Oando Plc has reported a 9 per cent increase in revenue to ₦2.78 trillion in the first nine months of 2026, supported by increased oil production, higher gas sales and improved operational efficiency.

The Nigerian energy company disclosed this in its unaudited financial results for the nine months ended September 30, 2026.

According to the report, average daily production increased by 14 per cent to 42,985 barrels of oil equivalent per day, compared with 37,614 barrels recorded during the corresponding period of 2025.

The company also recorded a significant turnaround in its operating performance, posting an operating profit of ₦159.7 billion against an operating loss of ₦109.7 billion in the same period last year.

Oando’s gross profit also surged by 483 per cent to ₦174.5 billion from ₦29.8 billion.

The improved performance was attributed to increased crude oil production, higher gas and natural gas liquids sales, improved facility reliability and lower operating costs.

The company disclosed that its production operating costs declined by 22 per cent, while facility uptime improved to 96.1 per cent.

However, despite the improvement in operating performance, profit after tax declined to ₦106.5 billion from ₦201.3 billion recorded in the corresponding period of 2025, partly due to financing costs associated with acquisition debt.

Commenting on the results, Oando’s Group Chief Executive, Wale Tinubu, said the company’s renewed investment drive and improved operational efficiency had contributed to increased production and stronger financial performance.

He added that the company remained focused on expanding production, completing its drilling programme and strengthening its financial position.

Oando also reported that its total borrowings had declined to ₦2.16 trillion, while cash generated from operations stood at ₦285 billion.

The company said it would continue investing in its upstream operations as it works towards sustaining production growth and creating long-term value for shareholders.

Source: Oando Plc’s nine-month unaudited financial results.