Oando Plc has announced a strong financial performance for the Full Year (FY) 2024 with a 45% growth in revenue to N4.1 trillion compared to N2.9 trillion in 2023 results.
The Africa’s leading integrated energy company listed on both the Nigerian Exchange Grpup (NGX) and Johannesburg Stock Exchange (JSE), in its 2024 performance showcases a consistent upward trajectory following its announcement of N65.5 billion in profit after tax.
Speaking on the results, Group Chief Executive, Oando PLC, Wale Tinubu, commented, “2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity, attaining peak operated production of 103,206boepd and net entitlements of 45,000 boepd.
“Despite a challenging operating environment, we achieved a 45per cent increase in revenue to N4.1 trillion, reflecting the strength of our business model, and a nine percent rise in profit after tax to N65.5 billion, notwithstanding the costs associated with the onboarding of NAOC.”