Oando Plc., an indigenous energy solutions provider, has posted Profit-After-Tax (PAT) of N74.7 billion for its full-year-ended 2023, according to its unaudited financials.

This profit shows a positive turn in the company's fortunes in comparison to the preceding year when the company posted a loss after tax.

Within the larger industry context, Oando's N74.7 billion PAT compares favorably with indigenous peers over the same period under review such as Seplat Energy which recorded N81.330 billion.

Similarly, Total Energies Nigeria posted a PAT of N12.912 billion, while Aradel's PAT stood at ¦ 54.2 billion. Despite what continues to be a challenging business environment and economic headwinds, energy companies like Oando and Seplat amongst others, recorded commendable results.

2023 has seen Oando push forward with its growth agenda, recording positive highlights, including the signing of a Sale & Purchase Agreement (SPA) with Italian oil major, Eni to acquire one of its local subsidiaries, the Nigeria Agip Oil Company Limited (NAOC).

In addition, its clean energy arm, Oando Clean Energy Limited (OCEL) launched its electric mass transit buses in partnership with the Lagos State government, signaling that things are beginning to look up for the indigenous giant.

More significantly the release of the company's FYE2023 results, albeit unaudited, finally brings the company a step closer to being in line with regulatory requirements for all listed companies. It's an indicator that by the end of this year the company will be on track with its peers in reporting results thus giving confidence to shareholders and investors on the company's current state and future.