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Oando Grows Gross Profit 172% in Q1 2025 on Rising Production, Expands African Footprint
The Business NG
|The BusinessNG
Oando Plc has reported a 172% year-on-year increase in gross profit for the first quarter of 2025, hitting N85 billion compared to N31 billion in the same period of 2024.
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The company also posted N933 billion in revenue, a 2% increase from the N915 billion recorded in Q1 2024, as it continues to deliver strong results following its strategic acquisition of Nigerian Agip Oil Company (NAOC).
In the quarter under review, Oando saw major production gains across its upstream operations. Crude oil output surged 132% to 11,369 barrels per day (bopd), gas volumes rose 56% to 25,185 barrels of oil equivalent per day (boepd), while natural gas liquids (NGL) production increased 30% to 1,040 bopd. Average daily production climbed 72% year-on-year to 37,595 boepd, boosted by the integration of NAOC assets and the reactivation of previously shut-in wells.
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