Key Points

• Oando nine-month profit climbed 164 percent year-on-year.

• Upstream output rose 59 percent, underpinning the Oando nine-month profit.

• Group revenue slid 20 percent even as the Oando nine-month profit hit ₦210 billion.

Oando PLC’s profits after tax for the nine months ending September 30, 2025, were ₦210 billion, up from ₦76 billion in the same period a year earlier. The company said that the performance was due to higher production levels and better efficiency, even though its total revenue fell by about 20% from ₦3.2 trillion to ₦2.5 trillion.

Oando’s nine-month profit is due to an upstream boom

According to its unaudited results, Oando produced an average of 38,121 barrels of oil equivalent per day, which is 59% more than the previous year. The company said this was because it bought the assets of Nigerian Agip Oil Company (NAOC), which increased its production capacity and operational control.

82 percent uptime at its NGL processing plant and the completion of the Obiafu-44 gas-condensate well in October were two important events. The company said that these gains show how well it can scale up production.

Profit rise is overshadowed by drop in trading and revenue

Even though the headline profit went up, Oando’s trading revenue stayed low, mostly because they were importing less petrol as the Dangote Refinery got busier. Gross profit dropped 42% to ₦113 billion, which shows that the company’s trading margins were getting smaller.

Oando still managed to trade 21 crude cargoes worth 19.8 million barrels during the period, up from 15 cargoes a year earlier. This was because it increased its global crude exports and set up pre-export deals to make up for weaker downstream activity.

Investors feel better about the company when it expands strategically

Oando also finished the first part of a program to give out shares, which paid 5.33 percent in dividends. To pay for the development of about one billion barrels of oil equivalent, the company increased its Reserve-Based Lending facility to $375 million.

Oando also got to run Block KON 13 in Angola’s Kwanza Basin and was chosen as the preferred bidder for the Guaracara Refinery in Trinidad and Tobago. This shows that the company wants to grow internationally.

Wale Tinubu, the Group Chief Executive, said that Oando is still focused on strengthening its balance sheet, speeding up production, and creating value over the long term.

The Oando nine-month profit shows how strategic acquisitions and efficiency gains keep the company strong in a volatile oil market as it deals with changing market conditions.