Oando Plc Reports N49.74bn Q2 Loss, Slips Back to Negative Growth Amid Rising Debt
Story: Written by SpringnewsNG Media Limited
Lagos, August 2, 2025 – Oando Plc, one of Nigeria’s leading indigenous energy companies, has returned to negative growth, posting a N49.74 billion loss in its second-quarter (Q2) 2025 financial results, a sharp decline from the N3.30 billion profit recorded in the same period of 2024.
The company’s half-year unaudited financial statements, released on Thursday, July 31, revealed losses across all profit lines, highlighting the worsening financial position of the energy giant.
According to the report, Oando recorded a gross loss of N26.22 billion in Q2 2025, compared to a gross profit of N50.89 billion in Q2 2024. The company’s operating results also swung negative, reporting an operating loss of N38.37 billion, down from a profit of N4.73 billion in the corresponding period last year.
Oando’s net finance cost widened to N54.81 billion, from N29.56 billion in the same quarter of 2024. This led to a loss before tax of N93.18 billion, significantly higher than the N24.83 billion loss recorded a year ago. The loss after tax, representing the company’s final deficit for the period, stood at N49.74 billion, reversing the N3.30 billion profit from the previous year.
The company’s negative performance also reflects a worsening balance sheet, with total liabilities surpassing total assets. As of June 30, 2025, Oando’s total assets stood at N6.76 trillion, while total liabilities hit N7.07 trillion, resulting in negative equity of N305.88 billion.
The report underscores a continuing trend of rising debt and financial strain, as Oando has consistently operated under heavy liabilities since 2020. Its major subsidiaries – Oando Trading, Oando Energy Resources, and Oando Clean Energy – all reported negative earnings during the review period.
Financial analysts note that this deepening indebtedness poses a challenge for Oando’s turnaround strategy, raising concerns about the company’s ability to stabilize its operations and regain profitability.
