Oando Plc reported a pre-tax loss of N74.65bn for the nine months ended September 30, 2026, reversing the N19.46bn profit recorded in the same period last year, as rising financing expenses weighed on its earnings.

The oil and gas company disclosed this in its unaudited financial statements filed with the Nigerian Exchange on Friday, October 30.

Despite the loss, revenue grew by 9.23 per cent to N2.78tn from N2.54tn in the corresponding period of 2025.

The company’s financial performance was affected by net finance costs of N235.23bn, compared with net finance income of N128.01bn recorded a year earlier.

Finance costs rose to N244.20bn, including N218.58bn in interest on bank loans, while finance income dropped sharply to N8.98bn from N368.69bn.

However, Oando’s operating performance improved, with operating profit reaching N159.69bn against an operating loss of N109.73bn in the previous year.

Gross profit also increased significantly by 484.73 per cent to N174.53bn from N29.85bn, while other operating income stood at N80.74bn, supported partly by foreign exchange gains and profits from asset disposals.

The company nevertheless posted an after-tax profit of N106.45bn, largely supported by an income tax credit of N181.10bn. This represented a 47.12 per cent decline from the N201.31bn recorded in the corresponding period of 2025.

In its upstream business, Oando’s Exploration and Production segment recorded a 58.5 per cent increase in revenue to N553.64bn.

The segment also returned to an operating profit of N183.52bn, compared with a loss of N138.81bn a year earlier. However, it recorded a pre-tax loss of N13.87bn following net finance costs of N198.28bn.

Revenue from the Supply and Trading segment rose slightly by 1.4 per cent to N2.22tn, although its operating loss widened to N28.20bn from N6.84bn.

For the third quarter, the company’s revenue fell by 13.2 per cent to N712.62bn, while it recorded a pre-tax loss of N41.81bn compared with a profit of N165.20bn in the same period of 2025.

Meanwhile, Oando reduced its borrowings by 19.8 per cent to N2.16tn from N2.70tn at the end of December 2025.

The company repaid N792.69bn in loans during the nine-month period but obtained fresh borrowings of N457.67bn.

Its operating cash flow also improved to N217.79bn from a negative N234.98bn recorded a year earlier.

However, cash and cash equivalents declined by 60 per cent to N175.94bn, while total assets fell by 32.26 per cent to N5.04tn.

Shareholders’ equity remained negative at N512.59bn, despite an improvement in retained earnings.

The company’s shares closed at N31.50 on October 30, representing a 4.55 per cent decline for the day and a year-to-date loss of approximately 21.64 per cent.