Ondo PLC has released its unaudited results for the nine months ended September 30, 2025 (9M). In the period under review, Nigeria's leading indigenous energy group, listed on both the Nigerian Exchange Limited (NGX) and the Johannesburg Stock Exchange (JSE), posted a profit after tax of N210 billion, a 164 per cent increase from N76 billion in the same period in 2024.
The company linked the performance to strong production volumes and operating efficiency. The group's revenue declined 20 per cent year-on-year (YoY) to N2.5 trillion in 9M'2024 from N3.2 trillion. The company attributed this revenue decline mainly to the reduction in gasoline imports following the ramp-up of the Dangote Refinery, a development that has forever reshaped Nigeria's refined-products market.
Gross profit stood at N113 billion, a decline of 42 per cent and reflecting changes in market dynamics and the group's evolving segment mix.
The share price of Oando Plc at N46.80 as on October 30 shows that it has declined by 29.09 per cent this year. NGX trading data showed that Ondo stock hit a 52-week high of N80.7 compared to a 52-week low of N35.75. At 12.52pm on October 31, the stock was trading at N51.4, representing an increase of N4.6 or 9.83 per cent from the previous day's close.
Wale Tinubu, Group Chief Executive of Ondo Plc, said: “In the first nine months of 2025, we consolidated the gains made following the acquisition of NAOC’s assets last year. Our notion of operatorship has been transformative, giving us the agility to act decisively and execute with precision in enhancing production growth and operational efficiency.”
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He said the group has achieved 59 per cent year-on-year growth in crude oil and gas production, which now averages 38,121 bopd, underscoring the impact of the NAOC acquisition and clear evidence of it beginning to unlock the tremendous value of its reserves.
The company recorded growth in oil and gas production and continued operating profits during the period, indicating strong momentum in its upstream operations for the nine months ending September 30, 2025.
To sustain its growth drive, Ondo increased its reserve-based lending (RBL2) facility by $375 million, strengthening its financial flexibility and supporting the accelerated growth of its 1 billion barrels of oil equivalent (BOE) upstream portfolio. The company also renegotiated key debt facilities on more favorable terms, extending repayment periods to free up liquidity and fund its ongoing drilling programme.
The indigenous energy giant said group production averaged 38,121 barrels of oil equivalent per day (boepd), up 59 per cent year-on-year, in line with its full-year guidance. The performance was driven by the consolidation of its Nigerian Agip Oil Company (NAOC) joint venture interest and improved asset uptime across its operated portfolio. Ondo said the revamp of its NGL processing plant was instrumental in the improved performance, providing 82 per cent operational uptime and boosting recovery and reliability across production assets. The company also completed the Obiafu-44 gas-condensate well, which was brought onstream in October, and advanced surface facility upgrades to reduce downtime and increase flow efficiency.
To expand its regional and global footprint, the company was awarded the operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin and was selected as preferred bidder for the Guaracara Refinery in Trinidad and Tobago, signaling its entry into the Caribbean downstream market.
Downstream, Ondo's trading subsidiary picked up 21 crude cargoes (19.8 MMbbl) from 15 cargoes (16.7 MMbbl) in the same period last year, following a deliberate strategic pause, as the division rebalanced its portfolio towards higher-margin crude and gas trading opportunities.
Analysts say with increased production and new international assets, Ondo is firmly on track to consolidate its leadership among Africa's indigenous oil and gas players, even as it continues to pursue diversification into clean energy and mining ventures.
In its clean energy division, the company advanced its electric mobility, solar and recycling initiatives, made progress in the development of a 1.2GW solar PV assembly plant, completed a techno-economic study for a 6MW geothermal pilot, and secured land for a 2,750 tonne per month PET recycling facility.
