Oando Posts N127.8bn Operating Profit In H1

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...