Oando Plc recorded N2.06 trillion in revenue for the first half of 2026, crossing the N2 trillion mark for the first time in a six-month reporting period as stronger upstream production and trading activities boosted earnings.
The company’s unaudited financial statements for the six months ended 30 June 2026 showed revenue rose to N2.063 trillion, compared with N1.721 trillion in the corresponding period of 2025, representing a year-on-year increase of nearly 20 per cent.
The latest performance builds on the momentum recorded in the first quarter, when Oando generated N989.54 billion in revenue. Second-quarter revenue climbed to approximately N1.074 trillion, pushing half-year turnover above the N2 trillion threshold.
The company’s revenue growth was driven by a combination of higher upstream oil and gas production, stronger trading volumes, supportive international crude oil prices, and the impact of exchange rate movements on its operations.
These factors enabled Oando to sustain strong sales momentum despite continued volatility across global energy markets.
Gross profit increased to N101.19 billion from N23.48 billion a year earlier, reflecting improved operating performance. Operating profit also recovered to N127.84 billion, compared with an operating loss of N158.71 billion in the corresponding period of 2025.
The group reported a profit after tax of N68.56 billion for the first six months of the year, slightly above the N63.31 billion recorded in the same period of 2025.
Compared with the first quarter, Oando’s revenue accelerated in the second quarter.
Revenue increased from N989.54 billion in the first three months of the year to N1.074 trillion in the second quarter, indicating sustained demand across its businesses and improved contributions from its upstream and trading segments.
The company also strengthened its liquidity position, with cash and cash equivalents rising to N544.92 billion at the end of June from N78.79 billion at the end of March.
