Oando’s net profit rises to N210b
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Oando Plc strengthened its earnings outlook with 164 per cent growth in net profit to N210.31 billion in the third quarter, underlining increasing attractiveness of the leading indigenous energy group.
Oando recorded the highest gain at the Nigerian stock market yesterday as the nine-month report was released at the Nigerian Exchange (NGX).
Oando’s share price rose by 9.99 per cent, a notch below the 10 per cent maximum daily allowable change at the NGX.
Oando closed on bid at N46.80 per share, with market analysts expecting the rally to continue on the momentum of the third-quarter report.
Key extracts of the interim report and accounts for the nine months ended September 30, 2025 showed that net profit after tax rose from N76.3 billion in third quarter 2024 to N201.31 billion in third quarter 2025.Earnings per share thus leapt to N16 by third quarter 2025 as against N6 recorded in comparable period of 2024
Total assets also expanded from N6.43 trillion by December 31, 2024 to N6.77 trillion by September 2025.
Commenting on the results, Group Chief Executive, Oando Plc, Mr Wale Tinubu, said the group has further consolidated the gains achieved following its acquisition of NAOC’s assets last year.According to him, the group’s assumption of operatorship has been transformational, granting it the agility to act decisively and execute with precision in driving production growth and operational efficiency.
He said: “Production uptime currently stands at 82 per cent, translating to a 59 per cent year-on-year increase in crude oil and gas production, which now averages 38,121boepd, clear evidence of the beginning of the dawn of unlocking the tremendous value our reserves possess.
“During the period, we made meaningful progress in integrating operations, strengthening security and community relations, as well as resolving legacy issues inherited at the point of operatorship. Most notably, we achieved a partial recovery of substantial receivables that had remained outstanding for several years and made significant headway in renegotiating long-standing legal matters that had previously been fully provisioned for. These milestones underscore the depth of our leadership and our unwavering commitment to unlocking value”.
He noted that across the group’s trading business, refined products volumes remained under pressure, largely due to the well-deserved and expected success of the Dangote refinery in meeting Nigeria’s import needs.
“Consequently, our focus had shifted to expanding global crude exports and leveraging structured pre-export transactions, an area in which we have continued to record robust success.
“In addition, we also executed the first tranche of our share distribution programme, delivering a 5.33 per cent dividend yield, with the second tranche scheduled for early next year. This is yet another tangible demonstration of our focus on creating and returning value to our shareholders.
“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.
