Latest news with #NGX
Zawya
a day ago
- Business
- Zawya
Oando Profit-After-Tax up 267% to N220 billion in FY2024 Audited Results
Oando PLC ( Africa's leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), posted robust Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023. In the upstream, Oando's production witnessed a 3% increase to 23,727 boepd; made up of crude oil production which increased by 27% to 7,558 bopd, while NGL production and gas decreased respectively by 35% to 156 bpd, and 5% to 16,013 boepd. The company's 2P reserves grew 95% year-on-year to 983 MMboe (2023: 505 MMboe), representing a 188% reserves replacement ratio and underscoring the strength of the company's upstream portfolio post-acquisition. The company also reported a sustained operational uptime of 86%, supporting off-take reliability and reducing deferred production. Similarly, other indigenous players have also reported significant revenue growth following the recent wave of International Oil Company divestments. Seplat recorded a revenue of ₦1.65 trillion, representing a 137% increase from 2023, while Aradel posted ₦581.2 billion in revenue, a 162% increase compared to the previous year. Speaking on the company's upstream performance, Group Chief Executive, Oando PLC, Wale Tinubu said, ' 2024 was a defining year for Oando, with the successful acquisition and integration of NAOC marking the culmination of a decade-long strategic growth journey which has significantly deepened our upstream portfolio, resulting in our assumption of operatorship of the OML 60–63 series and the doubling of our working interest in the assets from 20% to 40%, as well as our 2P reserves from 500 million barrels of oil equivalent to 1 billion barrels.' In the downstream, Oando's trading subsidiary reported that it sold 20.7 million barrels of crude oil in 2024; a 37% decline from 2023 due to structural changes in the Nigerian oil market. Additionally, refined product volumes declined by 64% to just over 599 kMT, due to weakened domestic demand, driven by the challenging macroeconomic in-country. Projections for global oil prices and demand in 2025 remain uncertain due to persistent macroeconomic and trade policy uncertainties. JP Morgan pegs Brent to peak at $66/bbl in 2025 and $58/bbl in 2026 while the U.S. Energy Information Administration's (EIA) predictions project Brent crude oil prices to fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026 citing an increase in global production coupled with slower global demand growth. Within its renewable energy business, the company continued to advance its clean energy agenda recording measurable progress across multiple verticals. By the end of 2024 the electric mass transit programme had covered 121,145 km, transported over 205,000 passengers, displacing 163,546 kg of CO₂ emissions and saving more than 60,000 litres of diesel. Other notable achievements include signing MoUs for wind projects with Cross River and Edo State as well as launching a geothermal feasibility study in collaboration with NNPC, exploring the conversion of mature wells to renewable power assets. As the company continues to integrate its expanded portfolio following its most recent strategic acquisition, current projections show it's gone into 2025 with strong momentum and clear ambition. Tinubu remarked 'Looking ahead, 2025 will be our year of execution. Our key priorities shall include unlocking synergies from the acquisition, addressing above-ground security risks through the implementation of a revamped security framework aimed at curbing the persistent theft of oil, cost optimization, balance sheet restructuring, enhancing operational efficiency, and leveraging technology to improve productivity across our operations. In our bid to ramp up production towards achieving our target of 100,000 bopd and 1.5 tcf of gas by 2029, we shall pursue a dual-track approach of rig-less interventions and well workovers, complemented by an aggressive drilling program. We are excited by the opportunities that lie ahead and remain committed to delivering enhanced shareholder returns, shared prosperity and maintaining our position as a leading player in Africa's evolving energy landscape.' The published audited FY 2024 results also include approximately four months of contribution from Nigerian Agip Oil Company (NAOC), following the completion of the acquisition on August 22, 2024. Following this, the company has set a production guidance of 30,000–40,000 barrels of oil equivalent per day (boepd) in its 2025 outlook. This aligns with its post-acquisition optimisation plans to maximise portfolio value and supports its four-year target of reaching 100,000 barrels per day. It is evident that local players, particularly those that have become operators following the recent IOC divestments, are increasingly well-positioned to drive the future of the Nigerian energy sector. These indigenous companies possess unique insights and contextual experience that enable them to more effectively manage onshore and shallow water assets. This shift is expected to generate a ripple effect across the economy by increasing local employment, enhancing capacity development, and improving government revenue through taxes retained within the country, revenue that was previously repatriated to the home countries of the International Oil Companies (IOCs). Distributed by APO Group on behalf of Oando PLC.
