Oando Posts N127.8bn Operating Profit In H1
Oando Plc reported a significant financial turnaround in the first half of 2026, achieving an operating profit of N127.8 billion compared to a loss in the previous year. The growth was driven by increased production and improved asset management within their exploration and trading segments.
Why it matters
This financial recovery indicates a successful integration of new assets and improved operational efficiency for a major player in the African energy sector.
Oando Plc has reported a major turnaround in the first half of 2026, posting an operating profit of N127.8 billion compared to an operating loss of N158.7 billion in H1 2025, as higher production and lower unit costs began to flow through from its enlarged asset base.
Group revenue rose 20 per cent year-on-year to N2.063 trillion from N1.720 trillion, driven by growth in both the Exploration & Production and Trading segments.
Gross profit surged 331 per cent to N101 billion, supported by lower operating costs and a decline in overlift position. Administrative expenses fell four per cent to N77.8 billion, helped by a N10.2 billion net foreign exchange gain and lower depreciation.
The Group also recorded a net impairment reversal of N55.9 billion on financial assets, compared to a N197.5 billion charge in H1 2025.
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