Oando Plc has unveiled its audited financial results for the year ending December 31, 2021, marking a significant turnaround from the preceding year.

The company reported a profit-after-tax of N32.9 billion, contrasting with a loss-after-tax of N140.7 billion in 2020.

These audited results were officially submitted to the Nigerian Exchange Limited on Monday.

Oando, a Nigerian indigenous energy firm, experienced a notable 68 percent surge in turnover, reaching N803.5 billion in 2021 compared to N477.1 billion in the previous year.

Despite this positive financial performance, the group’s total borrowings also experienced an uptick, rising by 10 percent to N460.8 billion in 2021, compared to N419.6 billion in 2020.

Wale Tinubu, the Group Chief Executive of Oando PLC, commented on the results, stating, “Our Audited Full Year 2021 Financial Statements are broadly in line with our earlier published Unaudited results in which we announced an increase in profitability driven by a strong revenue performance – a consequence of an 82 percent increase in average realized oil sale price – coupled with the refund of long-standing receivable.”

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He continued, “Although a surge in militancy and sabotage activities across the Niger Delta negatively affected our operations during the reporting period, we have since seen progress in security initiatives and are consistently seeking innovative solutions to stabilize our oil & gas production.”

Tinubu also emphasized the company’s commitment to growth within its upstream and trading businesses while diversifying its portfolio by investing in non-fossil and climate-friendly energy solutions through Oando Clean Energy Limited.

In terms of capital expenditures, during the twelve months ending December 31, 2021, Oando Plc incurred $63.5 million for the development of oil and gas assets and exploration and evaluation activities.

This was a reduction from $83.4 million in capital expenditures during the same period in 2020.

The capital expenditures in 2021 were primarily directed towards oil and gas properties, with $59.2 million allocated to OMLs 60 to 63, $3.3 million at OML 56, and $1.0 million in capital expenditure on other assets.