By Olatunbosun Obafemi
Oando PLC has posted a remarkable turnaround in its 2024 audited financial results, with strong growth in revenue, profit, and energy output despite ongoing economic and security challenges.
The Nigerian energy giant saw revenue rise by 44% to ₦4.09 trillion, while profit after tax soared by 267% to ₦220 billion. Earnings per share surged 260% to ₦18, driven largely by the $754 million acquisition of Nigerian Agip Oil Company (NAOC) and favorable exchange rates.
Key operational highlights include a 271% increase in gross crude proceeds and a 143% rise in gas revenues. Daily production rose modestly to 23,727 boepd, while crude lifting jumped 76%. Despite softer global oil prices, Oando’s operational efficiency and higher output cushioned the impact.
The company also deepened its clean energy commitment. Electric buses transported over 205,000 passengers and avoided 163,000 kg of CO₂ emissions. Oando is advancing major solar and wind projects and signed a plastics recycling deal, positioning itself as a regional leader in sustainability.
While trading volumes fell sharply, the company maintained momentum through strategic gas infrastructure investments. No cash dividend was declared, but shareholders will receive bonus shares, signaling long-term confidence. Oando’s 2024 results underline its shift from oil giant to diversified energy innovator.
