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Oando PLC has posted a Profit After Tax (PAT) of N210 billion for the nine months ended September 30, 2025, a 164% jump from N76 billion in the same period last year, reflecting strong operational execution and upstream growth.
The Group’s revenue, however, fell 20% year-on-year to N2.5 trillion, down from N3.2 trillion in 2024, due mainly to reduced gasoline imports following the ramp-up of the Dangote Refinery, which has reshaped Nigeria’s refined-product market. Gross profit stood at N113 billion, down 42%, reflecting market dynamics and an evolving segment mix.
Commenting on the results, Group Chief Executive, Wale Tinubu, CON, said: “In the first nine months of 2025, we consolidated the gains achieved following our acquisition of NAOC’s assets last year. Our assumption of operatorship has been transformational, granting us the agility to act decisively and execute with precision in driving production growth and operational efficiency.”
Tinubu highlighted the Group’s 59% year-on-year increase in crude oil and gas production, now averaging 38,121 barrels of oil equivalent per day (boepd), demonstrating the value unlocked from the NAOC acquisition.
During the period, Oando also strengthened its financial flexibility by upsizing its Reserve-Based Lending (RBL 2) facility to $375 million, renegotiating key credit facilities to extend repayment periods and fund ongoing drilling programmes.
“Nigeria’s energy market is evolving, and our upstream growth underscores our ability to deliver consistent results. The revamp of our NGL processing plant, achieving 82% operational uptime, and the commissioning of the Obiafu-44 gas-condensate well are testaments to our operational focus,” Tinubu added.
Oando’s expansion strategy includes international diversification. The company was awarded operatorship of Block KON 13 in Angola, marking entry into the Kwanza Basin, and was selected as the preferred bidder for the Guaracara Refinery in Trinidad & Tobago, signaling a footprint in the Caribbean downstream market.
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In trading, Oando lifted 21 crude cargoes (19.8 MMbbl), up from 15 cargoes (16.7 MMbbl) last year, reflecting a strategic portfolio rebalance towards higher-margin crude and gas opportunities.
“As we enter the final quarter of 2025, we remain focused on further strengthening our balance sheet, accelerating production growth, expanding our trading footprint, optimizing our cash flows, and sustaining long-term value creation,” Tinubu said.
In its clean energy division, the company advanced electric mobility, solar, and recycling initiatives, including a 1.2GW solar PV assembly plant, a 6MW geothermal pilot, and a 2,750-ton-per-month PET recycling facility, demonstrating its commitment to sustainability and energy transition.
Governance was reinforced with the appointment of Mrs. Folashade Ibidapo-Obe as Chief Compliance Officer and Company Secretary, while shareholders received a 5.33% dividend from the first tranche of a 1.28 billion-share distribution programme, restoring returns after years of hiatus.
Analysts note that Oando’s results position it as a leader among Africa’s indigenous energy companies, with upstream growth, new international assets, and ESG initiatives driving long-term value creation, even as peers such as Aradel Holdings Plc and Seplat Energy Plc continue to report steady revenue growth.
Looking forward, Oando maintains its full-year production guidance of circa 40,000 boepd, with capital expenditure projected at $120–130 million, focused on drilling, infrastructure optimization, and ESG projects.
