Oando Plc, Nigeria leading indigenous Energy group has announced its half year unaudited financial result for the period ended June 30, 2024, posting gross earnings of N2.0 trillion.
The amount represents an increase of 51 per cent compared with N1.3 trillion reported at the of half year in 2023.
The group reported profit after tax of N62.6 billion, against N112.4 billion achieved in the same period of 2023, representing a drop of N49.8 billion or 44.3 per cent.
The volume of crude oil traded decreased by 35 per cent to 10.6 million bbls in 2024 six months operations from 16.2 million bbls achieved in second quarter of 2023 financial year.
According the company’s unaudited result submitted on the floor of Nigerian Exchange, the group recorded decline in production, dropping by 15 per cent to24.389 boe per day against a total of 26.140 boe per day recorded at the end of June 2023.
Commenting on the results ON, Group Chief Executive, Oando PLC, Wale Tinubu CON
said: “In the first half of 2024, we delivered a Profit After Tax of N62.6 billion, despite persistent challenges occasioned by sabotage and theft across our assets in the Niger Delta, which led to frequent shut-ins and impacted production. “Since assuming operatorship, we have implemented a series of production-enhancing initiatives, which are already yielding results,
as demonstrated by a 36 per cent increase in output within the first 30 days following the acquisition. “As we navigate a dynamic market environment, we are confident in our trajectory toward sustained production growth, positioning us to deliver long-term, sustainable value for all stakeholders.
“He explained that during the six months ended June 30, 2024, average production was 24,389 boe/day, compared to 26,140 boe/day in 2023. while in 2024, production consisted of 5,790 bbls/day of crude oil, 312 bbl/day of NGLs and 18,286 boe/day of natural gas.
He explained that production decrease was a result of shut in wells for repairs from sabotage activities.
the management also said that during the six months to June 30, 2024, the Group incurred $8.97 million on capital expenditures related to the development of oil and gas assets and exploration and evaluation activities, compared to $32.7 million in the six months to June 30, 2023.
