Oando Plc has reported a 10 per cent year-on-year increase in profit after tax to N241.3 billion in the full year 2025, up from N220.1 billion in 2024.
The growth is attributed to stronger upstream operating performance, impairment reversals, and favourable tax adjustments, partially offset by fair value and non-cash losses. Earnings per share rose 66.7 per cent to N30, compared to N18 in the full year 2024.
The Company's unaudited results for the year ended December 31, 2025, showed that revenue declined 21 per cent year-on-year to N3.21 trillion from N4.09 trillion in 2024, reflecting a deliberate reduction in lower-margin refined-product trading amid structural changes in the domestic downstream market, partly offset by higher upstream production volumes.
Gross profit decreased 82 per cent year-on-year to N27.8 billion, from N155.9 billion in 2024, driven by a change in revenue mix following reduced trading volumes and the impact of non-cash items, notwithstanding materially higher upstream output.
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Capital expenditure increased to N101.9 billion from N18.5 billion, reflecting increased investment in upstream development, facility integrity, and infrastructure optimisation following the assumption of operatorship; while operating cash flow improved materially year-on-year, reflecting enhanced cash conversion and improved working capital management.
Speaking on the results, the Group chief executive, Oando, Wale Tinubu said, "2025 was a year of relentless execution as we successfully transitioned from the integration of the NAOC Joint Venture into operational delivery.
"Over the year under review, we reinforced asset integrity, strengthened security across our operating areas and materially improved uptime, delivering a 32 per cent year-on-year increase in total production. Operated Joint Venture production averaged approximately 80,545 boepd, translating to 32,482 boepd net to Oando, alongside a 30 per cent increase in crude oil liftings and a 59 per cent increase in gas sales volumes."
Tinubu added that "building on this foundation, we launched our development drilling programme with the successful completion and start-up of the Obiafu-44 gas-condensate well. This well represents the first execution milestone within a phased 36-well development programme, designed to restore field deliverability, unlock incremental production and advance the Group's medium-term growth objectives.
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"In our downstream trading business, we responded decisively to evolving market dynamics by deliberately rebalancing our portfolio away from gasoline importation toward higher-margin crude and gas opportunities."
According to him, we expanded global exports and leveraged structured offtake and pre-export financing arrangements to support liquidity, cash flow resilience, and effective production monetisation for our clients.
"With operational control firmly embedded and the foundations for growth clearly established, our focus is on the diligent execution of our development programme to accelerate production growth, strengthen cash generation and enhance long-term value creation. As we enter 2026, we will continue to allocate capital prudently, deepen operational resilience and build on the momentum achieved."
