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Oando Plc, a Nigerian indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, has announced N34.7 billion in after-tax profit in its unaudited results for the twelve months period ended December 31, 2021.
HIGHLIGHTS
Operational
• Upstream: 40% production decrease, 26,775boe/day compared to 44,550boe/day (FYE
2020)
▪ Oil production of 8,849bbls/day (vs 15,912bbls/day in FYE 2020)
▪ Natural Gas production of 16,227boe/day (vs 26,881boe/day in FYE 2020)
▪ NGL production of 1,699bbls/day (vs 1,757bbls/day in FYE 2020)
• Downstream:
o 8% increase in traded crude oil volumes of 17.4 million (vs 16.1 million in FYE
2020)
o 39% increase in traded refined petroleum products (962,370 MT compared to
694,653 MT in FYE 2020)
Financial
• 51% Turnover increase, N722.5 billion compared to N477.1 billion (FYE 2020)
• Profit-After-Tax of N34.7 billion compared to Loss-After-Tax of N140.7 billion (FYE 2020)
• 10% Total Group Borrowings increase, N460.8 billion compared to N419.6 billion (FYE
2020).
Commenting on the results Wale Tinubu, Group Chief Executive, Oando PLC said:
“2021 was defined by contrasting themes for Nigerian oil producers, with buoyant oil prices
tempered by an increasingly challenging local operating environment. Bullish oil prices
throughout the year saw us record a 105% increase in average realized oil sale price whilst a surge in militancy and sabotage across the Niger Delta resulted in a 40% decline in average hydrocarbon production compared to 2020.
Despite the challenges, a strong revenue performance, coupled with the refund of a longstanding receivable contributed to a Net Profit of N34.7 billion. As we continue to drive growth of our existing businesses, whilst also exploring creative solutions towards curbing the incessant pipeline sabotage incidences that continue to plague our local industry, we are also committed to investing in climate friendly and bankable energy solutions, via Oando Clean Energy Limited, thus expanding our portfolio from Oil and Gas to include non-fossil energy solutions. We will continue to update our esteemed shareholders as progressive developments are made in the coming year.”