Oando Plc has announced its unaudited 2024 year-end financial results, showing a significant increase in revenue and profitability.

The company’s revenue grew by 45% to N4.12 trillion, driven by higher crude oil prices and strategic expansion in its upstream and downstream operations.

The company’s net profit increased to N65.5 billion, up from N60.3 billion in 2023. However, despite the positive results, Oando’s debt burden remains a concern, with finance costs jumping from N133.4 billion in 2023 to N232.1 billion in 2024.

The company’s total liabilities also increased sharply from N2.94 trillion to N7.78 trillion, highlighting higher debt obligations.

Oando’s total equity remained negative at N273 billion, indicating accumulated losses still weigh on the company’s financial position.

Analysts have noted that while Oando’s revenue growth and improved profitability are positive developments, the company’s rising debt burden and negative equity position remain concerns.

Investors will be watching closely to see how the company manages its debt and whether it can sustain its profitability amid economic uncertainties.