Oando Plc has reported a 20% year-on-year decline in revenue to N2.5 trillion for the nine months ended September 30, 2025, compared to N3.2 trillion in the same period of 2024. T
he company attributed the drop to reduced gasoline imports following the ramp-up of the Dangote Refinery, which has reshaped Nigeria’s refined-product supply landscape.
Despite the revenue slowdown, Oando’s profit after tax surged by 164% to N210 billion, up from N76 billion in the previous year, driven by stronger upstream production volumes and legacy recoveries. However, gross profit fell 42% to N113 billion, reflecting the impact of the topline contraction and a shift in the company’s business mix.
Capital expenditure rose sharply to N74.9 billion from N26.9 billion a year earlier, underscoring increased investment in upstream and infrastructure projects.
Meanwhile, Oando confirmed that its 1.28 billion-share distribution programme remains on track. The first tranche, a 1-for-12 share distribution, was completed in August 2025, with the second tranche scheduled for shareholders on record as of June 30, 2025.
The company said it remains focused on enhancing operational efficiency and value creation amid evolving market conditions driven by the growing domestic refining capacity.