Zawya
06-05-2025
- Business
- Zawya
Nigeria: Equities market opens week strong as ASI adds 0.6%
Equities trading at the Nigerian Exchange (NGX) opened the trading week on a strong note, as the All-Share Index rose by 0.62 percent to close at 106,698.50 basis points. Market capitalization followed suit, increasing by 0.62 percent to N67.06 trillion, thereby adding approximately N412.3 billion to investors' wealth. Market breadth was positive, with 35 gainers outpacing 29 decliners. On the performance board, top gainers included Beta Glass, The Initiates, Cadbury Nigeria, Caverton Offshore Support Group, and Multiverse, after their respective share prices appreciated by 9.97 percent, 9.90 percent, 9.87 percent, 9.77 percent, and 9.45 percent. Conversely, Ecobank Transnational Incorporated, Meyer, Custodian Insurance, Mutual Benefits Assurance, and Access Holdings led the losers' chart, as their share prices declined by 9.62 percent, 6.70 percent, 4.72 percent, 4.49 percent, and 3.88 percent, respectively. Sectoral performance was largely positive: the Insurance, Consumer Goods, Oil & Gas, Industrial Goods, and Commodity sectors advanced by 2.69 percent, 2.90 percent, 2.58 percent, 0.07 percent, and 1.59 percent, respectively, while the Banking sector declined by 1.62 percent. Trading activity remained robust, with the number of deals, volume, and value traded rising by 1.33 percent, 0.66 percent, and 26.61 percent, respectively. Overall, transactions worth N18.93 billion were recorded across 18,612 deals involving 569.04 million units. On Monday, FBN Holdings was the toast of investors, as its shares topped the activity chart with 106 million units traded. Guaranty Trust Holding Company led in terms of value, with N5.6 billion worth of shares exchanged.
Zawya
25-04-2025
- Business
- Zawya
Nigeria: NGX lists Legend as market capitalisation soars by $7mln
Nigerian Exchange Limited (NGX), made history on Thursday with the listing of Legend Internet Service PLC as the first company in its Telecoms sector and the first company to be listed this year. Legend's 2,000,000 billion Ordinary Shares of 50 kobo each were listed at N5.64 per share and the stock appreciated by a daily maximum gain to close at N6.20 per share thus shooting up NGX market capitalisation by N12. 4 billion. Speaking at the Facts Behind the Listing Ceremony, Legend's Chairman, Dr Ladi Bada who noted that Legend says: 'A listing on the Nigerian Exchange Limited (NGX), is more than a financial event. It is a signal-a declaration- that a business is ready to be held to the highest standards, performance, and public trust. And i'm proud to say that Legend Internet has met that moment with the same energy, integrity and purpose that has guided it from the beginning. This is not just a win for our company. It is a win for Nigeria's digital economy.' Corroborating him, Legend's Chief Executive Officer, Aisha Abdulaziz explained that when the company started, it was not just an internet company but a movement in the digital service. 'Every Nigerian deserves premium digital services. Our journey has always been connecting. Our business has always been a trust. Listing on NGX is a commitment to transparency . We are scaling. We expanding in new technologies, deepening our infrastructure and reaching more underserved communities,' said Abdulaziz. The Group Chairman, NGX PLC, Dr Umaru Kwairanga, who welcomed Legend's Board and Management, commended the company for the bold initiative of listing on the Exchange. He noted that listing was an enhanced status of adherence to corporate governance and opportunities to take advantage of an array of the Exchange's different asset classes to raise capital. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
21-03-2025
- Business
- Zawya
Nigeria: NGX ASI dips by 0.1% as lull persits for five days
At the close of trading at the Nigerian Exchange (NGX) on Thursday, the local bourse extended its negative trajectory, as the All-Share Index declined by 0.05 per cent to 104,858.77 basis points. The Nigerian equities market declined for the fifth consecutive session, extending its bearish run as sell-offs in Zenith Bank and Access Holdings drove the All-Share Index lower by 0.1 per cent. Market capitalisation also fell by 0.05 per cent to N65.75 trillion, reflecting a N35.3 billion loss in equities by session close. Consequently, the Month-to-Date and Year-to-Date returns moderated to -2.8 per cent and +1.9 per cent, respectively. Investor sentiment remained weak, as indicated by negative market breadth, with 14 stocks advancing against 28 decliners. On the performance board, leading the gainers were Computer Warehouse Group, Veritas Capital, Deap Capital Management and Trust, Wapic Insurance and Wema Bank, while Livestock Feeds, Royal Exchange, Custodian Insurance, UACN Property Development Company and Chams topped the losers' chart. Sectoral performance was mostly muted. The Insurance and Consumer Goods sectors gained 0.13 per cent and 0.39 per cent, respectively, while the banking sector declined by 0.43 per cent. The Oil/Gas, Industrial Goods, and Commodity sectors remained flat at 0 per cent. Trading activity was subdued, with the number of deals, total transaction volume, and transaction value declining by 15.23 per cent, 77.28 per cent and 49.51 per cent, respectively. A total of 10,182 transactions were recorded, amounting to N6.25 billion in value and 310.53 million units traded. Fidelity Bank was the most traded stock by volume, at 40.03 million units, while Zenith Bank was the most traded stock by value, at N1.07 billion. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. ( by Kehinde Akinseinde-Jayeoba
