imports following the ramp-up of the Dangote Refinery.
Gross profit slid by 42 per cent to N113bn, reflecting shifts in market dynamics and the group’s evolving segment mix. Despite the revenue contraction, the company achieved significant gains in production output and operational effectiveness across its upstream portfolio.
Group Chief Executive Wale Tinubu stated that the company consolidated gains achieved following its acquisition of Nigerian Agip Oil Company’s assets last year. He noted that assumption of operatorship proved transformational, granting the firm agility to act decisively and execute with precision in driving production growth.
The group achieved a 59 per cent year-on-year increase in crude oil and gas production, now averaging 38,121 barrels of oil equivalent per day. Tinubu emphasized that this underscored the impact of the NAOC acquisition and provided clear evidence of unlocking the tremendous value its reserves possess.
During the review period, Oando upsized its Reserve-Based Lending facility to $375m, strengthening financial flexibility and supporting accelerated development of its 1 billion barrels of oil equivalent upstream portfolio. 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 revamp of its natural gas liquids processing plant played a key role in improved performance, delivering 82 per cent operational uptime and boosting recovery and reliability across production assets. The company completed the Obiafu-44 gas-condensate well, which was brought onstream in October, and advanced surface facility upgrades to minimize downtime.
Oando was awarded operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin, and was selected as preferred bidder for the Guaracara Refinery in Trinidad and Tobago. The company also advanced its electric mobility, solar, and recycling initiatives, progressing development of a 1.2GW solar PV assembly plant.
Oando maintains its full-year production guidance of approximately 40,000 barrels of oil equivalent per day, with capital expenditure projected at $120–130m. Tinubu concluded that the company remains focused on strengthening its balance sheet, accelerating production growth, and sustaining long-term value creation.
Oando Plc operates as an integrated energy solutions provider with interests spanning upstream oil and gas exploration, midstream infrastructure, downstream trading, and renewable energy across Africa and international markets.
