Oando PLC reported a post-tax profit of N13.6 billion for the third quarter of 2024, a sharp recovery from a N2.2 billion loss recorded in the same period last year. This represents a 510.5% year-on-year improvement, signalling a robust turnaround in the company’s performance.
The company’s Q3 revenue grew by 15.7% to N1.1 trillion, with total revenue for the first nine months reaching N3.1 trillion. A substantial portion—N2.9 trillion—came from the supply and trading of crude oil and petroleum products.
Key Financial Highlights:
- Revenue: N1.1 trillion (+15.7% YoY)
- Gross Profit: N112 billion (+174.9% YoY)
- Net Finance Cost: N54.7 billion (+90.9% YoY)
- Post-Tax Profit: N13.6 billion (+510.5% YoY)
- Total Assets: N7.8 trillion (+193% YoY)
Oando’s asset base also experienced significant growth, rising by 193% to N7.8 trillion, driven by increased investments in property, plant, and equipment, as well as higher trade receivables.
Despite the profit rebound, Oando’s retained earnings remained negative at N441.7 billion, albeit an improvement from last year’s N506 billion deficit, potentially impacting dividend declarations.
Credit: Nairametrics (Text Excluding Headline)
