Oando Plc has reported a profit after tax (PAT) of N113 billion in the first quarter of 2025, up 90.5% from N59.3 billion recorded in the same period of 2024.

The information is contained in its newly released financial results for the first quarter of 2025.

Driven by a substantial income tax credit of N165.6 billion, which more than offset the loss before tax, the net profit came despite the company posting a pre-tax loss of N52.5 billion, compared to a pre-tax profit of N70.3 billion in Q1 2024.

While the cost of sales declined by 4.2% to N847.1 billion, gross profit still remained relatively slim at N85.4 billion, though up by 172% year-on-year.

Primarily due to fair value losses from the modification of financial assets, the energy company saw its operating income fall from N248 billion in Q1 2024 to a loss of N301.8 billion in the period under review,

Revenue for the quarter stood at N932.5 billion, representing a modest increase of 1.9% from N915.4 billion in the prior year.

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While administrative expenses climbed to N86.1 billion, the company also posted a reversal gain of N182.2 billion and an operating loss of N120.3 billion.

Finance costs rose to N81.8 billion, up from N55 billion the previous year,  outweighed by a finance income of N149.5 billion, resulting in a net finance income of N67.7 billion, a strong rebound from the N46.8 billion loss recorded in Q1 2024.

On the balance sheet, total assets grew from N6.4 trillion to N6.8 trillion, reflecting modest expansion. However, retained earnings remained negative, closing the quarter at a deficit of N181.2 billion.