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Oando Records 164% Increase in Financials: Posts ₦210bn Profit in Nine Months

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Oando PLC

Oando upsized its Reserve-Based Lending (RBL 2) facility to $375 million, strengthening its financial flexibility and supporting the accelerated development of its 1 billion barrels of oil equivalent (boe) upstream portfolio

LAGOS, Nigeria, October 30, 2025/APO Group/ –Oando PLC (https://OandoPLC.com/), Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange and Johannesburg Stock Exchange, has announced its unaudited results for the nine months ended September 30, 2025, reflecting production growth, and disciplined execution.

The Group delivered a Profit After Tax of ₦210 billion, a 164% increase from ₦76 billion in the same period of 2024, a performance driven by stronger production volumes, and operational efficiency. While Group revenue declined by 20% year-on-year to ₦2.5 trillion from ₦3.2 trillion in 2024, this was primarily due to reduced gasoline imports following the ramp-up of the Dangote Refinery, a development that has reshaped Nigeria’s refined-product market for good. Gross profit stood at ₦113 billion, representing a 42% decline and reflecting shifts in market dynamics and the Group’s evolving segment mix.

Commenting on the results, Wale Tinubu, CON, Group Chief Executive, Oando PLC, stated:

“In the first nine months of 2025, we consolidated the gains achieved following our acquisition of NAOC’s assets last year. Our assumption of operatorship has been transformational, granting us the agility to act decisively and execute with precision in driving production growth and operational efficiency.”

He added that the Group achieved a 59% year-on-year increase in crude oil and gas production, now averaging 38,121 boepd, underscoring the impact of the NAOC acquisition and clear evidence of the beginning of the dawn of unlocking the tremendous value its reserves possess.

During the period the company reported a surge in oil and gas output and continued operational gains, signaling strong momentum across its upstream operations for the nine months ended September 30, 2025.

To sustain its growth drive, Oando upsized its Reserve-Based Lending (RBL 2) facility to $375 million, strengthening its financial flexibility and supporting the accelerated development of its 1 billion barrels of oil equivalent (boe) upstream portfolio. The company also renegotiated key credit facilities on more favorable terms, extending repayment periods to free up liquidity and fund its ongoing drilling programme.

The indigenous energy giant said group production averaged 38,121 barrels of oil equivalent per day (boepd), up 59% year-on-year, in line with its full-year guidance. The performance was driven by the consolidation of its Nigerian Agip Oil Company (NAOC) joint venture interest and improved asset uptime across its operated portfolio. Oando noted that the revamp of its NGL processing plant played a key role in the improved performance, delivering 82% operational uptime and boosting recovery and reliability across production assets. The company also completed the Obiafu-44 gas-condensate well, which was brought onstream in October, and advanced surface facility upgrades to minimize downtime and enhance flow efficiency.

In the first nine months of 2025, we consolidated the gains achieved following our acquisition of NAOC’s assets last year

In a bid to expand its regional and global footprint, the company was awarded operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin and was selected as the preferred bidder for the Guaracara Refinery in Trinidad & Tobago, signaling its entry into the Caribbean downstream market.

In the downstream, Oando’s trading subsidiary lifted 21 crude cargoes (19.8 MMbbl), up from 15 cargoes (16.7 MMbbl) in the same period last year, following a deliberate strategic pause as the Division rebalanced its portfolio towards higher-margin crude and gas trading opportunities.

With output rising and new international assets in play, analysts say Oando appears firmly on track to consolidate its leadership among Africa’s indigenous oil and gas players, even as it continues to pursue diversification into clean energy and mining ventures.

In its clean energy division, the company advanced its electric mobility, solar, and recycling initiatives, progressing development of a 1.2GW solar PV assembly plant, completing a techno-economic study for a 6MW geothermal pilot, and securing land for a 2,750-ton-per-month PET recycling facility.

Oando’s performance reflects a period of strategic transition, marked by strong profitability and upstream growth despite softer trading revenues. In the same stead, sector peers such as Aradel Holdings Plc and Seplat Energy Plc reported higher top-line growth, benefiting from more stable upstream portfolios and consistent production trends.

Aradel Holdings posted ₦368.1 billion in revenue, up 37.2% year-on-year, and ₦146.4 billion in Profit After Tax, reflecting stable production and improved operational efficiency. Similarly, Seplat Energy reported sustained revenue growth and double-digit margins in its half-year results, supported by steady production and a robust gas business.

