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Oando Nets N220bn Profit, Up 267%, on NAOC Acquisition
The Business NG
|The BusinessNG
Oando Plc has posted a remarkable 267% surge in profit after tax, hitting 220 billion for the financial year ended December 31, 2024.
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This milestone follows the successful consolidation of Nigerian Agip Oil Company (NAOC) assets into its operations, a move that has doubled Oando's upstream footprint.
In its regulatory filing, Oando reported that revenue grew 44% year-on-year to 4.1 trillion, up from 2.9 trillion in 2023. The impressive growth was driven by increased upstream output and foreign exchange gains. The results include four months of contribution from NAO, following the completion of the acquisition on August 22, 2024.
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