In the ever-changing world of the energy industry, the financial results of companies in the sector are a crucial reflection of their health and resilience. A recent study highlighted the exceptional performance of Oando Plc, which recorded an impressive 71% growth in revenue in 2023 compared to the previous year.
Group Managing Director, Wale Tinubu, noted that the company has maintained a positive trend of turnover growth over the past four years. From ₦477.1 billion in 2020, revenue increased to ₦803.5 billion in 2021, then to ₦2 trillion in 2022, reaching ₦3.4 trillion in 2023. These results demonstrate resilience and the company’s ability to adapt to market challenges.
Despite the challenges posed by unrest and sabotage in the oil sector in 2023, Oando made an after-tax profit of ₦74.7 billion, marking a positive turnaround from the previous year when losses were recorded. This exceptional performance was enabled by increased trading volumes through global strategic partnerships, as well as net foreign exchange gains on assets denominated in foreign currencies.
The signing of a sales agreement with the Italian oil giant Eni for the acquisition of its local subsidiary, Nigeria Agip Oil Company Ltd. (NAOC), marked a major turning point for Oando. Additionally, the launch of electric mass transit buses by Oando’s clean energy subsidiary, in partnership with the Lagos State Government, is a promising sign for the future of this indigenous company.
Despite ongoing challenges related to the unrest in the Niger Delta, Oando delivered an exceptional performance in 2023, illustrating its ability to innovate and seize new opportunities. The financial results for the year, although unaudited, reassure shareholders and investors about the current and future state of the company, while reinforcing its compliance with regulatory requirements for listed companies.
In conclusion, Oando’s impressive financial results in 2023 demonstrate its resilience in the face of market challenges and its ability to seize growth opportunities. With a vision focused on innovation, diversification and sustainability, the company is well positioned to consolidate its operations and build a successful future in the ever-changing energy sector.