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Oando PLC (NGX: OANDO; JSE: OANDO) has officially signaled the end of its high-octane asset acquisition phase, reporting an audited net profit of ₦204.8 billion for the full year ended December 31, 2025.
The financial results represent a structural inflection point for Africa’s premier dual-listed independent energy group as it completes its transition into a full-scale upstream operator.
The headline numbers reveal a calculated trade-off. Aggregate group revenue contracted by 22% to ₦3.2 trillion, down from ₦4.1 trillion logged in FY 2024.
However, the top-line shrinkage was a deliberate tactical retreat. Oando systematically purged its portfolio of lower-margin Premium Motor Spirit (PMS, or gasoline) importation activities to focus exclusively on high-margin upstream hydrocarbons and crude trading streams.
While operating profit moderated relative to the previous year’s non-recurring bargain purchase gains, bottom-line net profitability was strongly reinforced by significant administrative cost savings, massive asset impairment reversals, and structural tax credits.
Upstream Injections and Operational Reliability
The operational engine of the group delivered substantial growth, capturing its first full-year consolidated contribution from the recently acquired Nigerian Agip Oil Company (NAOC) Joint Venture assets.
Total upstream production jumped 32% year-on-year to average 32,482 barrels of oil equivalent per day (boepd), up from 24,537 boepd in FY 2024.
The production mix broke down with robust horizontal expansion across all key asset denominators:
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Crude Oil Output: Rose 36% to average 11,269 bopd.
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Natural Gas Volumes: Advanced 24% to hit 19,982 boepd.
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Natural Gas Liquids (NGLs): Skyrocketed 715% to 1,231 bpd following aggressive technical revamps at…
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Read Full Article by Bala Augie at moneycentral.com.ng
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