Oando Reports ₦113 Billion Profit After Tax in Q1 2025, Despite Pre-Tax Loss
Wafric News – June 25, 2025
Oando Plc has posted a surprising profit after tax of ₦113 billion in the first quarter of 2025, a significant jump of over 90% compared to ₦59.3 billion recorded in the same period last year.
This turnaround comes despite the energy company reporting a pre-tax loss of ₦52.5 billion, down sharply from a pre-tax profit of ₦70.3 billion in Q1 2024. The profit was largely driven by a massive income tax credit of ₦165.6 billion, which helped offset the pre-tax loss.
According to its newly released Q1 financial results, Oando’s revenue inched up by 1.9%, rising to ₦932.5 billion from ₦915.4 billion in the previous year. Despite a 4.2% drop in cost of sales to ₦847.1 billion, the company’s gross profit rose by 172% year-on-year, reaching ₦85.4 billion.
However, operating income plunged from a profit of ₦248 billion in Q1 2024 to a loss of ₦301.8 billion this year, primarily due to fair value losses related to the modification of financial assets. The firm also posted an operating loss of ₦120.3 billion.
Administrative expenses climbed to ₦86.1 billion, but Oando booked a reversal gain of ₦182.2 billion, cushioning some of the impact from its core losses.
On the financing side, the company saw its finance costs rise to ₦81.8 billion, up from ₦55 billion last year. However, finance income of ₦149.5 billion led to a net finance income of ₦67.7 billion— a sharp turnaround from the ₦46.8 billion net finance loss recorded in Q1 2024.
Despite the strong after-tax profit, Oando’s retained earnings remain in deficit, closing the quarter at negative ₦181.2 billion. Meanwhile, total assets grew from ₦6.4 trillion to ₦6.8 trillion, reflecting slight balance sheet expansion.
By WafricNews Desk.
By WafricNews Desk.
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