Oando Plc has reported a profit after tax of N60.3 billion for the full year 2023, bouncing back from a loss of N81.23 billion in 2022. Group Chief Executive, Wale Tinubu, made the announcement on Monday in Lagos, attributing the turnaround to a 43% increase in revenue, which rose to N2.9 trillion from N1.9 trillion in the previous year.
The company achieved a 961% rise in operating profits despite a 24% drop in the average realised oil price, which fell to $83.15 per barrel in 2023 from $109.55 in 2022. Gas prices also declined, along with the price of natural gas liquids (NGL).
Tinubu highlighted a 23% reduction in upstream borrowings and emphasized the success of the company’s global trading alliances, as well as a 12% increase in total production, which reached 23,258 barrels of oil equivalent per day (boepd) in 2023. He also noted that Oando’s acquisition of Nigerian Agip Oil Company (NAOC) in 2024 has significantly expanded the company’s reserves and infrastructure.
Tinubu expressed confidence in the future, stating that Oando is well-positioned to leverage its assets and deliver strong returns to shareholders.
Credit: NAN (Text Excluding Headline)
