Oando Plc has disclosed a full-year pre-tax profit of N47.7 billion in its latest unaudited financial report for 2024, released on the Nigerian Exchange on January 30, 2025.
This figure shows a decline from the full-year pre-tax profit of N102.9 billion reported in 2023.
However, there was a strong recovery in the fourth quarter of 2024, where Oando Plc posted a pre-tax profit of N16.6 billion, bouncing back from a loss of N29.5 billion in the same quarter the previous year.
The company reported a revenue increase of 87.96% in the fourth quarter of 2024, reaching N932.4 billion, up from N496.1 billion in the same period the prior year.
Meanwhile, total revenue for the full year ended December 31, 2024, soared to N4.1 trillion, a 44.86% growth year-over-year from N2.8 trillion reported in the previous year.
Notably, the Supply and Trading of crude, refined, and unrefined petroleum products contributed substantially to the annual revenue figure.
Key Highlights (2024 vs 2025)
- Revenue: N4.1 trillion, +44.86% YoY
- Cost of Sales: N3.8 trillion, +39.09% YoY
- Gross Profit: N282.5 billion, +232.31% YoY
- Other Operating Income: N349.7 billion, -12.56% YoY
- Administrative Expenses: N402.6 billion, +54.08% YoY
- Operating Income: N220.1 billion, +0.87% YoY
- Finance Cost: N232.1 billion, +74.04% YoY
- Finance Income: N58.4 billion, +245.77% YoY
- Pre-tax Profit: N47.7 billion, -53.60% YoY
- Post-tax Profit: N65.4 billion, +8.65% YoY
Commentary
Oando plc announced a strong revenue surge for the 12-month period ending 31st December 2024, achieving a total of N4.1 trillion, which reflects a substantial year-over-year increase of 44.86%.
- The Supply & Trading segment of crude, refined, and unrefined petroleum products constituted 89.73% of total revenue, amounting to N3.7 trillion.
- Exploration & Production contributed 10.11%, while the ‘corporate and others’ segment accounted for a minimal 0.10%.
The cost of sales experienced a spike, rising by 39.09% year-over-year to N3.8 trillion, compared to N2.7 trillion reported in the prior year.
Nonetheless, gross profit soared by an impressive 232.31% year-over-year, reaching N282.5 billion, compared to N85 billion in 2023.
- Conversely, other operating income saw a slight decline of 12.56%, falling from N399.9 billion in the previous year to N349.7 billion in FY 2024, with foreign exchange gains comprising 91.04% of the total.
- Administrative expenses surged by 54.08% year-over-year, spiking to N402.6 billion from N261.3 billion reported the previous year.
Income from core operations experienced a modest increase of 0.87%, rising to N220.1 billion from N218.3 billion in 2023.
Nevertheless, finance costs soared by 74.04% to N232.1 billion; however, finance income also experienced a remarkable increase of 245.77%, reaching N58.4 billion.
The company reported a pre-tax profit of N47.7 billion for the 12 months, marking a decline compared to N102.9 billion for FY 2023.
- Notably, Q4 pre-tax profit reached N16.6 billion for 2024, representing a significant recovery compared to a loss of N29.5 billion in Q4 2023.
Oando also disclosed an FY 2024 post-tax profit of N65.4 billion, reflecting an increase of 8.65% compared to the previous year’s post-tax profit of N60.2 billion.
Asset position
In the full year of 2024, the group reported total assets amounting to N7.5 trillion, a significant increase from N2.6 trillion in the previous year.
- Non-current assets rose from N1.8 trillion in 2023 to N3.8 trillion for FY 2024. Within this category, property, plant, and equipment comprised 53.13% of the total, while intangible assets accounted for 33.18%.
Total current assets also saw considerable growth, reaching N3.6 trillion, up from N815.5 billion.
- Notably, trade and other receivables, along with contract assets, represented 92.68% of the total current assets.