Oando Delivers Strong FY2024 Results: 45% Revenue Surge to N4.1 Trillion Fuels N65.5 Billion Profit

Africa’s leading integrated energy company, Oando PLC, has announced a stellar financial performance for FY 2024, achieving a remarkable 45% year-on-year revenue growth to N4.1 trillion, driven by the successful acquisition and integration of additional 20% stake in NAOC Joint Venture.

Listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), this strategic move by Oando significantly boosted production, with the company reaching peak operated production of 103,206 barrels of oil equivalent per day (boepd) and net entitlements of 45,000 boepd; translating into a profit after tax of N65.5 billion, despite the challenges of navigating a complex operating environment and integrating a major acquisition.

Oando’s production averaged 23,911 boe/d in 2024, a slight increase from the previous year. This growth trajectory, however, was partially offset by production disruptions due to sabotage activities.

“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 ₦4.1 trillion, reflecting the strength of our business model, and a 9% rise in profit after tax to ₦65.5 billion, notwithstanding the costs associated with the onboarding of NAOC.” Wale Tinubu, CON, Oando Group Chief Executive Officer

Looking ahead, Oando has outlined key strategic priorities for 2025, including:

• Cost optimization and operational efficiency enhancement.
• Aggressive drilling program across three rig lines to boost production.
• Implementation of a robust security framework to combat oil theft.

This ambitious roadmap is underpinned by a positive global oil market outlook. The U.S. Energy Information Administration (EIA) predicts global oil demand to grow by 1.3 million barrels per day (bpd) in 2025, surpassing the pre-pandemic average and signaling a strong trajectory for the global oil market.

With a strong financial foundation and a clear strategic vision, Oando is well-positioned to capitalize on these favorable market conditions and solidify its position as a leading player in the African energy landscape.

With this announcement, Oando enters 2025 on a strong foundation. The announcement brings the company up to date on its financial reporting, successfully meeting all regulatory requirements.

Notwithstanding the operational realities, Oando is positioned to build on the momentum of a successful 2024 committed to its strategic vision of becoming Africa’s first international oil company (IOC) by leveraging its strong operational capabilities and strategic partnerships to deliver value to its stakeholders.