Oando Falls as Investors Trade Unusual Volume
Oando Plc lost more than 8% in the stock market following an unusual trade volume valued at over N1.1 billion that exchanged hands in the equities market on Monday. The indigenous oil company’s share price fell to N64.1, according to data obtained from the Nigerian Exchange, NGX, from an opening price of N70.
The huge share volume traded in the equities market skewed to the sell side, causing Oando Plc market value to decline by 8.43% on the day. At the close of the trading session, Oando’s 12.431 billion outstanding shares were priced at N796.853 billion.
The energy company stock is now trading at a significant discount to 52-week high. The Ticker: OANDO trades at about 35% discounts below N98.4, its highest market price in the last 12 months.
Q4 Earnings
In 2024, Oando Plc reported that its profit after tax settled at N65.5 billion in 2024, an increase of 9% compared to N60.3 billion it reported in 2023. The company said its earnings surge in 2024 driven by the increase in operating profit, offset by an increase in net finance costs.
Revenue for the period increased by 45% to N4.1 trillion from N2.9 trillion in 2023, driven by higher crude oil volumes lifted and higher gas prices. The positive impact of exchange rate translations also supports the revenue growth, which was offset by lower trading volumes, reduced natural gas and NGL volumes, and lower realized sale prices for crude oil and NGL.
In 2024, Oando Trading sold approximately 20.7 million barrels of crude oil under various contracts with NNPC Limited. £Oando Falls as Investors Trade Unusual Volume CBN Opens FX Window for BDC to Stock up at NFEM Rate
