NNPC profit rises to N7.18trn in 2025 as sundry income surges 181%
NNPC recorded N7.10trn sundry income in 2025, making up about 99% of its N7.18trn net profit; sundry income jumped 181% from N2.53trn in 2024; overall profit after tax rose 33% to N7.18trn despite revenue falling 23% to N34.52trn. Shows NNPC relying on non-core earnings to offset lower oil sales; sundry income came from Trans-Forcados pipeline fees, crude processing charges, JV miscellaneous income and a provision write-back; other income also included crude stock gains, management fees, tax credit uplift and dividends; net other losses of N1.99trn from FX swings partially offset gains. NNPC's H1 2026 profit fell 35% to N2.28trn, indicating the 2025 surge may not persist; the firm plans $60bn investment by 2030 in gas pipelines and upstream projects; crude output hit 565.8m barrels (1.77m bpd) in 2025, its highest five-year average. Readers should watch whether core operations can sustain profits or if sundry income will remain the main profit driver.