Oando 2025 Profit and Production Rise

Oando, a leading indigenous energy solutions provider, published its unaudited results for the full year ended December 31, 2025, reporting a 10% increase in profit after tax to N241.3 billion. This growth was primarily driven by a 32% year-on-year increase in its upstream business production, averaging 32,482 barrels of oil equivalent per day. The company attributed this production growth to the full-year consolidation of the NAOC JV interest, improved operational uptime, and targeted infrastructure upgrades. Despite the profit increase, Oando's revenue declined by 21% to N3.21 trillion, and gross profit decreased by 82% to N27.8 billion. This decline was a result of a strategic shift in its trading business, moving away from high-turnover, lower-margin refined-product trading, particularly pausing premium motor spirit (PMS) trading in Nigeria, towards higher-margin crude and gas opportunities. Oando also launched a 36-well development program, starting with the Obiafu-44 gas-condensate well, aimed at restoring field deliverability and unlocking incremental production. The company also realized $17.7 million in cost savings through contract optimization and saw retained earnings return to a positive position, enhancing its financial resilience for future growth.