Oando Plc has said that it made a full-year pre-tax profit of N47.7 billion in 2024 which is a decline from the full-year pre-tax profit of N102.9 billion reported in 2023.
These were contained in its latest unaudited financial report for 2024, released on the Nigerian Exchange on January 30, 2025.
According to the report, Oando Plc posted a pre-tax profit of N16.6 billion, bouncing back from a loss of N29.5 billion in the same quarter of 2023.
The report showed that its revenue increased by 87.96 per cent in the fourth quarter of 2024, hitting N932.4 billion, up from N496.1 billion in the same period in 2023.
It added that total revenue for the full year ended December 31, 2024, rose to N4.1 trillion which is a 44.86 per cent growth year-over-year from N2.8 trillion reported in 2023.
The account showed the following key highlights (2024 vs 2025): Revenue: N4.1 trillion, +44.86 per cent YoY; Cost of Sales: N3.8 trillion, +39.09 per cent YoY; Gross Profit: N282.5 billion, +232.31 per cent YoY; Other Operating Income: N349.7 billion, -12.56 per cent YoY; Administrative Expenses: N402.6 billion, +54.08 per cent YoY; Operating Income: N220.1 billion, +0.87 per cent YoY; Finance Cost: N232.1 billion, +74.04 per cent YoY; Finance Income: N58.4 billion, +245.77 per cent YoY; Pretax Profit: N47.7 billion, -53.60 per cent YoY and Post-tax Profit: N65.4 billion, +8.65 per cent YoY.
The company posted a revenue rise for the 12-month period ending 31st December 2024, achieving a total of N4.1 trillion, which is a 44.86 per cent year-over-year rise.
The report showed that Oando recorded a pre-tax profit of N47.7 billion for the 12 months, showing a decline when juxtaposed with 2023’s N102.9 billion. The company also recorded N16.6 billion as 2024 Q4 pre-tax profit.
This is a good performance when viewed with a loss of N29.5 billion in Q4’23. It also posted an FY 2024 post-tax profit of N65.4 billion, showing an increase of 8.65% compared to N60.2 billion posttax profit of 2023.
According to the report, Oando posted total assets amounting to N7.5 trillion in the full year of 2024, which is a substantial rise from N2.6 trillion in 2023.
The report also indicated non-current assets increase from N1.8 trillion in 2023 to N3.8 trillion for FY 2024. A breakdown showed that property, plant, and equipment consisted of 53.13 per cent of the total N3.8 trillion, while intangible assets accounted for 33.18 per cent.
It further showed that total current assets rose to N3.6 trillion from N815.5 billion in the previous year.
An analysis of the performance revealed that trade and other receivables, along with contract assets, represented 92.68 per cent of the total current assets.
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