Oando’s revenue hits N3.4trn

Oando Plc has posted a revenue of N3.4 trillion in its 2023 full-year-end unaudited financials.

The figure represents an increase of 71 per cent when compared to N1.9 trillion posted in 2022.

Oando disclosed this via a statement issued by the company’s Group Chief Executive Officer, Wale Tinubu, on Saturday, June 1, 2024.

Tinubu stated that over the last four years, the company consistently recorded a positive incline in turnover.

According to him, the company’s turnover stood at N477.1 billion in 2020 and grew to N803.5 billion in 2021.

He noted that the energy company posted N2 trillion as revenue in 2022 and N3.4 trillion in 2023.

Tinubi said although the year 2023 saw oil and gas companies impacted by spikes in incidences of militancy and sabotage, Oando was able to also record a Profit-After-Tax (PAT) of N74.7 billion in the year under review.

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He stated that the result indicated a positive turn in the company’s fortunes in comparison to the preceding year when the company posted a loss after tax.

Tinubu said despite the persistent pipeline vandalism across the Niger Delta region of the country, which continued to dampen oil production, the company achieved an outstanding profit in 2023.

According to him, this was largely driven by increased trading volumes due to the company’s strategic global partnerships.

Also, the net foreign exchange gains on the group’s foreign currency-denominated assets as against losses on its foreign currency-denominated liabilities drove the positive performance.

Tinubu stressed that the year 2023 had seen Oando push forward with its growth agenda, recording positive highlights.

This, he noted, included the signing of a Sale and Purchase Agreement (SPA) with Italian oil major Eni.

Tinubu added that this would allow it to acquire one of its local subsidiaries, the Nigeria Agip Oil Company Limited (NAOC).

The Star