Oando PLC announced its unaudited financial results for the nine months ended 30 September 2026. The company reported a gross profit of N174.5 billion, a 483% increase from the same period last year. Revenue rose by 9% to N2.78 trillion, driven by higher crude oil production, increased sales of gas and Natural Gas Liquids (NGL), and improved average selling prices.
Operating performance showed improvement, with enhanced efficiency in production and distribution. The company attributed the revenue growth to strong demand for petroleum products and favorable market conditions. Oando also noted a rise in crude oil liftings, which contributed significantly to the profit increase.
This marks a significant turnaround for Oando, which has been working to stabilize operations amid fluctuating oil prices and supply chain challenges. The results come as global oil prices have risen due to geopolitical tensions and reduced supply from key producers. Oando's performance highlights the impact of market dynamics on energy firms in the region. The company plans to maintain its focus on operational efficiency and market expansion in the coming months.