During the review period, Mrs. Folashade Ibidapo-Obe was appointed Chief Compliance Officer and Company Secretary, reinforcing Oando’s governance and compliance framework.

The company also completed the first tranche of its 1.28 billion-share distribution programme, delivering a 5.33% dividend yield to shareholders, its first direct payout in years, as part of a broader plan to restore sustainable shareholder returns.

Looking ahead, Oando maintains its full-year production guidance of circa 40,000 boepd, with capital expenditure projected at $120–130 million, focused on drilling, infrastructure optimization, and ESG projects.

Tinubu concluded:

“As we enter the final quarter of 2025, we remain focused on further strengthening our balance sheet, accelerating production growth, expanding our trading footprint, optimizing our cash flows, and sustaining long-term value creation.”

Distributed by APO Group on behalf of Oando PLC.

Business

Frasers Hospitality unveils Fraser Suites Reserve, a new luxury serviced living brand

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Fraser Suites Reserve Bangkok starts welcoming guests at One Bangkok in December 2026
SINGAPORE – Media OutReach Newswire – 22 September 2026 – Frasers Hospitality, a business unit of Frasers Property, today announced Fraser Suites Reserve, a new luxury serviced living brand created for discerning global travellers seeking the privacy, ease and familiarity of home while away, complemented by the service and standards of luxury hospitality.

Building on Frasers Hospitality’s longstanding expertise and established track record in extended stays, Fraser Suites Reserve addresses a distinct segment at the luxury end of the market. Its introduction further sharpens the company’s portfolio of clearly differentiated brands.

 




 
 

“Fraser Suites Reserve represents the next strategic step in strengthening our portfolio,” said Eu Chin Fen, Chief Executive Officer, Frasers Hospitality. “It draws on our experience in long stays, while responding to the evolving expectations of an increasingly sophisticated segment of travellers accustomed to the world’s finest hospitality.”

Time for what matters

Fraser Suites Reserve is anchored in the belief that time is the ultimate luxury for today’s global professionals. Each property brings together refined design, intuitive service, curated wellness and lifestyle experiences intended to make life away from home easier, leaving guests free to focus on what matters most, whether their work, wellbeing, relationships or personal pursuits.

Designed as private sanctuaries within the city, its rooms are designed to offer privacy and calm. Many feature integrated kitchenettes, allowing guests to maintain familiar routines of home while away, an independence that becomes particularly valuable during longer stays. The experience is complemented by the discreet yet highly personalised service of luxury hospitality.

Beyond the rooms, guests can enjoy distinctive dining concepts, wellness and leisure experiences on property, as well as Club Frasers, a private lounge designed for conversation, connection and curated experiences.

“For guests accustomed to the highest standards, luxury service gives the assurance that every detail has been carefully thought through and every need understood,” said Chew Hang Song, Chief Operating Officer, Frasers Hospitality. “With Fraser Suites Reserve, this means providing an experience that feels immediately familiar and deeply human, supported by service that is warm and intuitive, yet respectful of their privacy.”

Wellbeing, made part of everyday

Holistic wellbeing is integrated into the Fraser Suites Reserve experience. At Fraser Suites Reserve Bangkok, the House of Rejuvenation will offer a dedicated environment for recovery and renewal, pairing therapist-led treatments with advanced wellness facilities such as thermal pools, cold plunges, compression therapy, dry flotation and red-light therapy.

Guests will also have access to The Wellness Edit, Frasers Hospitality’s proprietary global wellness programme. Through simple, repeatable everyday rituals that can be incorporated naturally into a guest’s stay, the programme is designed to integrate wellbeing with simple gestures, making wellbeing easier to sustain even amid demanding schedules and frequent travel.

Global debut at One Bangkok

Fraser Suites Reserve Bangkok, the brand’s first property, will begin welcoming guests in December 2026 as part of a phased opening. Its grand opening is planned for March 2027 when the complete range of facilities and experiences will be available.

The 255-room property will occupy the top ten floors of a 45-storey premium office and retail tower at One Bangkok, located right in the heart of Bangkok at the intersection of Rama IV Road and Wireless Road, with panoramic views of the Bangkok skyline and Chao Phraya River with easy access to Bangkok’s dining, entertainment and cultural attractions. Further details to be announced in the coming months.

