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Oando Plc reported a 45 per cent increase in revenue to N4.1tn for the financial year ended December 31, 2024, compared to N2.9 trillion recorded in the previous year.

The company’s unaudited financial statements, released on Friday on the Nigeria Exchange Limited, also showed a nine per cent growth in profit after tax, rising to N65.5bn from N60.3bn in 2023.

According to Oando, the revenue growth was driven by higher crude oil volumes, increased gas prices, and the impact of foreign exchange gains, despite lower trading volumes and a decline in realized crude oil prices.

The Group Chief Executive of Oando Plc, Wale Tinubu, attributed the performance to the company’s strategic expansion, particularly its acquisition of a 20 per cent additional stake in NAOC Limited, which significantly boosted production capacity.

https://punchng.com/oando-revenue-hits-n4-1tn/