NNPC’s Annual Profit Jumps 33% to N7.2 Trillion Despite Revenue Slump
The state-owned Nigerian National Petroleum Company has reported a 33 per cent increase in profit after tax to N7.2 trillion for the year ended December 31, 2025, despite a sharp decline in revenue.
The company’s audited results, announced following its Annual General Meeting and second earnings call with financial and business analysts, showed that profit rose from N5.4 trillion in 2024.
Revenue, however, fell 24 per cent to N34.5 trillion, a decline the company attributed principally to lower crude oil prices and reduced white petroleum product volumes following market deregulation in 2024.
Despite the revenue pressure, NNPC declared a dividend of N5.8 trillion, up 35 per cent.
Earnings before interest, taxes, depreciation and amortisation rose 22 per cent to N18 trillion, while earnings per share increased 32 per cent to N35.9. Operating cash flow grew 16 per cent to N12.8 trillion, and return on equity improved by two percentage points to 16 per cent.
Production gains and gas projects
NNPC reported average crude oil and condensate production of 1.77 million barrels per day, which it described as its highest level in five years. Average natural gas output reached 7.2 billion standard cubic feet per day, a three-year high.
The company’s equity share of oil and condensate production increased 11 per cent to 223.7 million barrels. Its equity share of natural gas production also rose 11 per cent to 1,154.9 billion standard cubic feet.
Across its gas infrastructure portfolio, NNPC said it completed the River Niger crossing and the entire 623-kilometre, 40-inch mainline of the Ajaokuta-Kaduna-Kano gas pipeline.
It also commissioned the ANOH-OB3 Custody Transfer Metering Station and brought the ANOH Gas Processing Plant, designed to process 300 million standard cubic feet per day, to start-up readiness.
Other developments included the acquisition of 500 compressed natural gas-powered trucks and the adoption of a Technical Equity Partnership Model for refinery reform.
Workforce investment
Group Chief Executive Officer Bashir Bayo Ojulari attributed the performance to disciplined execution and workforce capability.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said.
“We are strengthening earnings, growing production and investing in the people and assets that will sustain value for our shareholders, communities and the Nigerian people.”
NNPC said it hired 1,023 full-time employees in 2025, including more than 1,000 graduates recently deployed after a one-year internship and training programme.
Women now occupy 23 per cent of its leadership positions, compared with what the company cited as an industry average of 17 per cent.
On sustainability and social investment, NNPC reported completing 6,028 cataract surgeries, planting 80,000 trees and developing its Net Zero 2050 strategy. It also maintained reporting under the Oil and Gas Methane Partnership, Oil and Gas Decarbonization Charter and United Nations Global Compact frameworks.
$60 billion investment ambition
NNPC said it plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030.
The company is targeting crude oil production of 2 million barrels per day by 2027 and 3 million bpd by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030.
Its priorities also include completing major gas infrastructure projects, including AKK, ELPS and OB3, as it seeks to sustain production growth and strengthen long-term earnings.
