Oando records N74.65 billion pre-tax loss in 9M 2026 as finance costs hit N235.23 billion

Oando Plc disclosed a substantial pre-tax loss of N74.65 billion for the nine months ending September 30, 2026, marking a stark contrast to the N19.46 billion profit reported in the same period a year prior. This downturn was primarily attributed to an alarming surge in net finance costs, which ballooned to N235.23 billion, eclipsing any recovery in the company's operating profit.

The company's consolidated financial statements, filed with the Nigerian Exchange on October 30, 2026, revealed a 9.23% increase in revenue to N2.78 trillion, despite the financial setbacks.

Despite the pre-tax loss, Oando managed to maintain an after-tax profit of N106.45 billion, a significant reduction from the N201.31 billion recorded in the preceding year, primarily due to a 47.12% drop. The company's operating profit showed signs of recovery, reaching N159.69 billion, up from a loss of N109.73 billion, driven by improved gross profit and enhanced other operating income.

However, the N181.10 billion tax credit that mitigated the loss was a stark 47.12% less than the N201.31 billion noted in the previous year.

Investors will be closely watching whether Oando's strategy of reduced borrowings and sustained upstream profitability can eventually offset the heavy financing costs and revitalize the company's pre-tax profitability.