Oando Plc, led by Wale Tinubu, has reported a 10% increase in profit after tax, reaching N241.8 billion in 2025, up from N220.1 billion in 2024.
This growth is attributed to higher production volumes, impairment reversals, and favorable tax adjustments.
The company’s upstream operations were the standout performer, with average production rising 32% year on year to 32,482 barrels of oil equivalent per day.
Revenue, however, fell to N3.21 trillion in 2025 from N4.09 trillion a year earlier, while gross profit declined sharply to N27.8 billion from N155.9 billion.
This drop reflects changes in Oando’s revenue mix, as it reduced exposure to high turnover but lower margin refined product trading and focused more on crude oil and gas opportunities with stronger margins.
Key highlights of Oando’s performance include:
- Upstream Production: Crude oil output increased 36% to 11,269 barrels per day, gas production climbed 24% to 19,982 barrels of oil equivalent per day, and natural gas liquids surged by more than sevenfold to 1,231 barrels per day.
- Development Drilling Program: Oando launched a 36-well program aimed at restoring field deliverability and unlocking incremental production.
- Cost Savings: The company reported $17.7 million in cost savings through contract optimization.
Oando is now focused on disciplined execution of its development program to accelerate production growth, strengthen cash generation, and build long-term value in 2026.
Tags:
- Oando Plc
- Wale Tinubu
- Upstream Production
- Oil and Gas
- Nigeria Energy Sector
