Indigenous energy company Oando Plc has announced a 164 per cent rise in profit after tax for the third quarter, climbing to N210bn from N76bn recorded during the corresponding period of 2023.
The disclosure came in a statement issued by the company on Thursday, accompanying the publication of its unaudited financial results for the nine months ending September 30, 2025, submitted to the Nigerian Exchange and Johannesburg Stock Exchange.
Oando’s results were propelled by enhanced production volumes and improved operational efficiency. Nevertheless, the group’s revenue fell by 20 per cent year-on-year to N2.5tn from N3.2tn in 2024, a reduction attributed mainly to decreased gasoline imports following the operational expansion of the Dangote Refinery.
Gross profit declined by 42 percent to N113bn, demonstrating changes in market conditions and the group’s shifting business segment composition. Notwithstanding the revenue reduction, the enterprise registered substantial advances in production capacity and operational performance throughout its upstream operations.
Group Chief Executive Wale Tinubu explained that the firm consolidated achievements realized following its purchase of Nigerian Agip Oil Company’s assets last year. He observed that taking over operatorship delivered transformational results, providing the organization with flexibility to respond decisively and implement strategies precisely to advance production expansion.
The organization registered a 59 per cent year-on-year growth in crude oil and gas output, currently averaging 38,121 barrels of oil equivalent per day. Tinubu highlighted that this demonstrated the effects of the NAOC acquisition and offered definitive proof of releasing the substantial value contained in its reserve base.
Throughout the assessment period, Oando expanded its Reserve-Based Lending arrangement to $375m, bolstering financial maneuverability and enabling expedited advancement of its 1 billion barrels of oil equivalent upstream assets. The enterprise additionally restructured principal credit arrangements under more advantageous conditions, prolonging settlement timeframes to release working capital and finance its continuing drilling operations.
The renovation of its natural gas liquids processing facility contributed significantly to enhanced results, achieving 82 per cent operational availability and improving recovery rates and dependability throughout production infrastructure. The firm finalized the Obiafu-44 gas-condensate well, commissioned in October, and progressed surface installation improvements to reduce operational interruptions.
Oando secured operatorship of Block KON 13 in Angola, representing its strategic entrance into the Kwanza Basin, and was chosen as preferred purchaser for the Guaracara Refinery in Trinidad and Tobago. The organization also moved forward with its electric vehicle, solar power, and waste recycling programmes, advancing construction of a 1.2GW solar PV manufacturing plant.
Oando maintains its annual production target of roughly 40,000 barrels of oil equivalent per day, with capital investment estimated at $120–130m. Tinubu concluded that the enterprise continues prioritizing balance sheet fortification, production acceleration, and sustained value generation.
Oando Plc functions as a comprehensive energy services provider with operations encompassing upstream petroleum exploration, midstream facilities, downstream commerce, and sustainable energy throughout Africa and global territories.
