NNPC posts N7.2trn profit despite 24% revenue decline

The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a 33 per cent increase in profit after tax (PAT) to N7.2 trillion in 2025, despite a 24 per cent decline in revenue during the year.

The company’s profit rose from N5.4 trillion in 2024 to N7.2 trillion in 2025, while revenue fell from N45.1 trillion to N34.5 trillion.

Group Chief Executive Officer of NNPC Ltd., Mr Bayo Ojulari, disclosed the figures on Tuesday in Abuja while presenting the company’s audited 2025 financial results at a media briefing following its Annual General Meeting and second Earnings Call.

Ojulari attributed the decline in revenue principally to lower crude oil prices and reduced white-product volumes following changes in the domestic petroleum market.

Despite the revenue pressure, he said the company’s improved profitability reflected stronger operational efficiency and financial discipline across its businesses.

“Stronger earnings in spite of this pressure demonstrate the resilience of NNPC Limited’s operations,” Ojulari said.

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 22 per cent to N18 trillion, while operating cash flow increased by 16 per cent to N12.8 trillion.

Earnings per share also rose by 32 per cent from N27.07 to N35.90, while return on equity improved by two percentage points to 16 per cent.

NNPC Ltd. declared a dividend of N5.8 trillion, representing a 35 per cent increase over the previous year.

Taxes, royalties and other remittances to the Federal Government also increased by 39 per cent to N22.3 trillion.

Ojulari said the company’s improved financial performance was supported by stronger operational results, with crude oil and condensate production reaching a five-year peak of 1.77 million barrels per day.

Domestic gas supply also reached a three-year high of 7.2 billion standard cubic feet per day, according to the company.

On gas infrastructure, Ojulari said the mainline of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline had been completed, with work continuing on tie-ins to delivery points, beginning with Abuja, followed by Ajaokuta and Kaduna.

He said the next major milestone would be the commencement of gas flow through the pipeline to industries and power plants.

Ojulari also disclosed that NNPC Ltd. completed the Obiafu-Obrikom-Oben (OB3) gas pipeline in 2026 after years of challenges surrounding the project.

On refining, he said prospective partners under NNPC’s technical equity partnership model had completed a three-month on-site review of the company’s refineries.

More than 34 engineers participated in the review, he said, adding that NNPC was concluding the report and working towards a pathway for developing self-sustaining and profitable refineries.

Looking ahead, Ojulari reaffirmed NNPC Ltd.’s target of raising crude oil production to two million barrels per day by 2027 and three million barrels per day by 2030.

The company is also targeting gas production of 10 billion standard cubic feet per day by 2027 and 12 billion standard cubic feet per day by 2030.

Ojulari said NNPC Ltd. planned to mobilise more than $60 billion in investment across the energy value chain by 2030.

The GCEO further disclosed that more than 1,000 newly recruited professionals joined the company in 2025 under its Talent-to-Value programme.

According to him, the recruits underwent a one-year internship and training programme before being deployed across the company.

The 2025 results come as NNPC Ltd. continues its transition into a commercially oriented energy company following its incorporation under the Petroleum Industry Act and its assumption of commercial operations in 2022.

NNPC Ltd.’s 2025 financial results show a rise in profitability alongside a significant decline in revenue. The company attributed the revenue decline mainly to lower crude oil prices and reduced white-product volumes following changes in the domestic petroleum market.

At the same time, NNPC reported higher profit, stronger operating cash flow, increased government remittances and improved crude oil and gas production. Its 2025 audited results also showed a N5.8 trillion dividend declaration and a 39 per cent increase in taxes, royalties and other remittances to government.