Oando PLC, a company listed on both the Nigerian Stock Exchange (NGX) and Johannesburg Stock Exchange (JSE) has announced a 51 per cent growth in revenue of N2 trillion compared to N1.3 trillion in H1 2023 in its published H1 unaudited 2024 results.

The announcement comes as the company resumes trading on the NGX, along with the publication of its 2023 FYE audited reports. Following the performance set in its audited FYE 2023 results, Oando continues to show impressive results across its key financial metrics.

In addition to the significant growth in revenue, the company posted a profit-after-tax of N62.6 billion. Speaking on the H1 2024 performance, Group Chief Executive, Oando PLC, WaleTinubu, said: “In the first half of 2024, we deliver a profit after tax of N62.6 billion, despite persistent challenges occasioned by sabotage and theft across our assets in the Niger Delta, which led to frequent shut-ins and impacted production.

“Since assuming operatorship, we have implemented a series of production-enhancing initiatives, which are already yielding results, as demonstrated by a 36 per cent increase in output within the first 30 days following the acquisition.”

As we navigate a dynamic market environment, we are confident in our trajectory toward sustained production growth, positioning us to deliver long-term, sustainable value for all stakeholders.”