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Across its trading business, Oando Plc refined products volumes has remained under pressure, largely due to stiff competition from the Dangote Refinery that is meeting Nigeria’s import needs.
A reduction in gasoline imports following the ramp-up of the Dangote Refinery led to Oando operating loss of N109.73 billion in the first nine months of 2025, from N161.02 billion profit it recorded in 2024.
Sales dipped by 20.14 percent to N2.54 trillion in September 2025 from N3.18 trillion as at September 2024.
For crude oil, lifted volumes rose 32 percent to 2.77 MMbbl, from 2.10 MMbbl in 2024, contributing N218.13 billion in revenue. This was partially offset by a 12 percent decline in the average realised price to $66.30/bbl (9M 2024: $75.41/bbl).
As for Natural Gas: Sales volumes increased 75 percent to 5.31 MMboe in the first nine months of 2025, generating ₦71 billion in revenue (9M 2024: N46.12 billion). The average realised price declined by 13 percent to $9.59/boe (9M 2024: $11.06/boe).
Gross profit decreased by 42 percent to N113.03 billion, from N194.39 billion as at September 2024, in line with the topline (sales) contraction and changing segment mix.
The oil and gas giant saw profit after tax (PAT) increase by 163.86 percent to N201.30 billion as at September 2024, thanks to N302.10 billion interest income on bank deposits and loans.
It is important to note that Oando suffered fair value loss on financial assets to a tune of N311.56 billion.
Finance costs were up 82.57 percent to N288.78 billion in September 2025 from N158.17 billion as at September 2024.
The company’s total borrowings stood at N2.82 trillion as at 30 September 2025, from N2.77 trillion as at December 2024, reflecting increased drawdowns to support operational funding and capital projects, as well as the impact of naira depreciation on foreign currency-denominated obligations.
“The Group continues to prioritise a balanced capital structure and strong liquidity position, supported by access to a diversified lender base and proactive management of funding costs. During the period, we successfully renegotiated key facilities on more favourable terms, extending repayment periods to enhance liquidity and working capital flexibility for our drilling programme,” said the company.
Oando’s production averaged 38,121 boepd in the first nine months of 2025, up 59 percent year-on-year and within guidance, supported by the consolidation of the NAOC JV interest and improved uptime.
Onado said that it did not trade any PMS cargos during the period, following a deliberate strategic pause as the Division rebalanced its portfolio towards higher-margin crude and gas trading opportunities.
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