Oando swings to profit as non-operating income surges

Oando Plc, a major player in the Nigerian oil and gas sector, has returned to profitability as its other operating income surged to N381.83 billion in 2023 from N28.48 billion in the previous year.

The group posted a pretax profit of N104.09 billion compared with a loss of N61.84 billion in 2022, while the company’s loss widened to N198.49 billion from N33.85 billion

Its earnings report released on Friday shows that the group reported a total comprehensive loss of N39.14 billion as against N56.80 billion in the prior year.

Oando closed the year with negative shareholder funds of N236.35 billion, up from N197.21 billion in 2022.

In September 2023, Oando announced that it has reached an agreement with the Italian energy giant Eni for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited subject to ministerial consent and other required regulatory approvals.