US EditionOando’s annual profit surges by 265% as higher oil sales boost revenue
- Oando Plc acquired Nigerian Agip Oil Company from Eni for $783 million, completing the deal on August 22, 2024.
- This acquisition followed a decade-long strategic growth plan aimed at expanding Oando’s upstream portfolio and operational capacity.
- The addition of Nigerian Agip Oil Company contributed about four months of output, helping to boost average daily production by 3% year-over-year to nearly 24,000 barrels of oil equivalent.
- Oando’s full-year 2024 revenue rose 44% to N4.1 trillion, with profit after tax jumping 267% to N220 billion, driven by crude oil sales and a N784.8 billion bargain purchase gain.
- The acquisition boosted Oando’s reserves by 95% to 983 million boe and supports a 2025 production target of 30,000 to 40,000 boepd, signaling strong growth and operational focus.
14 Articles
14 Articles
Oando’s annual profit surges by 265% as higher oil sales boost revenue
Shares in Oando had appreciated by 6.8 per cent in Lagos as of 12:54 WAT, but had shed 4 per cent about the same time in Johannesburg, where it has a secondary listing following the news. The post Oando’s annual profit surges by 265% as higher oil sales boost revenue appeared first on Premium Times Nigeria.
Oando Profit-After-Tax up 267% to N220bn in FY2024 audited results
Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), posted robust Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023. In the upstream, Oando’s production witnessed a 3% increase to 23,727 […]
Oando Posts ₦383.8bn Pre-Tax Profit In 2024 Audited Results » News.ng
Oando Plc has released its audited results for the twelve months ending December 31, 2024, showcasing pre-tax earnings of N383.8 billion. The figure represents a substantial 272.72% jump from the N102.9 billion achieved in 2023, primarily attributed to enhanced revenue performance and increased operational income streams. Annual turnover climbed to N4.08 trillion, reflecting a 43.61% rise from the previous year’s N2.84 trillion. Geographically, …
Wale Tinubu's Oando restates 2024 profit at $139 million
Key PointsOando’s profit after tax soared 267% to $139.2 million in 2024, boosted by the acquisition of Nigerian Agip Oil Company and stronger upstream operations.Revenue climbed 44% year-on-year to $2.6 billion, supported by favorable exchange rate dynamics and a four-month revenue boost from the NAOC acquisition.Wale Tinubu said Oando aims to hit 100,000 barrels per day and 1.5 tcf of gas by 2029, with plans to boost productivity via drilling …
Oando grows pretax profit by 267% to N220b in 2024 - Worldstage
Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), posted robust Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023. In the upstream, Oando’s production witnessed a 3% increase to 23,727 boepd; made up of crude oil production which increased by 27% to 7,558 bopd, while NGL produ…
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