Find out more about Fraser Suites Reserve at frasershospitality.com/en/our-brands/fraser-suites-reserve/

NOTE:
For more information, please visit www.frasershospitality.com.

About Frasers Hospitality
Frasers Hospitality is a leading investor-operator within the lodging sector, backed by 28 years of proven expertise. Frasers Hospitality specialises in optimising and managing hospitality assets to deliver sustainable value for its stakeholders. As a business unit of Frasers Property Limited, its presence spans Asia Pacific, Europe, the Middle East and Africa.

With a diversified portfolio of over 100 lodging assets across geographies and segments, Frasers Hospitality offers a comprehensive end-to-end ecosystem of bespoke lodging expertise and solutions to maximise performance, value and growth for its partners across the real estate value chain. Frasers Hospitality is a trusted expert and preferred partner within the lodging sector with a proven track record and a business model optimised to deliver value.

Frasers Hospitality is distinguished by its style of hospitality from their progressive mindset that fosters innovation and matched with an award-winning brand portfolio tailored to new ways of travelling, living and socialising. Recognised globally for our commitment to hospitality excellence, Frasers Hospitality has earned numerous industry accolades and awards, showcasing its leadership in delivering exemplary, quality services, and curating memorable, life-enriching experiences for its guests and residents – by people, for people.

For more information on Frasers Hospitality, please visit www.frasershospitality.com or follow us on LinkedIn.

About Frasers Property Limited
Frasers Property Limited (“Frasers Property” and together with its subsidiaries, the “Frasers Property Group” or the “Group”) is an integrated investor-developer-operator of real estate products and services. Listed on the Main Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”) and headquartered in Singapore, the Group has total assets of approximately S$40.0 billion as at 31 March 2026.

Frasers Property operates across five asset classes: industrial & logistics, retail, commercial & business parks, residential and hospitality. Its businesses span Southeast Asia, Australia, Europe and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in 20 countries.

The Group is the sponsor of real estate investment trusts (“REITs”), Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust, listed on the SGX-ST, as well as Frasers Property Thailand Industrial Freehold & Leasehold REIT and Golden Ventures Leasehold Real Estate Investment Trust, listed on the Stock Exchange of Thailand.

Guided by its purpose of inspiring experiences and creating places for good, the Group promotes an ESG framework that supports long-term value creation through focus areas such as transparent governance, sustainable finance, inclusive communities and reducing its carbon emissions. Frasers Property aims to deliver lasting shared value for its customers, people, investors and communities, while fostering a progressive, collaborative and respectful culture.

For more information on Frasers Property, please visit frasersproperty.com or follow us on LinkedIn.
 




 

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Energy

Building a Knowledge Hub for China-ASEAN Energy Cooperation

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NANNING, CHINA – Media OutReach Newswire – 21 September 2026 – During the 23rd China-ASEAN Expo and the China-ASEAN Business and Investment Summit, China Southern Power Grid showcased a range of innovations designed to support energy cooperation between China and ASEAN. These included the DaWatt – Lao Language Large Language Model (LLM) for the Energy and Power Sector V2.0 and the Flexible Grayscale Intelligent Monitoring & Analysis Platform for power system cybersecurity, highlighting expanding opportunities for cooperation in digitalization, intelligent technologies and green energy.

The Lao-language LLM has been deployed at Electricité du Laos Transmission Company Limited (EDL-T), where it can automatically analyze thousands of inspection images within a short period of time. After its algorithms were optimized for Laos’ mountainous and rainforest terrain, the model completed intelligent inspection analysis for four transmission lines, processing 26,000 drone inspection images and identifying more than 3,600 equipment defects.

 




 
 

Liu Ying, general manager of the Digitalization Department at Guangxi Power Grid Co., Ltd., said the company has been building multilingual professional corpora for the power sector, covering ASEAN countries including Laos, Vietnam and Malaysia. Drawing on the capabilities of the DaWatt foundation model, the company is developing energy and power models tailored to ASEAN languages and real-world power industry applications.

Talent development is another focus of the cooperation. The China-ASEAN Institute of Energy, jointly established by Guangxi Power Grid Co., Ltd. and Guangxi University, is exploring an industry-university training model with a strong emphasis on practical experience. So far, two cohorts totaling 53 students from ASEAN countries have enrolled.

