Oando records N74.7bn Profit-After-Tax as turnover rises 71% in 2023

Despite the challenging business environment, Oando PLC, Nigeria’s leading indigenous energy solutions provider, posted a N74.7 billon Profit-After-Tax in its full-year-ended 2023 unaudited financials.

More significantly, the release of the company’s FYE2023 results, albeit unaudited, finally brings the company a step closer to being in line with regulatory requirements for all listed companies. Commenting on the results, Wale Tinubu, Group Chief Executive, Oando PLC, said: “Despite the persistent pipeline vandalism across the Niger Delta, which continues to dampen crude production, we achieved a profit after tax of N 74.7 billion in 2023 largely driven by increased trading volumes due to our strategic global partnerships and net foreign exchange gains on the group’s foreign currency denominated assets as against losses on our foreign currency denominated liabilities.

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