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Oando PLC Announces FY 2024 Unaudited Results, Posts 45% Growth in Revenue, and N65.5 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")
31st January 2025
PRESS STATEMENT
Oando PLC Announces FY 2024 Unaudited Results, Posts 45% Growth in
Revenue, and N65.5 billion Profit-After-Tax
Lagos, Nigeria – Oando PLC (referred to as "Oando" or the "Group"), Nigeria's leading indigenous
energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced
its unaudited results for the twelve months period ended December 31, 2024.
HIGHLIGHTS
• 45% revenue increase: N4.1trillion (FY 2024) vs N2.9 trillion (FY 2023)
• 9% growth in Profit-After-Tax of N65.5 billion (FY 2024) compared to a Profit-After-Tax of
N60.3 billion (FY 2023).
• 46% increase in exit production: 30,712 boepd (2024) vs 21,036 boepd (FY 2023)
• 3% increase in average production: 23,911 boepd (FY 2024) vs 23,258 boepd (FY 2023)
• 27% increase in average oil production: 7,864bbls/day (FY 2024) vs 6,211bbls/day (FY
2023)
Commenting on the results Wale Tinubu CON, Group Chief Executive, Oando PLC said:
"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 103,206 boepd and net entitlements of 45,000 boepd.
Despite a challenging operating environment, we achieved a 45% increase in revenue to N4.1 trillion,
reflecting the strength of our business model, and a 9% rise in profit after tax to N65.5 billion,
notwithstanding the costs associated with the onboarding of NAOC.
In 2025, our priority shall be to drive cost optimization, operational efficiency, streamline processes,
enhance procurement, and leverage technology to improve productivity across our operations. In
parallel, we will intensify efforts to boost production through the dual approach of rig-less and
workover initiatives while executing an aggressive drilling program across three rig lines.
Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground
security challenges by implementing a revamped security framework that integrates advanced
surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and
unjustifiable theft of oil to ensure the long-term integrity of our vast network.
As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires
the unwavering support of our host communities and partners. Through extensive engagement, we
will foster a collaborative ecosystem that not only secures our operations but also drives shared
prosperity and sustainable development for all."
Upstream:
Production for the twelve (12) months ended 31 December 2024:
FY 2024 FY 2023 % Change
Crude Oil (bbls/day) 7,864 6,211 27 %
NGLs (bbls/day) 246 239 3%
Natural Gas (boe/day) 15,801 16,808 (6) %
Total (boe/day) 23,911 23,258 3%
During the twelve (12) months ended December 31, 2024, average production was 23,911 boe/day,
compared to 23,258 boe/day in 2023. In 2024, production consisted of 7,864 bbls/day of crude oil,
246 bbl/day of NGLs and 15,801 boe/day of natural gas. Production increase was a result of
additional volumes from acquisition of 20% additional stake in the NAOC JV in Q4 offset by the
impact of shut in wells for repairs from sabotage activities.
During the twelve (12) months to December 31, 2024, the Group incurred $18.1 million on capital
expenditures related to the development of oil and gas assets and exploration and evaluation
activities, compared to $52.3 million in the twelve months to December 31, 2023.
Trading:
Traded volumes for the twelve months ended 31 December 2024:
Traded Volumes FY 2024 FY 2023 % Change
Crude Oil (bbls) 20,736,189 32,789,965 (37) %
Refined Products (MT) 599,692 1,645,535 (64) %
In FY 2024, Oando Trading sold approximately 20.7 million barrels of crude oil under various
contracts with NNPC Limited.
FINANCIAL REVIEW
N '000 (unless otherwise stated) FY 2024 FY 2023 % Change
Revenue 4,122,091,844 2,845,598,308 45 %
Operating Profit 220,199,311 218,305,566 1%
Profit-After-Tax 65,489,693 60,277,168 9%
Average Realized Oil Price (US$/bbl) 73.91 83.15 (11) %
Average Realized Gas Price (US$/boe) 12.50 12.21 2%
Average Realized NGL Price (US$/boe) 4.22 4.87 (13) %
Revenue
Revenue for the period increased by 45%, driven by higher crude oil volumes lifted, and higher
gas prices as well as the positive impact of exchange rate translations, offset by lower trading
volumes, reduced natural gas and NGL volumes, and lower realized sale prices for crude oil and
NGL.
Operating Profit
Operating Profit for the period increased by 1% compared to FY2023, primarily driven by revenue
growth, offset by an increase in administrative expenses mainly due to foreign exchange losses
from the revaluation of payables and borrowings and costs associated with the NAOC acquisition.
Profit after Tax ("PAT")
PAT for the period was N65.5 billion, an increase of 9% compared to FY2023, driven by the
increase in operating profit, offset by an increase in net finance costs.
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
For: Oando PLC
Ayotola Jagun (Ms.)
Chief Compliance Officer and Company Secretary
JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited
Date: 31-01-2025 04:53:00
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