Oando Plc has shared its unaudited results for the year ended December 31, 2024.

Oando recorded 45 percent revenue hike to N4.1trillion as against N2.9 trillion in FY 2023.

It grew its Profit After Tax (PAT) by 9 percent to N65.5 billion (FY 2024) compared to a Profit-After-Tax of N60.3 billion (FY 2023).

According to Oando, the revenue for the period increased by 45 percent, driven by higher crude oil volumes lifted, and higher gas prices as well as the positive impact of exchange rate translations, offset by lower trading volumes, reduced natural gas and NGL volumes, and lower realised sale prices for crude oil and NGL.

Also, Oando said its Operating Profit for the period which increased by 1 percent compared to FY2023, was primarily driven by revenue growth, offset by an increase in administrative expenses mainly due to foreign exchange losses from the revaluation of payables and borrowings and costs associated with the NAOC acquisition.

Wale Tinubu, Group Chief Executive, Oando Plc, stated: “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

“Despite a challenging operating environment, we achieved a 45 percent increase in revenue to N4.1trillion, reflecting the strength of our business model, and a 9 percent rise in profit after tax to N65.5 billion, notwithstanding the costs associated with the onboarding of NAOC.

“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. In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling program across three rig lines.

“As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all”.