Oando Reports 20% Revenue Growth and 8% Profit Increase in H1

Nigerian energy company Oando Plc reported a significant increase in revenue and profit during the first half of the year. The company's unaudited financial results show that revenue grew by 20 percent to 2.1 trillion naira, while profit after tax rose to 68.6 billion naira, an 8 percent increase from the previous year.

The growth was driven by higher production from Oando's upstream business and lower operating costs. Average production increased by 16 percent to 42,789 barrels of oil equivalent per day (boepd), while crude oil production rose 19 percent to 12,358 barrels per day.

Oando attributed the production growth to new wells brought on stream, the restoration of previously shut-in wells, and improved operational performance. The company's operating cash flow reached 179.5 billion naira, strengthening liquidity as Oando continued integrating its upstream assets acquired through its purchase of Nigerian Agip Oil Company from Eni.