Nigeria: H1'24 - Oando Records 51 Percent Growth in Revenue to N2 Trn

5 November 2024
Vanguard (Lagos)
By Peter Egwuatu

Oando PLC, Africa's leading energy solutions company listed on both the Nigerian Stock Exchange (NGX) and Johannesburg Stock Exchange (JSE) has announced a 51% growth in revenue of N2 trillion in the unaudited first half 2024, HI'24 compared to N1.3 trillion in H1'23.

This announcement comes as the company resumes trading on the NGX,along with the publication of its 2023 full year audited reports.

Following the performance set in its audited full year 2023 results, Oando continues to show impressive results across its key financial metrics. In addition to the significant growth in revenue, the company posted a profit-after-tax of N62.6 Billion.

Speaking on the H1'24 performance, Group Chief Executive, Oando PLC, Wale Tinubu stated : "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".

Oando's N2 trillion revenue in comparison with other industry contemporaries such as Seplat, who recently declared a N575.1 billion revenue in H1 2024,reinforces the company's resilience in spite of continued security challenges faced by all operators in the Niger Deltaregion.The company experienced a decrease in its upstream production due to sabotage activities and a shut in of wells for the necessary repairs. Undeterred by this, Oando averaged 5,790 bbls/day of Crude Oil and 18,286 boe/day of Natural Gas. These along with its performance with NGLs (natural gas liquids), the company averaged a consolidated production capacity of 24,389 boe/day in H1'24.

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