The long awaited audited reports of Oando Plc for the year ended 31 December 2023 was released on Monday 4th November 2024.
The Oil Company reported revenue of N2.846 trillion for the 12 months period, up by 42.73% from N1.994 trillion reported in FY 2022.
The Group achieved profit after tax of N60.277 billion for the year as against the loss after tax of N81.23 billion reported the previous year.
Earnings per share of Oando for the period under review was N5.
Commenting on the results Wale Tinubu, Group CEO of Oando Plc stated thus:
“Despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta, we achieved a profit after tax of N60 billion, bolstered by the strength of our global trading alliances, a 12% increase in total production, and favorable exchange gains from our foreign currency denominated assets.
Our recently completed transformational acquisition of NAOC Ltd stands as a pivotal moment for the Company due to the expansive reserves and vast infrastructure network. Following our 2014 acquisition of Conocophillip’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging on the exit of the International Oil Companies, whilst securing operational control of the assets. Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders.”