Oando PLC’s shares rose by over 14% in the third week of January, increasing from an opening price of N62.50 to close at N71.80.
The company reported a post-tax profit of N13.6 billion for the third quarter of 2024, a 510.48% increase from the previous year, bringing the total for the nine months ending September 30 to N76.2 billion.
For the third quarter, revenue reached N1.1 trillion, a 15.7% increase from the previous year, while total revenue for the nine-month period was N3.1 trillion.
A significant portion of this revenue, N2.9 trillion, came from the supply and trading of crude oil, along with refined and unrefined petroleum products.
After the earnings release in mid-December 2024, Oando’s stock declined slightly, reaching N62.50 on January 10, 2025.
Nevertheless, in the third week of January 2025, the stock rebounded, rising over 14% for the week.
Market trend
Oando recorded a notable year-to-date performance of 528.57% in 2024, positioning itself as the leading stock in…
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