Oando Plc recorded a pre-tax loss of N74.65 billion for the 9 months ended September 30, 2026, in contrast with a pre-tax revenue of N19.46 billion in the corresponding interval of 2025, as excessive internet finance costs outweighed a restoration in working revenue.
According to the company’s unaudited consolidated financial statements filed with the Nigerian Exchange (NGX) on Friday, October 30, 2026, income elevated by 9.23% to N2.78 trillion from N2.54 trillion.
Despite the pre-tax loss, Oando reported an after-tax revenue of N106.45 billion, supported by an N181.10 billion earnings tax credit score, though this was 47.12% under the N201.31 billion recorded a 12 months earlier.
Finance costs wipe out working good points:
Oando’s working revenue recovered to N159.69 billion from a loss of N109.73 billion, supported by increased gross revenue and an enchancment in different working earnings.
- However, internet finance costs reached N235.23 billion, in contrast with internet finance earnings of N128.01 billion in the corresponding interval of 2025, pushing the group right into a pre-tax loss.
- Gross revenue elevated by 484.73% to N174.53 billion from N29.85 billion, lifting gross margin to roughly 6.29% from 1.17%.
- Other working earnings improved to N80.74 billion from a N159.89 billion loss, together with N45.88 billion in internet international alternate good points and N12.43 billion in revenue from asset gross sales.
- Finance costs stood at N244.20 billion, together with N218.58 billion in financial institution curiosity, whereas finance earnings declined to N8.98 billion from N368.69 billion.
- Administrative bills elevated by 21.1% to N157.91 billion, together with roughly N79 billion in skilled charges.
- The decline in finance earnings was significantly vital, as the corresponding 2025 interval included N321.10 billion in curiosity earnings from mortgage receivables and deposits.
Nairametrics beforehand reported that Oando’s full-year 2025 after-tax profit of N204.81 billion was additionally supported by a tax credit score quite than stronger pre-tax earnings.
For the 9 months of 2026, the N181.10 billion tax credit score included N254.40 billion in reversals of beforehand recognised tax provisions.
Oando Upstream income jumps 58.5%:
Oando’s Exploration and Production section recorded income progress of 58.5% to N553.64 billion, reflecting stronger upstream efficiency in the course of the nine-month interval.
- The section additionally returned to an working revenue of N183.52 billion from a loss of N138.81 billion, though financing bills continued to have an effect on its backside line.
- Exploration and Production recorded a pre-tax loss of N13.87 billion after N198.28 billion in internet finance costs.
- Supply and Trading income elevated by 1.4% to N2.22 trillion, however its working loss widened to N28.20 billion from N6.84 billion.
- Third-quarter group income declined by 13.2% to N712.62 billion, whereas pre-tax earnings swung to a N41.81 billion loss from a N165.20 billion revenue.
- Third-quarter internet finance costs reached N73.93 billion, in contrast with internet finance earnings of N115.04 billion in the corresponding interval of 2025.
- During the third quarter, Exploration and Production income elevated to N209.41 billion from N81.80 billion, whereas Supply and Trading income declined by roughly 32% to N501.79 billion.
The Supply and Trading section’s quarterly working loss widened to N31.85 billion, whereas group working revenue declined by 35% to N31.85 billion.
Despite increased quarterly gross revenue, after-tax revenue fell by 72.5% to N37.90 billion from N137.99 billion.
Oando debt falls to N2.16 trillion:
Oando lowered its borrowings by 19.8% to N2.16 trillion from N2.70 trillion on the finish of December 2025, reflecting substantial mortgage repayments in the course of the interval.
- The firm repaid N792.69 billion in borrowings and raised N457.67 billion in new loans, ensuing in a internet discount of roughly N335.02 billion.
- Operating money circulate improved to N217.79 billion from a unfavorable N234.98 billion in the corresponding interval of 2025.
- Financing actions recorded internet outflows of N337.14 billion, whereas money and money equivalents declined by 60% to N175.94 billion.
- Total property declined by 32.26% to N5.04 trillion, whereas whole liabilities fell by 30.65% to N5.56 trillion.
- Shareholders’ fairness remained unfavorable at N512.59 billion, though retained earnings improved to N19.78 billion from a unfavorable N88.49 billion.
- Part of the balance-sheet contraction mirrored the deliberate sale of Oando’s 95% stake in Oando Petroleum Development Company Limited to Energia Limited for a base value of $48.45 million.
- Oando shares declined by 4.55% to N31.50 on October 30, representing a year-to-date loss of roughly 21.64% and a market capitalisation of about N390.6 billion.
Investors shall be monitoring whether or not additional debt discount and sustained upstream profitability can offset financing costs and restore recurring pre-tax profitability.
