Oando PLC’s Q3 2024 financial results paint a picture of resilience as the Nigerian energy company navigates significant challenges while unlocking new opportunities.
Despite a 5% production decline due to sabotage and theft-related shut-ins, Oando reported a remarkable 36% increase in revenue, reaching N3.2 trillion. This growth reflects the success of the company’s ongoing restructuring efforts and strategic initiatives.
Group Chief Executive Wale Tinubu described the recently finalized NAOC deal as a transformative milestone for Oando, highlighting its potential to improve operational scale and efficiency.
Oando’s performance underscores its ability to adapt and thrive in the face of Nigeria’s energy sector challenges.
This acquisition underpins Oando’s strategic focus on upstream assets, marking a decisive shift away from downstream operations where volatility has often dictated performance.
