Oando Nine Month Profit Falls to US$79M

RT

Ask Rio Times

Latin American markets, currencies and companies.

Ask

Open the full Ask Rio Times →

RTAsk Rio TimesMarkets, currencies and the economy›

NIGERIA · COMPANY RESULTS

Oando nine month profit fell to ₦106.5 billion (about US$79 million), the Nigerian oil group said on Friday 30 October 2026. That is almost half the ₦201.3 billion (about US$150 million) it reported for the same period of 2025.

Oando PLC, listed in Lagos and Johannesburg, is one of Nigeria’s biggest home-grown oil companies, and its results show how debt can swallow a recovery. US readers who follow Nigerian crude should note the Oando nine month profit.

Who Is Oando

Oando PLC is a Lagos-based energy group that explores for oil and gas, trades crude and sells fuel and gas. It trades on both the Nigerian Exchange and the Johannesburg Stock Exchange, and describes itself as Africa’s leading indigenous energy group.

Wale Tinubu, the group chief executive, leads the company, and Adeola Ogunsemi is its chief financial officer. Our earlier report on Oando’s 2025 profit explains how it took over onshore oil fields that Italian company Eni sold.

The Numbers in Naira and Dollars

The company reported revenue of ₦2,776.1 billion (about US$2.06 billion), up 9% from ₦2,541.5 billion (about US$1.89 billion) a year earlier. Operating profit reached ₦159.7 billion (about US$119 million), against an operating loss of ₦109.7 billion (about US$82 million) in 2025.

Adjusted EBITDA, a measure of earnings before interest, tax and depreciation, was ₦181.8 billion (about US$135 million). A year earlier it was negative ₦194.1 billion (about US$144 million), so the core business turned from loss to gain.

Why Oando Nine Month Profit Fell

The group paid ₦244.2 billion (about US$181 million) in finance costs on debt taken on to buy its oil fields. That exceeded operating profit of ₦159.7 billion (about US$119 million) and pulled the Oando nine month profit down to ₦106.5 billion (about US$79 million).

The Oando nine month profit was ₦201.3 billion (about US$150 million) in 2025, so this year’s figure is 47% lower. The company ties the fall to interest on acquisition debt, not to weaker operations.

Output, Costs and Safety

Average production rose 14% to 42,985 barrels of oil equivalent a day, driven by new wells and fewer outages. Facility uptime, the share of time plants run, climbed to 96.1% from 85% a year earlier.

The cost of producing each barrel fell 22% to US$15.39 from US$19.67. Oando also reported no deaths and no lost-time injuries across 14.9 million hours worked.

Cash, Spending and Debt

Cash generated from operations came to ₦285.0 billion (about US$212 million), against ₦339.2 billion (about US$252 million) of cash used a year earlier. Capital spending rose to ₦110.7 billion (about US$82 million), mainly for drilling across licence blocks OML 60 to 63.

Closing cash was ₦175.9 billion (about US$131 million), up from ₦143.8 billion (about US$107 million). Total borrowings fell to ₦2.16 trillion (about US$1.6 billion), and the company says its main loans were restructured and are in good standing.

What Comes Next for Oando

Oando narrowed its 2026 output guidance to between 40,000 and 45,000 barrels a day. It plans a seven-well drilling programme, with the final well due to start in December 2026, and capital spending of US$90 million to US$100 million.

The chief executive said an impending equity raise should strengthen shareholders’ funds and cut debt. The company also says it will pursue lower financing costs and a stronger balance sheet.

What It Means for US Readers

Nigeria is a large crude supplier, and Oando’s output gain adds West African oil to a market watched in New York. A coming share sale could dilute holders who do not take part.

US holders who trade through Johannesburg or Lagos should check the terms once they are published. Investors in Nigerian energy can see that debt, not drilling, is the main risk.

What Is Not Known

The results are unaudited, and the headline figures do not set out the pre-tax result or the tax charge. It is not yet known how much money the planned equity raise will bring in or when it will close.

Oando has not said how quickly it can cut the ₦244.2 billion (about US$181 million) interest bill. Full-year audited figures are still months away, so the Oando nine month profit may be revised.

More: Nigeria news in English, every day from The Rio Times.

Frequently Asked Questions

How much profit did Oando make in nine months?

Oando reported profit after tax of ₦106.5 billion (about US$79 million) for the nine months to 30 September 2026. That is down from ₦201.3 billion (about US$150 million) a year earlier.

Why did Oando’s profit fall?

Finance costs of ₦244.2 billion (about US$181 million) on acquisition debt held profit back. Operating profit improved to ₦159.7 billion (about US$119 million).

How much oil does Oando produce?

Average production was 42,985 barrels of oil equivalent a day, up 14% from a year earlier. The company expects 40,000 to 45,000 barrels a day for the full year.

Are the Oando results audited?

No, the nine-month figures are unaudited, as the company states in its release. Audited full-year 2026 results will follow after the year ends.

Where is Oando listed?

Oando PLC is listed on the Nigerian Exchange in Lagos and on the Johannesburg Stock Exchange. Both listings are named in its own results release.

Sources: Oando PLC, nine-month 2026 results release, unaudited results for the nine months ended 30 September 2026, 30 October 2026; Oando PLC, ‘Oando Announces Unaudited Half-Year 2026 Results’, 4 August 2026.

Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.