Oando PLC 9M 2026 Results: Operating Profit, Production Up

Oando PLC has published its unaudited nine-month results for the period ended 30 September 2026. The Group reported average production of 42,985 barrels of oil equivalent per day, a 14% increase year-on-year, with facility uptime improving to 96.1% from 85% in the same period of 2025.

Revenue grew 9% to ₦2,776.1 billion, compared with ₦2,541.5 billion in 9M 2025. The Group recorded an operating profit of ₦159.7 billion, reversing an operating loss of ₦109.7 billion in the prior period. Adjusted EBITDA came in at ₦181.8 billion, against a negative ₦194.1 billion previously.

Profit after tax declined to ₦106.5 billion from ₦201.3 billion in 9M 2025, with the Group attributing the reduction to ₦244.2 billion in finance costs related to acquisition debt. Cash generated from operations was ₦285.0 billion, compared with ₦339.2 billion used in the prior period. Closing cash stood at ₦175.9 billion, while total borrowings fell 22% from the FY 2024 peak to ₦2.16 trillion. Capital expenditure for the period was ₦110.7 billion, directed mainly at drilling across OMLs 60 to 63.