Oando Plc posted a slim return to profit in the first half of 2025, buoyed by a large reversal of asset impairments and reduced administrative expenses, even as second-quarter losses widened sharply on weaker revenue and surging finance costs.
The Lagos-based oil and gas group reported net income of N63.31 billion for the six months to June 30, marginally higher than the N62.65 billion earned a year earlier, according to unaudited results released on July 31.
This turnaround was driven primarily by a N197.52 billion reversal of previous asset impairments and a N48.1 billion write-back of prior default interest.