Oando Plc, Africa’s foremost integrated energy company, has reported a remarkable financial performance for the Full Year 2024, achieving a 45% revenue growth, reaching N4.1 trillion, compared to N2.9 trillion in FY 2023.
This robust performance highlights Oando’s ongoing growth, following the company’s announcement of N65.5 billion in profit after tax.
Commenting on the results, Group Chief Executive of Oando PLC, Wale Tinubu CON, stated, “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 103,206boepd 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.”
For the twelve months ending December 31, 2024, Oando’s production averaged 23,911 barrels of oil equivalent per day (boe/d), up from 23,258 boe/d in 2023.
This growth was largely driven by acquiring an additional 20% stake in the NAOC JV in Q4, though it was somewhat offset by production disruptions due to sabotage-related well shut-ins.
Looking ahead to 2025, Tinubu remarked, “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.”
