Oando Plc has said it recorded a 164 per cent increase in Profit After Tax, PAT, to N210 billion from N76 billion in the same period of 2024, a performance driven by stronger production volumes, and operational efficiency.

Group revenue declined by 20% year-on-year to N2.5 trillion from N3.2 trillion in 2024, primarily due to reduced gasoline imports, following the ramp-up of the Dangote Refinery, a development that has reshaped Nigeria’s refined-product market for good.

Gross profit stood at N113 billion, representing a 42% decline and reflecting shifts in market dynamics and the Group’s evolving segment mix.

Commenting on the results, Wale Tinubu, Group Chief Executive, Oando Plc, stated: “In the first nine months of 2025, we consolidated the gains achieved following our acquisition of NAOC’s assets last year. Our assumption of operatorship has been transformational, granting us the ability to act decisively and execute with precision in driving production growth and operational efficiency.”

He added that the Group achieved a 59% year-on-year increase in crude oil and gas production, now averaging 38,121 boepd, underscoring the impact of the NAOC acquisition and clear evidence of the beginning of the dawn of unlocking the tremendous value its reserves possess.

During the period the company reported a surge in oil and gas output and continued operational gains, signaling strong momentum across its upstream operations for the nine months ended September 30, 2025.

To sustain its growth drive, Oando upsized its Reserve-Based Lending (RBL 2) facility to $375 million, strengthening its financial flexibility and supporting the accelerated development of its 1 billion barrels of oil equivalent (boe) upstream portfolio. The company also renegotiated key credit facilities on more favorable terms, extending repayment periods to free up liquidity and fund its ongoing drilling programme.