By Atoyebi Nike
Oando Plc has posted a remarkable profit after tax (PAT) of N113 billion for the first quarter of 2025, marking a 90.5% increase from the N59.3 billion recorded in the corresponding quarter of 2024.
The profit figure is striking given the company recorded a loss before tax of N52.5 billion, a sharp contrast to the N70.3 billion pre-tax profit in Q1 2024. The turnaround in net earnings was driven primarily by a significant tax credit of N165.6 billion, which helped the company overcome its operational losses.
Quarterly revenue stood at N932.5 billion, reflecting a modest year-on-year growth of 1.9% from N915.4 billion. Meanwhile, cost of sales declined by 4.2% to N847.1 billion, enabling the company to post a gross profit of N85.4 billion, which is a 172% increase compared to the same period last year, though margins remain tight.
This update follows Oando’s recent upstream expansion efforts, including a $375 million funding deal secured from Afreximbank and Mercuria, as part of its strategy to boost daily production capacity to 100,000 barrels per day.
