Reported Earnings • Feb 02
Full year 2025 earnings released: EPS: ₦30.00 (vs ₦16.70 in FY 2024) Full year 2025 results: EPS: ₦30.00 (up from ₦16.70 in FY 2024). Revenue: ₦3.21t (down 21% from FY 2024). Net income: ₦244.3b (up 8.7% from FY 2024). Profit margin: 7.6% (up from 5.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. New Risk • Nov 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (67% average weekly change). Negative equity (-₦209b). High level of non-cash earnings (30% accrual ratio). Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: ₦11.00 (vs ₦0.90 in 3Q 2024) Third quarter 2025 results: EPS: ₦11.00 (up from ₦0.90 in 3Q 2024). Revenue: ₦820.7b (down 29% from 3Q 2024). Net income: ₦140.3b (up ₦127.1b from 3Q 2024). Profit margin: 17% (up from 1.1% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 01
Second quarter 2025 earnings released: ₦4.00 loss per share (vs ₦0.20 profit in 2Q 2024) Second quarter 2025 results: ₦4.00 loss per share (down from ₦0.20 profit in 2Q 2024). Revenue: ₦788.2b (down 29% from 2Q 2024). Net loss: ₦47.1b (down ₦50.0b from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 22
Oando PLC, Annual General Meeting, Aug 11, 2025 Oando PLC, Annual General Meeting, Aug 11, 2025, at 10:00 W. Central Africa Standard Time. Reported Earnings • Jun 09
Full year 2024 earnings released: EPS: ₦18.09 (vs ₦4.99 in FY 2023) Full year 2024 results: EPS: ₦18.09 (up from ₦4.99 in FY 2023). Revenue: ₦4.09t (up 44% from FY 2023). Net income: ₦224.9b (up 263% from FY 2023). Profit margin: 5.5% (up from 2.2% in FY 2023). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Jun 07
Oando plc Provides Production Guidance for the Year 2025 Oando PLC provided production guidance for the year 2025. For the year, the company expects Production guidance of 30,000 –40,000 boepd. Reported Earnings • Feb 01
Full year 2024 earnings released: EPS: ₦5.00 (vs ₦4.99 in FY 2023) Full year 2024 results: EPS: ₦5.00 (up from ₦4.99 in FY 2023). Revenue: ₦4.12t (up 45% from FY 2023). Net income: ₦65.2b (up 5.1% from FY 2023). Profit margin: 1.6% (down from 2.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • Jan 28
Oando PLC to Report Q4, 2024 Results on Jan 30, 2025 Oando PLC announced that they will report Q4, 2024 results on Jan 30, 2025 Reported Earnings • Dec 18
Third quarter 2024 earnings released: EPS: ₦1.00 (vs ₦0.16 loss in 3Q 2023) Third quarter 2024 results: EPS: ₦1.00 (up from ₦0.16 loss in 3Q 2023). Revenue: ₦1.16t (up 16% from 3Q 2023). Net income: ₦13.2b (up ₦15.1b from 3Q 2023). Profit margin: 1.1% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 18
Oando plc Announces Election of Members of the Audit Committee Oando Plc at its AGM held on December 17, 2024, approved The following persons were elected as members of the Audit Committee for the 2024 and 2025 Accounts: Mr. Ike Osakwe, Mr. Ken Igbokwe, Dr. Anthony Omojola, Mr. Olusegun Oguntoye, Mrs. Faith Ekelikhotse George. Board Change • Dec 04
High number of new directors Independent Non-Executive Director Bashir Bello was the last director to join the board, commencing their role in 2024. Duyuru • Nov 26
Oando PLC, Annual General Meeting, Dec 17, 2024 Oando PLC, Annual General Meeting, Dec 17, 2024, at 10:00 W. Central Africa Standard Time. Location: zinnia hall, eko hotels and suites, plot 1415, adetokunbo ademola street, victoria island, lagos Nigeria Reported Earnings • Nov 05
Second quarter 2024 earnings released: EPS: ₦0.22 (vs ₦11.25 in 2Q 2023) Second quarter 2024 results: EPS: ₦0.22 (down from ₦11.25 in 2Q 2023). Revenue: ₦1.12t (up 38% from 2Q 2023). Net income: ₦2.92b (down 98% from 2Q 2023). Profit margin: 0.3% (down from 17% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Oct 26
Oando PLC to Report Fiscal Year 2023 Results on Nov 01, 2024 Oando PLC announced that they will report fiscal year 2023 results on Nov 01, 2024 Buy Or Sell Opportunity • Sep 02
Now 48% undervalued The stock has been flat over the last 90 days, currently trading at R0.17. The fair value is estimated to be R0.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 64% over the last 3 years. Meanwhile, the company has become profitable. Duyuru • Aug 30
Oando PLC Announces Resignation of Tanimu Yakubu as Non-Executive Director Oando PLC announced that Mr. Tanimu Yakubu has resigned from his position as a Non-Executive Director of the company to undertake a national assignment with the Federal Government of Nigeria. Mr. Yakubu was appointed to the Board on June 30, 2015. During his tenure, he served as the Chairman of the Board Audit, Strategic Planning & Finance Committee, and was also a member of the Statutory Audit Committee. With his extensive experience in finance and strategic planning, Mr. Yakubu brought invaluable insights, financial acumen, and a strategic mindset that significantly contributed to the growth and stability of the Company. His leadership was instrumental in guiding the Company through various financial strategies and audits, ensuring robust governance and compliance. Reported Earnings • Jun 06
Full year 2023 earnings released: EPS: ₦6.43 (vs ₦6.33 loss in FY 2022) Full year 2023 results: EPS: ₦6.43 (up from ₦6.33 loss in FY 2022). Revenue: ₦3.40t (up 71% from FY 2022). Net income: ₦80.0b (up ₦158.7b from FY 2022). Profit margin: 2.3% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • Apr 09
Oando PLC to Report Fiscal Year 2023 Results on Jul 31, 2024 Oando PLC announced that they will report fiscal year 2023 results on Jul 31, 2024 New Risk • Feb 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R1.78b (US$94.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (46% average weekly change). High level of non-cash earnings (32% accrual ratio). Minor Risk Market cap is less than US$100m (R1.78b market cap, or US$94.1m). Duyuru • Oct 13
Oando PLC, Annual General Meeting, Nov 06, 2023 Oando PLC, Annual General Meeting, Nov 06, 2023, at 10:00 W. Central Africa Standard Time. Location: Zinnia Hall. Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island Lagos Nigeria Duyuru • Sep 05
Oando PLC (NGSE:OANDO) signed an agreement to acquire Nigerian Agip Oil Company Ltd. from Eni S.p.A. (BIT:ENI). Oando PLC (NGSE:OANDO) signed an agreement to acquire Nigerian Agip Oil Company Ltd. from Eni S.p.A. (BIT:ENI) on September 4, 2023. The closing of this transaction is subject to, inter alia, the authorization of all relevant local and regulatory authorities. New Risk • Jul 02
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (27% average weekly change). High level of non-cash earnings (28% accrual ratio). Minor Risk Market cap is less than US$100m (R1.77b market cap, or US$93.9m). New Risk • Jun 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R1.82b (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Share price has been highly volatile over the past 3 months (33% average weekly change). Negative equity (-₦127b). High level of non-cash earnings (28% accrual ratio). Minor Risk Market cap is less than US$100m (R1.82b market cap, or US$99.2m). Is New 90 Day High Low • Feb 06
New 90-day high: R0.21 The company is up 5.0% from its price of R0.20 on 06 November 2020. The South African market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 19% over the same period. 