Oando posts N113 billion Q1 PAT for 2025, on surging income tax credit 

Oando Plc has released its financial results for the first quarter of 2025, reporting a profit after tax (PAT) of N113 billion, up 90.5% from N59.3 billion recorded in the same period of 2024.

Interestingly, this net profit came despite the company posting a pre-tax loss of N52.5 billion, compared to a pre-tax profit of N70.3 billion in Q1 2024.

The swing to net profitability was driven by a substantial income tax credit of N165.6 billion, which more than offset the loss before tax.

Revenue for the quarter stood at N932.5 billion, representing a modest increase of 1.9% from N915.4 billion in the prior year.

• While cost of sales declined by 4.2% to N847.1 billion, gross profit still remained relatively slim at N85.4 billion, though up by 172% year-on-year.

On the downside, other operating income turned negative, falling from N248 billion in Q1 2024 to a loss of N301.8 billion in the period under review, primarily due to fair value losses from the modification of financial assets.

Additionally, the company posted an impairment reversal gain of N182.2 billion, while administrative expenses climbed to N86.1 billion. Nevertheless, an operating loss of N120.3 billion was reported.

Finance-related items showed mixed results.

• Finance costs rose to N81.8 billion, up from N55 billion the previous year.
• However, this was outweighed by a finance income of N149.5 billion, resulting in a net finance income of N67.7 billion, a strong rebound from the N46.8 billion loss recorded in Q1 2024.

On the balance sheet, total assets grew from N6.4 trillion to N6.8 trillion, reflecting modest expansion. However, retained earnings remained negative, closing the quarter at a deficit of N181.2 billion.

Key Highlights (Q1 2025 vs Q1 2024) 

• Revenue: N932.5 billion, +1.9% YoY
• Cost of Sales: N847.1 billion, -4.2% YoY
• Gross Profit: N85.4 billion, +172% YoY
• Other Operating Loss: N301.8 billion, -221.7% YoY
• Operating Loss: N120.3 billion, -202.7% YoY
• Pre-Tax Loss: N52.5 billion, -174.7% YoY
• Income Tax Credit: N165.6 billion, +1,605.5% YoY
• Post-Tax Profit: N113.06 billion, +90.5% YoY
• Net Finance Income: N67.7 billion, +244.7% YoY
• Total Assets: N6.8 trillion, +6.2% YoY

As of the close of trading on June 24, 2025, shares of the company were priced at N62.50 on the Nigerian Stock Exchange.