Cooperation is also evolving from one-way training toward joint innovation. Guangxi Power Grid Co., Ltd. and the Royal Academy of Cambodia have jointly established a laboratory for artificial intelligence and safety equipment, while the company has also launched peer-to-peer exchanges with Electricité du Laos on improving power supply reliability.

To address language barriers in cross-border technical exchanges, Guangxi Power Grid Co., Ltd. has developed an AI-powered translation platform backed by a specialized database containing terminology for more than 1,800 types of power equipment. The platform supports accurate translation between Chinese and English, Chinese and Lao, and Chinese and Vietnamese.

At a recent training program for Chinese and overseas engineers, the system supported one-click generation of bilingual course materials and real-time speech translation, helping participants navigate highly specialized power-sector terminology.

To support regular international exchanges, Guangxi Power Grid Co., Ltd. has also established an international talent pool covering management, technical and skilled personnel. It has developed 24 hours of courses on international affairs as well as 20 short-form video courses.

“This year, we will also explore joint postgraduate programs with universities in ASEAN countries,” said Sun Xiaohua, deputy director of the Human Resources Department at Guangxi Power Grid Co., Ltd.

Looking ahead, Guangxi Power Grid Co., Ltd. plans to further advance a development model featuring “R&D in Beijing, Shanghai and Guangdong, integration in Guangxi, and application in ASEAN.” The company will continue expanding its multilingual power-sector corpora and explore a “Token Goes Global” model for power-sector AI, with computing resources and models based in Guangxi while knowledge services are delivered overseas. The effort is aimed at creating new forms of China-ASEAN energy cooperation and supporting the green development of the China-ASEAN Free Trade Area 3.0.
 




 

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Events

24th Sichuan Guangwu Mountain International Red Leaf Festival to Showcase Asia’s Spectacular Autumn Colors

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BAZHONG, CHINA – Media OutReach Newswire – 21 September 2026 – The 24th Sichuan Guangwu Mountain International Red Leaf Festival will run from October 1 to November 18 at the Guangwu Mountain Tourism Area in Bazhong, Sichuan Province, China.

Located in southwest China, Guangwu Mountain boasts a forest coverage rate of 97%, earning its reputation as a “natural oxygen bar.” Each autumn, 680 square kilometers of mountain forests burst into a dazzling palette. Over 40 tree species, including Fagus pashanica, maples and lindens, weave the mountains into a stunning autumn landscape.

Known as “Asia’s longest natural red carpet,” the Mountain has become a top autumn destination for backpackers, photographers and travelers seeking immersive cultural and nature experiences, and is widely recognized as one of western China’s signature autumn attractions.

 




 
 

The tourism area caters to international visitors who prefer slower-paced, in-depth, off-the-beaten-path travel. The new Yanziling Loop Boardwalk, launched in May 2026, winds along mountain cliffs, with a sea of clouds rolling beneath visitors’ feet and brilliant foliage unfolding alongside the trail, creating the feeling of “stepping into a painting.”

Guangwu Mountain offers a wealth of outdoor attractions. Highlights include the 1,888-meter Red Leaf Coaster and a glass water slide certified by Guinness World Record, combining thrilling experiences with stunning natural scenery.

The large-scale immersive production “New Dream of Guangwu Mountain” integrates cutting-edge light and visual technology with Bashan folklore and traditions, transforming the forest into an atmospheric nighttime experience. Visitors can also enjoy welcome performances and interactive robot activities, which offer more ways to discover the mountain’s late-autumn charm.

A major highlight of this year’s festival is the newly completed Micang Avenue. Stretching 85 kilometers, the route connects seven core scenic spots, including Guangwu Mountain, Micang Mountain, and Nuoshui River, reducing a four-hour drive to just one hour. Lined with continuous stretches of colorful forest and layered peaks, the avenue brings brand-new travel experiences for autumn foliage enthusiasts.

The festival will also feature cultural, sports and international exchange activities, including the third season of the “Sending You a Red Leaf” campaign, the China Micang Avenue International Road Cycling Race, and the “World Red Leaf Landmark” global collection campaign.

In addition, 31 scenic attractions and 18 museums and cultural venues across Bazhong will provide special ticket offers and visitor benefits during the festival.

Across mountains and seas, Guangwu Mountain invites visitors from around the world to witness one of China’s most vibrant red-and-gold autumn displays.
The issuer is solely responsible for the content of this announcement.
 
 




 

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