Oando Plc, Africa’s leading integrated energy company listed on the NGX and JSE, reports a N65.5 billion profit after tax for 2024, reflecting steady growth.Oando Plc has revealed a robust financial performance for the Full Year (FY) 2024, highlighting a significant 45 percent growth in revenue, which surged to N4.1 trillion.
This impressive figure represents a notable increase when compared to the N2.9 trillion recorded in the company’s results for FY 2023. The strong revenue growth underscores the company’s continued success and effective strategic initiatives, positioning it for sustained progress in the energy sector.
Oando PLC’s Group Chief Executive, Wale Tinubu CON, stated that 2024 was a transformative year for the company, marked by the successful acquisition and integration of NAOC Ltd, boosting production to a peak of 103,206 boepd and net entitlements of 45,000 boepd. Despite a challenging environment, Oando saw a 45% revenue growth to ₦4.1 trillion and a 9% rise in profit after tax to ₦65.5 billion, despite the costs of integrating NAOC.For the twelve months ending December 31, 2024, Oando’s production averaged 23,911 boe/d, up from 23,258 boe/d in 2023, driven by the acquisition of an additional 20% stake in NAOC.
However, production was partially affected by sabotage-related shut-ins. The company spent $18.1 million on capital expenditures for oil and gas development, down from $52.3 million in 2023.Looking ahead to 2025, Tinubu highlighted that Oando’s focus will be on cost optimization, operational efficiency, and leveraging technology to boost productivity. The company plans to increase production through rig-less and workover initiatives, alongside an aggressive drilling program.
Oando is also addressing security challenges by implementing advanced surveillance and intelligence-driven measures to combat oil theft.Oando is optimistic about global oil demand, with the U.S. Energy Information Administration forecasting a growth of 1.3 million bpd in 2025. This positive outlook aligns with the company’s goals, as it aims to become Africa’s first international oil company (IOC) by leveraging strong operational capabilities and strategic partnerships.
