Wrap Text
2024 Press Statement Quarter 3 YTD September 2024 Results
Oando PLC
(Incorporated in Nigeria and registered as an external company in South Africa)
Registration number: RC 6474
(External company registration number
2005/038824/10)
Share Code on the JSE Limited: OAO
Share Code on the Nigerian Stock Exchange: UNTP
ISIN: NGOANDO00002
("Oando" or the "Company")
2024 Press Statement - Oando PLC Announces YTD September 2024 Results,
Posts 36% Growth in Revenue, and N76.3 billion Profit-After-Tax
Lagos, Nigeria – Oando PLC (referred to as "Oando" or the "Group"), Nigeria's leading indigenous
energy group listed on both the Nigerian and Johannesburg Stock Exchange, today announced
its unaudited results for the nine months period ended September 30, 2024.
SUMMARY
• 36% revenue increase: N3.2 trillion (YTD Sept 2024) vs N2.3 trillion (YTD Sept 2023)
• Profit-After-Tax of N76.3 billion (YTD Sept 2024) vs N110.2 billion (YTD Sept 2023)
• 5% production decrease: 20,560 boepd (YTD Sept 2024) vs 21,529 boepd (YTD Sept
2023)
• 47% decrease in traded crude oil volumes 16.7 million bbls (H1 2024) vs 31.6 million bbls
(YTD Sept 2023)
• 56% decrease in traded refined petroleum products (599,929 MT in Y T D S e p t
2024 vs 1,365,041 MT in YTD Sept 2023)
Commenting on the results Wale Tinubu CON, Group Chief Executive, Oando PLC said:
"Our performance for the nine months ended September 30, 2024, reflects our resilience and
unwavering focus on delivering value amidst a challenging operating environment. We achieved
a 36% increase in revenue to N3.2 trillion and a Profit After Tax of N76.3 billion, despite ongoing
pipeline vandalism, sabotage, theft in the Niger Delta, and foreign exchange volatility.
Since the acquisition of NAOC, we have increased production by 40%, growing from 22,000
boepd pre-acquisition to 30,675 boepd currently. This progress has been driven by the
deployment of quick-win strategies that have enhanced operational efficiencies and demonstrated
the transformative potential of the acquisition.
The integration process is advancing smoothly, and our immediate focus remains on executing
strategic initiatives to maximize the value of our expanded portfolio. With this stronger foundation
and a clear roadmap for growth, we are confident in our ability to deliver long-term, sustainable
value to all stakeholders."
Upstream:
Production for the nine months ended 30 September 2024:
YTD Sept 2024 YTD Sept 2023 % Change
Crude Oil (bbls/day) 6,525 6,769 (4)%
NGLs (bbls/day) 254 313 (19)%
Natural Gas (boe/day) 13,782 14,447 (5)%
Total (boe/day) 20,560 21,529 (5)%
During the nine months ended September 30, 2024, average production was 20,560 boe/day,
compared to 21,529 boe/day in 2023. In 2024, production consisted of 6,525 bbls/day of crude
oil, 254 bbl/day of NGLs and 13,782 boe/day of natural gas. Production decrease was a result of
increased shut-in wells for repairs from sabotage and theft related activities.
During the nine months to September 30, 2024, the Group incurred $12.7 million on capital
expenditure related to the development of oil and gas assets and exploration and evaluation
activities, compared to $47.4 million in the nine months to September 30, 2023.
Trading:
Traded volumes for the nine months ended 30 September 2024:
Traded Volumes YTD Sept 2024 YTD Sept 2023 % Change
Crude Oil (bbls) 16,718,214 31,641,119 (47)%
Refined Products (MT) 599,929 1,365,041 (56)%
FINANCIAL REVIEW
N '000 (unless otherwise stated) YTD Sept 2024 YTD Sept 2023 % Change
Revenue 3,189,623,158 2,349,489,269 36%
Operating Profit 161,012,062 209,650,762 (23)%
Profit-After-Tax 76,295,571 110,212,987 (31) %
Average Realized Oil Price (US$/bbl) 77.48 74.64 4%
Average Realized Gas Price (US$/boe) 11.30 12.65 (11)%
Average Realized NGL Price (US$/boe) 3.07 4.87 (37)%
Revenue
Revenue for the period increased by 36%, positively impacted by exchange rate translations
and higher crude oil volumes lifted, offset by lower trading volumes, reduced natural gas and
NGL volumes, and lower realized sale prices for natural gas and NGL.
Operating Profit
Operating Profit for the period declined by 23%, primarily driven by an increase in
administrative expenses mainly due to foreign exchange losses from the revaluation of
payables and borrowings.
Profit after Tax
Profit-after-Tax for the period was N76.3 billion, a decline of 31%, driven by foreign exchange
losses and net finance costs.
For further information, please
contact:
Ayotola Jagun
Company Secretary
The Wings Office Complex
17a Ozumba Mbadiwe
AvenueVictoria Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6159
ajagun@oandoplc.com
Adeola Ogunsemi
Group Chief Financial
Officer The Wings Office
Complex 17a Ozumba
Mbadiwe AvenueVictoria
Island,
Lagos, Nigeria.
Tel: +234 (1) 270400, Ext 6506
aogunsemi@oandoplc.com
For: Oando PLC
Ayotola Jagun
Chief Compliance Officer & Company Secretary
17 December 2024
JSE Sponsor to Oando
Questco Corporate Advisory Proprietary Limited
Date: 17-12-2024 09:35:00
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