Oando Plc reported a full-year profit of ₦241.31 billion for the period ended December 31, 2025, despite a sharp decline in revenue and continued margin pressure across its operations, according to its unaudited interim consolidated financial statements.
Group revenue fell to ₦3.21 trillion from ₦4.09 trillion in 2024, reflecting lower trading volumes and pricing pressures.
Cost of sales remained elevated at ₦3.19 trillion, compressing gross profit to ₦27.75 billion, down from ₦155.89 billion recorded in the prior year.
The fourth quarter remained challenging with the group posting a gross loss of ₦85.28 billion, wider than the loss recorded in the corresponding period of 2024.
Other operating income swung to a ₦240.21 billion loss in 2025 from a ₦1.10 trillion gain a year earlier, largely due to the absence of exceptional income items recognised in 2024.
The group also booked ₦32.31 billion in impairment of non-financial assets.
However, earnings were supported by a substantial ₦573.06 billion reversal of impairment on financial assets, compared with a ₦76.23 billion impairment in the previous year.
Finance income rose sharply to ₦381.11 billion from ₦47.20 billion, while a ₦48.10 billion reversal of prior default interest further eased pressure on the income statement.
Finance costs increased to ₦465.40 billion from ₦235.84 billion on higher borrowing costs, but net finance cost narrowed to ₦36.20 billion, down from ₦188.64 billion in 2024.
Profit before tax declined to ₦15.20 billion from ₦383.82 billion in the prior year. An income tax credit of ₦226.11 billion lifted profit for the year to ₦241.31 billion, compared with ₦220.12 billion in 2024.
Profit attributable to equity holders of the parent stood at ₦244.31 billion, while non-controlling interests recorded a ₦2.99 billion loss.
Earnings per share for the twelve-month period increased to ₦30, from ₦18 a year earlier.
Foreign exchange movements weighed on comprehensive income, with ₦62.19 billion recorded as exchange losses on the translation of foreign operations.
Total comprehensive income for the year stood at ₦178.55 billion, compared with a comprehensive loss of ₦83.04 billion in 2024.
The results underscore Oando’s reliance on balance-sheet adjustments, finance income, and tax credits to sustain profitability amid declining revenue and ongoing operating pressures.
