Energy giant Oando PLC has reported a loss before tax of N32.84bn for the half-year ended 30 June 2026, as elevated interest payments and heavy debt servicing obligations offset an impressive recovery in its core operational earnings.
According to the company’s unaudited interim financial statements submitted to the Nigerian Exchange Limited and endorsed by Group Chief Executive Jubril Tinubu and Group Chief Financial Officer Adeola Ogunsemi, top-line performance expanded 20 per cent. Revenue rose to N2.06tn from N1.72tn recorded in the corresponding period of 2025.
Despite the cost of sales climbing from N1.70tn to N1.96tn, gross profit jumped sharply to N101.19bn, up from N23.48bn in H1 2025.
Supported by a rebound in other operating income to N48.52bn and controlled administrative overheads, the indigenous energy firm delivered an operating profit of N127.84bn, staged as a complete reversal from the N158.71bn operating loss posted a year earlier.
However, the group’s significant balance sheet leverage severely constrained net earnings before taxes. Net finance expenses surged to N161.30bn, driven by finance costs of N167.58bn alongside a steep decline in finance income to N6.28bn from N158.99bn in H1 2025.
