Oando Plc Achieves N159.7bn Profit Amid Production Growth

Oando Plc (NGX: OANDO) announced an operating profit of N159.7 billion for the nine months ending 30 September 2026, a notable recovery from an operating loss of N109.7 billion during the same period in 2025. The company's performance was bolstered by a 9 percent increase in group revenue to N2.78 trillion, attributed to higher crude oil liftings, increased gas and Natural Gas Liquids (NGL) sales volumes, and improved average realised prices.

Gross profit surged by 483 percent to N174.5 billion, up from N29.8 billion in 2025, due to enhanced production efficiency and facility uptime rising to 96.1 percent. Average daily production rose by 14 percent to 42,985 barrels of oil equivalent per day.

Oando also reported a 22 percent reduction in production operating costs to US$15.39 per barrel of oil equivalent. The company achieved zero fatalities and lost-time injuries over approximately 14.9 million working hours.

Group chief executive Wale Tinubu attributed the results to disciplined execution and a renewed investment drive.