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Oando PLC Announces H1 Unaudited 2024 Results, Posts 51% Growth in Revenue, and N62.6 billion Profit-After-Tax
Oando PLC
(Incorporated in Nigeria and registered as an external company
in South Africa)
Registration number: RC 6474
(External company registration number 2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
("Oando" or the "Company")
4th November 2024
PRESS STATEMENT
Oando PLC Announces H1 Unaudited 2024 Results, Posts 51% Growth
in Revenue, and N62.6 billion Profit-After-Tax
Lagos, Nigeria – Oando PLC (referred to as "Oando" or the "Group"), Nigeria's leading
indigenous energy group listed on both Nigerian Exchange Limited and Johannesburg Stock
Exchange, today announced its unaudited results for the six months period ended June 30,
2024.
OPERATIONAL HIGHLIGHTS
Upstream:
• 15% decrease in production: 24,389 boepd (H1 2024) vs 26,140 boepd (H1 2023)
o Oil production of 5,790 bbls/day (vs 6,844 bbls/day in H1 2023)
o Natural Gas production of 18,286 boe/day (vs 18,857 boe/day in H1 2023)
o NGL production of 312 bbls/day (vs 439 bbls/day in H1 2023)
Trading:
• 35% decrease in traded crude oil volumes 10.6 million bbls (H1 2024) vs 16.2 million
bbls (H1 2023)
• 55% decrease in traded refined petroleum products (451,533 MT in H 1 2024 vs
1,006,335 MT in H1 2023)
FINANCIAL HIGHLIGHTS
• 51% revenue increase: N2.0 trillion (H1 2024) vs N1.3 trillion (H1 2023)
• Profit-After-Tax of N62.6 billion compared to a Profit-After-Tax of N112.4 billion (H1
2023)
Commenting on the results Wale Tinubu CON, Group Chief Executive, Oando PLC said:
"In the first half of 2024, we delivered a Profit After Tax of N62.6 billion, despite persistent
challenges occasioned by sabotage and theft across our assets in the Niger Delta, which led to
frequent shut-ins and impacted production. Since assuming operatorship, we have implemented
a series of production-enhancing initiatives, which are already yielding results, as demonstrated
by a 36% increase in output within the first 30 days following the acquisition. As we navigate a
dynamic market environment, we are confident in our trajectory toward sustained production
growth, positioning us to deliver long-term, sustainable value for all stakeholders".
Upstream:
Production for the six months ended 30 June 2024:
H1 2024 H1 2023 % Change
Crude Oil (bbls/day) 5,790 6,844 (15)%
NGLs (bbls/day) 312 439 (29)%
Natural Gas (boe/day) 18,286 18,857 (3)%
Total (boe/day) 24,389 26,140 (7)%
During the six months ended June 30, 2024, average production was 24,389 boe/day, compared
to 26,140 boe/day in 2023. In 2024, production consisted of 5,790 bbls/day of crude oil, 312
bbl/day of NGLs and 18,286 boe/day of natural gas. Production decrease was a result of shut in
wells for repairs from sabotage activities.
During the six months to June 30, 2024, the Group incurred $8.97 million on capital expenditures
related to the development of oil and gas assets and exploration and evaluation activities,
compared to $32.7 million in the six months to June 30, 2023.
Trading:
Traded volumes for the six months ended 30 June 2024:
Traded Volumes H1 2024 H1 2023 % Change
Crude Oil (bbls) 10,630,134 16,173,890 (35) %
Refined Products (MT) 451,533 1,006,335 (55) %
In H1 2024, Oando Trading sold approximately 10.6 million barrels of crude oil under various
contracts with NNPC Limited.
FINANCIAL REVIEW
N '000 (unless otherwise stated) H1 2024 H1 2023 % Change
Revenue 2,030,955,912 1,347,937,670 51 %
Operating Profit 121,931,689 175,275,611 (30) %
Profit-After-Tax 62,648,637 112,448,438 (44) %
Average Realized Oil Price (US$/bbl) 77.50 74.89 3%
Average Realized Gas Price (US$/boe) 11.76 12.59 (7) %
Average Realized NGL Price (US$/boe) 3.05 5.16 (41) %
Revenue
Revenue for the period increased by 51%, positively impacted by exchange rate translations and
higher crude oil volumes lifted, offset by lower trading volumes, reduced natural gas and NGL
volumes, and lower realized sale prices for natural gas and NGL.
Operating Profit
Operating Profit for the period declined by 30%, primarily driven by an increase in administrative
expenses mainly due to foreign exchange losses from the revaluation of payables and borrowings.
Profit after Tax
Profit-after-Tax for the period was N62.6billion- 44% less than the comparative period due to
higher exchange rate translations on administrative expenses and net finance costs.
For: Oando PLC
Ayotola Jagun (Ms.)
Chief Compliance Officer and Company Secretary
Ends.
For further information, please contact:
Ayotola Jagun
Company Secretary
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6159
ajagun@oandoplc.com
Adeola Ogunsemi
Group Chief Financial Officer
The Wings Office Complex
17a Ozumba Mbadiwe Avenue
Victoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6506
aogunsemi@oandoplc.com
JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited
Date: 04-11-2024 04:15:00
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