Oando PLC reported a ₦74.65 billion pre-tax loss for the nine months ended Sept. 30, 2026, after its finance line swung to a net cost despite revenue and oil and gas output growth.
Revenue totaled ₦2.776 trillion, up 9.23% from ₦2.541 trillion a year earlier, according to the company’s unaudited filing with the Nigerian Exchange. Profit after tax fell 47% to ₦106.45 billion from ₦201.31 billion. The filing also recorded an income-tax credit of ₦181.10 billion.
Net finance costs were ₦235.23 billion, compared with net finance income of ₦128.01 billion in the prior-year period. Finance costs declined to ₦244.20 billion from ₦288.79 billion, while finance income fell to ₦8.98 billion from ₦368.69 billion. The 2025 comparison also included a ₦48.10 billion reversal of prior default interest, the filing showed.
At the operating level, Oando moved to a ₦159.69 billion profit from a ₦109.73 billion loss. Gross profit reached ₦174.53 billion, compared with ₦29.85 billion a year earlier. The company attributed part of the operating improvement to higher production and the absence of a fair-value loss recorded in the prior-year period.
Average production increased 14% to 42,985 barrels of oil equivalent per day. Facility uptime reached 96.1%, from 85%, and production operating costs fell 22% to $15.39 per barrel of oil equivalent, Oando said. It linked the higher output to wells brought online and more time in operation at its facilities.
Crude oil liftings rose 43% to 3.97 million barrels, natural gas sales grew 5% to 34.01 billion standard cubic feet, and natural gas liquids sales climbed 90% to 0.57 million barrels. Oando identified its Exploration and Production business as the main revenue contributor, citing higher sales volumes and realized prices.
Cash generated from operations was ₦285.04 billion; net cash from operating activities after other cash-flow items was ₦217.79 billion. Capital expenditure totaled ₦110.7 billion, mainly for drilling across OMLs 60–63. Borrowings stood at ₦2.16 trillion on Sept. 30, down from ₦2.70 trillion at the end of 2025.
Oando said acquisition-related debt costs weighed on after-tax profit. Its capital-management program is intended to lower financing costs and support future shareholder distributions. For 2026, the company set production guidance at 40,000–45,000 barrels of oil equivalent per day and expects the last of its seven development wells to begin drilling in December.
