Oando Plc has posted a significant profit of N220.1 billion for the financial year ended December 31, 2024, representing a strong rebound from the N60.3 billion profit reported in 2023.
The Group’s revenue surged to N4.09 trillion, up from N2.85 trillion in the previous year, driven by improved performance across its core businesses, including exploration and production, trading of petroleum products, and mining and infrastructure.
At the company level, Oando Plc recorded a profit of N111.8 billion, compared to a loss of N216.2 billion in 2023, highlighting substantial operational recovery.
The Group also reported a gross profit of N155.9 billion, a significant rise from N85 billion in the prior year.
Despite the positive bottom line, the company’s auditors, BDO Professional Services, highlighted a material uncertainty regarding Oando’s ability to continue as a going concern. According to the Independent Auditor’s Report, the Group faces persistent financial risks, including accumulated losses, negative operating cash flows, net liabilities, and debt obligations. The report cautioned that while management has planned equity raises and bond issuances to improve liquidity, these plans are not guaranteed to succeed.
In addition, the Group’s balance sheet reflects a negative equity of N361 billion as of December 2024, compared to N267 billion negative equity in the prior year.
Meanwhile, the company’s directors have chosen not to propose any dividend for the year.
The Group made notable contributions to social development through the Oando Foundation, investing over N1.15 billion in CSR initiatives across education, environmental sustainability, and community development.
In terms of corporate governance, the Board saw several changes during the year, with Mr. Ademola Akinrele, SAN, appointed as Chairman in December 2024. The auditors, BDO Professional Services, were newly appointed during the 45th Annual General Meeting and expressed their willingness to continue in office.
While the 2024 results reflect improved profitability and operational strength, the highlighted financial uncertainties will remain a key focus for investors and stakeholders in the coming year.
