Oando’s pretax profit falls 54% despite revenue rise

Oando Plc, an indigenous energy company, reported a profit before tax of N47.78 billion last year, down from N102.98 billion in 2023.

The decline in pretax earnings was largely driven by the surge in finance cost and administrative expenses, MarketsReporters’ analysis of the company’s financials shows.

Its revenue jumped to N4.12 trillion from N2.85 trillion, according to its unaudited financial statements released on Thursday.

Oando’s after-tax profit rose to N65.49 billion from N60.28 billion, lifted by a tax credit of N17.71 billion.