WorldStage– Oando Plc, an energy group listed on the Main Board of the Nigerian Exchange and the Johannesburg Stock Exchange has reported a return to profitability in the second quarter of 2026, posting a profit after tax of ₦31.1 billion for the three months ended 30 June 2026, compared with a loss of ₦49.7 billion in the same period of 2025.
According to the unaudited interim consolidated financial statements approved by the Board on 30 July 2026 and filed with the Nigerian Exchange, the energy group’s revenue for the second quarter rose 36% year-on-year to ₦1.07 trillion, from ₦788.2 billion.
The report signed by Group Chief Executive, Jubril Adewale Tinubu, and Group Chief Financial Officer, Adeola Ogunsemi showed that for the full half-year, revenue increased 20% to ₦2.06 trillion, up from ₦1.72 trillion in the corresponding period of 2025.
Gross profit improved sharply. The Group recorded a gross profit of ₦70.7 billion in Q2 2026, reversing a gross loss of ₦42.3 billion in Q2 2025.
For the six months, gross profit rose to ₦101.2 billion from ₦23.5 billion a year earlier.
Despite high finance costs, which weighed on the pre-tax result, the Group delivered a profit after tax of ₦68.6 billion for the half-year ended 30 June 2026, slightly higher than the ₦63.3 billion recorded in H1 2025.
Profit attributable to equity holders of the parent stood at ₦70.8 billion, while basic earnings per share came in at ₦8 (H1 2025: ₦5).
On the balance sheet, total assets grew to ₦7.89 trillion as at 30 June 2026, from ₦7.45 trillion at the end of 2025.
Cash and cash equivalents strengthened significantly to ₦544.9 billion, up from ₦439.9 billion at 31 December 2025 and more than double the ₦194.2 billion held a year earlier.
Operating cash flow turned positive, with the Group generating ₦110.0 billion from operating activities in the first half of 2026, a sharp turnaround from a net outflow of ₦357.5 billion in the same period of 2025.
The improved cash position was supported by stronger working capital management and higher operating performance.
Analysts note that while finance costs remain elevated and equity is still negative due to accumulated losses, the rebound in revenue, gross margins, quarterly profitability, and cash generation signal improving operational momentum following the integration of the former Nigerian Agip Oil Company (NAOC) assets.
OANDO PLC’S DEBT RESTRUCTURING PLANS
Analysis of Oando Plc’s Debt Restructuring Plans (as of mid-2026)
Oando is executing a multi-pronged capital restructuring programme aimed at reducing leverage, extending debt maturities, lowering the cost of capital, addressing a large net current liability position, and supporting upstream growth (particularly after integrating the former NAOC assets).
The plans were largely approved by shareholders at the 46th AGM/EGM in August 2025 and form part of management’s response to ongoing going-concern concerns flagged by auditors.
Current Debt Position (Context)Gross debt (end-2025): ≈ ₦2.70 trillion (slightly down from ₦2.77 trillion in 2024).
Net debt: ₦2.27 trillion (improved from ₦2.62 trillion due to higher cash).
Cash: Rose strongly to ₦423–440 billion by end-2025 / ₦545 billion by mid-2026.
Challenges: Elevated blended cost of debt (legacy + short-tenor facilities), concentration of near-term maturities (especially around 2027), and a significant working-capital deficit (net current liabilities of ₦3.8 trillion at end-2025).
