RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home company news

Oando PLC Announces Audited FYE 2021 Results, Posts N32.9 Billion Profit-After-Tax

Stephen Akudike by Stephen Akudike
September 19, 2023
in company news, Economy
Reading Time: 2 mins read
A A
0
Oando PLC Announces Audited FYE 2021 Results, Posts N32.9 Billion Profit-After-Tax
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Oando PLC, a leading indigenous energy group listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange, has announced its audited financial results for the twelve-month period ending December 31, 2021. The company reported a significant turnaround, with a profit-after-tax of N32.9 billion, marking a remarkable recovery from the previous year’s loss.

Operational Highlights

AlsoRead

Nigerian Fintechs Shine in CNBC’s 2025 Top 300 Global Fintech List

Naira Weakens to N1,560/$1 Ahead of CBN’s 301st MPC Meeting

Nigeria’s Inflation Dips to 22.22% in June 2025, But Monthly Pressures Persist

Upstream:
Production Decrease: Oando’s upstream operations experienced a 40% decrease in production, with daily production averaging 26,775 barrels of oil equivalent per day (boe/day) compared to 44,550 boe/day in FYE 2020.
Oil Production: Crude oil production stood at 8,849 barrels per day, down from 15,912 barrels per day in the previous year.
Natural Gas Production: Natural gas production decreased to 16,227 boe/day from 26,881 boe/day in FYE 2020.
NGL Production: NGL production amounted to 1,699 barrels per day, slightly lower than the previous year’s 1,757 barrels per day.

Downstream:
Crude Oil Volumes: Oando Trading reported an 8% increase in traded crude oil volumes, reaching 17.4 million barrels in FYE 2021, up from 16.1 million barrels in FYE 2020.
Refined Petroleum Products: The company recorded a substantial 39% increase in the trading of refined petroleum products, delivering 962,370 metric tons compared to 694,653 metric tons in the previous year.

Financial Highlights

Financial Performance:
Revenue Surge: Oando’s revenue surged by an impressive 68%, totaling N803.5 billion compared to N477.1 billion in FYE 2020. This increase was primarily attributed to higher product prices, including an 82% rise in the average realized crude oil price, a 38% increase in natural gas prices, and a 31% rise in NGL prices.
Profit-After-Tax: The company achieved a remarkable turnaround, reporting a profit-after-tax of N32.9 billion in FYE 2021, compared to a loss-after-tax of N140.7 billion in FYE 2020.
Total Borrowings: Oando’s total borrowings increased by 10%, reaching N460.8 billion, up from N419.6 billion in FYE 2020.

CEO’s Perspective

Wale Tinubu, Group Chief Executive of Oando PLC, commented on the results, saying, “Our Audited Full Year 2021 Financial Statements are broadly in line with our earlier published Unaudited results in which we announced an increase in profitability driven by a strong revenue performance – a consequence of an 82% increase in average realized oil sale price – coupled with the refund of long-standing receivables.”

He further noted, “Although a surge in militancy and sabotage activities across the Niger Delta negatively affected our operations during the reporting period, we have since seen progress in security initiatives and are consistently seeking innovative solutions to stabilize our oil & gas production. Moving forward, we remain committed to driving growth within our upstream and trading businesses, whilst simultaneously diversifying our portfolio by investing in non-fossil and climate-friendly energy solutions through Oando Clean Energy Limited.”

Oando PLC’s FYE 2021 results reflect a resilient recovery in the face of operational challenges and underline the company’s commitment to its stakeholders and its strategic growth plans.

 

Tags: Audited Financial ResultsCEO StatementDownstream OperationsEnergy sectorFYE 2021Johannesburg Stock ExchangeNigerian Stock ExchangeOando Plcoil and gas industryprofit after taxrevenue growthUpstream Operations
Previous Post

Market Alight with Optimism: New CBN Governor Nomination Ignites Investor Frenzy and Stock Surge

Next Post

US Deputy Treasury Secretary Highlights Strong Bilateral Investment Opportunities with Nigeria

Related News

Nigerian Fintechs Shine in CNBC’s 2025 Top 300 Global Fintech List

by Jide Omodele
July 17, 2025
0

Five Nigerian fintech companies—PalmPay, Moniepoint, OPay, PiggyVest, and Interswitch—have secured spots on CNBC and Statista’s 2025 list of the World’s...

Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

Naira Weakens to N1,560/$1 Ahead of CBN’s 301st MPC Meeting

by Stephen Akudike
July 17, 2025
0

The Nigerian naira depreciated to N1,560/$1 in the parallel market on July 17, 2025, down from N1,555/$1 earlier this week,...

Navigating Inflation Crossroads: Nigeria’s Economic Odyssey Amidst Global Trends

Nigeria’s Inflation Dips to 22.22% in June 2025, But Monthly Pressures Persist

by Stephen Akudike
July 17, 2025
0

Nigeria’s headline inflation rate fell to 22.22% in June 2025, marking a third consecutive monthly decline from 22.97% in May...

NMDPRA inaugurates oil and gas industry service permit portal.

PTML Customs Command Records N204.7 Billion Revenue in H1 2025

by Stephen Akudike
July 17, 2025
0

The Ports & Terminal Multiservices Limited (PTML) Command of the Nigeria Customs Service (NCS) reported a revenue collection of N204.7...

Next Post
US Deputy Treasury Secretary Highlights Strong Bilateral Investment Opportunities with Nigeria

US Deputy Treasury Secretary Highlights Strong Bilateral Investment Opportunities with Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigerian Fintechs Shine in CNBC’s 2025 Top 300 Global Fintech List

July 17, 2025
Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

Naira Weakens to N1,560/$1 Ahead of CBN’s 301st MPC Meeting

July 17, 2025

Popular Story

  • 2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

    FG Takes Governors to Supreme Court Over Local Government Allocations

    0 shares
    Share 0 Tweet 0
  • Shocking: “Undress” An AI Tool That Unveils Digital Representations of Individuals Without Clothing

    0 shares
    Share 0 Tweet 0
  • Naira Strengthens Amid CBN’s Dollar Injection as Official and Parallel Markets React

    0 shares
    Share 0 Tweet 0
  • Nigeria Opens July 2025 FGN Savings Bonds with Up to 16.762% Interest Rates

    0 shares
    Share 0 Tweet 0
  • Nigeria Initiates Double Taxation Treaty Talks with Netherlands Amid Major Tax Reforms

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>