Oando Plc Reports 164% Profit Increase to N210 Billion in 9-Month Results

Oando Plc, a leading indigenous energy group listed on the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), has released its unaudited financial results for the first nine months of 2025. The company recorded a significant 164% increase in profit after tax to N210 billion, attributed to stronger product volumes and operational efficiency.

Despite the profit growth, Oando's stock price has experienced a 29.09% decline year-to-date. The revenue decline of 20% year-on-year was primarily due to reduced gasoline imports following the development of the Dangote Refinery, reshaping Nigeria's refined product market.

Wale Tinubu, the Group Chief Executive of Oando Plc, highlighted the gains achieved through the acquisition of NAOC's assets and the transformation of operations. The company's oil and gas output surged, signaling momentum in its upstream operations.