Oando PLC Directors’ Report for the financial year ending December 31, 2023
1. Principal Activity
• Oando PLC engages in strategic investments within the energy sector and supplies oil and gas products.
• The Group’s primary business activities include:
• Exploration and Production (E&P): Led by Oando Energy Resources Inc. in Canada and other entities active in the Gulf of Guinea, focusing on oil and gas extraction.
• Petroleum Products Supply and Trading: Managed through Oando Trading in Dubai and Bermuda, and Oando PLC in Nigeria.
• Mining and Infrastructure Development: Activities are conducted through subsidiaries like Bitumen Resources Limited, Road Bit Limited, and Trans-Africa Mining Resources Limited, among others.
• Headquarters: 17a The Wings Office Complex, Ozumba Mbadiwe Avenue, Victoria Island, Lagos, Nigeria.
2. Financial Performance Summary
• Group’s Financials:
• Net Revenue: NGN 2.85 trillion (up from NGN 1.99 trillion in 2022).
• Profit Before Tax: NGN 103 billion, a significant turnaround from the previous year’s loss of NGN 61.8 billion.
• Net Profit After Tax: NGN 61.9 billion, transferred to retained earnings.
• Company’s Financials:
• Revenue: NGN 1.54 trillion (slight decrease from NGN 1.56 trillion in 2022).
• Net Loss: NGN 216.2 billion, reflecting a challenging financial year.
3. Dividend Policy
• No dividends are proposed for the year 2023 (same as 2022), indicating a focus on reinvestment or financial stabilization.
4. Board of Directors
• Details of the directors who served during the year can be found on page 3 of the full report.
This summary provides an overview of Oando’s operations, financial health, and key strategic areas. The company’s focus on energy investments, trading, and infrastructure underscores its significant role in Nigeria’s energy sector.
1. Principal Activity
• Oando PLC engages in strategic investments within the energy sector and supplies oil and gas products.
• The Group’s primary business activities include:
• Exploration and Production (E&P): Led by Oando Energy Resources Inc. in Canada and other entities active in the Gulf of Guinea, focusing on oil and gas extraction.
• Petroleum Products Supply and Trading: Managed through Oando Trading in Dubai and Bermuda, and Oando PLC in Nigeria.
• Mining and Infrastructure Development: Activities are conducted through subsidiaries like Bitumen Resources Limited, Road Bit Limited, and Trans-Africa Mining Resources Limited, among others.
• Headquarters: 17a The Wings Office Complex, Ozumba Mbadiwe Avenue, Victoria Island, Lagos, Nigeria.
2. Financial Performance Summary
• Group’s Financials:
• Net Revenue: NGN 2.85 trillion (up from NGN 1.99 trillion in 2022).
• Profit Before Tax: NGN 103 billion, a significant turnaround from the previous year’s loss of NGN 61.8 billion.
• Net Profit After Tax: NGN 61.9 billion, transferred to retained earnings.
• Company’s Financials:
• Revenue: NGN 1.54 trillion (slight decrease from NGN 1.56 trillion in 2022).
• Net Loss: NGN 216.2 billion, reflecting a challenging financial year.
3. Dividend Policy
• No dividends are proposed for the year 2023 (same as 2022), indicating a focus on reinvestment or financial stabilization.
4. Board of Directors
• Details of the directors who served during the year can be found on page 3 of the full report.
This summary provides an overview of Oando’s operations, financial health, and key strategic areas. The company’s focus on energy investments, trading, and infrastructure underscores its significant role in Nigeria’s energy sector.
