Oando Plc has posted a profit after tax of N113.06bn for the first quarter ended March 31, 2025, representing a 90.5 per cent increase from the N59.35bn reported in the corresponding period of 2024.

This growth was largely driven by a tax credit of N165.62bn and a reversal of impairment losses amounting to N182.29bn, which helped cushion the effects of operating and finance-related pressures during the period.

According to its unaudited interim consolidated financial statements filed with the Nigerian Exchange Limited on Wednesday, the group recorded a modest 1.88 per cent growth in revenue to N932.57bn from N915.42bn in Q1 2024. However, the cost of sales dropped by 4.17 per cent to N847.15bn, boosting gross profit by over 172 per cent to N85.43bn from N31.41bn.

Despite the growth in gross profit, the company reported an operating loss of N120.34bn, compared to an operating profit of N117.20bn in the prior year period. This swing was largely due to a drop in other operating income, which plunged from a gain of N248.06bn in Q1 2024 to a loss of N301.90bn in Q1 2025, indicating a loss swing of over N550bn.

Administrative expenses declined significantly to N86.15bn from N158.90bn, suggesting cost containment efforts within the organisation.

In terms of finance activities, the group recorded a finance income of N149.60bn, up sharply from N8.22bn in the prior year. This offset the finance cost of N81.82bn, resulting in a net finance income of N67.78bn, a reversal from a net finance cost of N46.86bn in the previous year.

Though Oando recorded a loss before tax of N52.56bn, it was able to close the period with a profit due to the significant tax credit of N165.62bn. The final bottom-line figure for the group showed a profit of N113.06bn, with N111.29bn attributable to equity holders of the parent company and N1.77bn to non-controlling interests.

Earnings per share improved from N5 in Q1 2024 to N9 in Q1 2025.

On the group’s statement of comprehensive income, Oando recorded foreign exchange gains of N7.80bn from the translation of its foreign operations, compared to a loss of N44.40bn in the same period last year. Total comprehensive income attributable to equity holders surged to N119.07bn, while total group comprehensive income stood at N120.86bn, up from N14.95bn a year ago.

At the company level, however, Oando Plc reported a loss of N28.94bn for the period, compared to a much higher loss of N210.94bn in Q1 2024. The firm did not record revenue in Q1 2025, unlike in the previous year when it reported N343.86bn in revenue. Despite reporting other operating income of N421.98bn, this was eroded by impairment charges of N432.77bn and administrative expenses of N4.76bn, resulting in an operating loss of N15.55bn.

Total assets at the group level stood at N6.83tn as of March 31, 2025, an increase from N6.43tn as of December 31, 2024. However, the group maintained a negative equity position of N240.12bn, though this was an improvement from the N360.98bn deficit at year-end 2024.

The company also maintained a negative equity of N377.21bn, widening from N348.27bn in December 2024.

On the liability side, Oando’s total borrowings stood at N3.04tn (non-current: N1.69tn; current: N1.35tn), while trade and other payables increased to N2.64tn from N2.55tn at the end of December 2024.

The statement of changes in equity shows that retained losses narrowed from N292.50bn in December 2024 to N181.21bn in Q1 2025 for the group and from N531.07bn to N560.01bn at the company level.