The performance was driven by stronger production volumes and operational efficiency.

Oando Plc reported an increase of 164 per cent in profit after tax from N76 billion to N210 billion in the first nine months of the year, according to its unaudited financial statements issued on Thursday.

Stronger production volumes and operational efficiency drove the performance, the energy company stated in an earnings release.

Oando's crude oil and gas production expanded by 59 per cent year on year, averaging 38,121 barrels of oil equivalent per day.

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The growth was largely driven by the consolidation of the Nigerian Agip Oil Company (NAOC) joint venture interest and improved asset uptime across its operated portfolio.

Oando last year acquired NAOC, the onshore unit of Eni, which joined a couple of big IOCs operating in Nigeria, like Shell and ExxonMobil, in offloading their interests in onshore assets to focus on deepwater activities.

Revenue dropped by 20 per cent year on year to N2.5 trillion, from N3.2 trillion, due to lower petrol imports following the ramp-up of the Dangote Refinery.

Gross profit stood at N113 billion, implying a 42 per cent slide that is a reflection of shifts in market dynamics and the group's evolving segment mix.

"Our assumption of operatorship has been transformational, granting us the agility to act decisively and execute with precision in driving production growth and operational efficiency," Wale Tinubu, Oando's chief executive, said, referring to the NAOC acquisition.

"Across our trading business, refined products volume remained under pressure, largely due to the well-deserved and expected success of the Dangote refinery in meeting Nigeria's import needs," he mentioned further.

Profit before tax fell to N19.5 billion from N31.1 billion, marking a 37.5 per cent decline.

Total assets rose to N6.8 trillion, up from N6.4 trillion.