NNPCL posts N7.2tn profit despite 24% revenue drop to N34.5tn in 2025

Nigerian National Petroleum Company Limited (NNPCL) reported N7.2 trillion profit after tax for 2025, a 33% increase from N5.4 trillion in 2024, despite revenue falling 24% to N34.5 trillion. The profit surge reflects improved margins from cost discipline and operational efficiency amid lower crude oil prices and reduced white product volumes following 2024 market deregulation.

Key financial strengths included EBITDA rising 22% to N18.0 trillion, earnings per share increasing 32% to N35.9, operating cash flow growing 16% to N12.8 trillion, and return on equity improving to 16%. Dividends increased 35% to N5.8 trillion. Production metrics showed growth: crude oil and condensate output averaged 1.77 million barrels per day (highest in five years), natural gas output reached 7.2 billion standard cubic feet per day (three-year high), with equity shares in both rising 11%.

Operational progress featured completion of the AKK River Niger crossing and full Ajaokuta-Kaduna-Kano pipeline, commissioning of the ANOH-OB3 custody transfer station, advancement of the ANOH gas plant to startup readiness, and acquisition of 500 CNG-powered trucks under a new technical equity partnership model for refinery reform. CEO Engr. Bashir Bayo Ojulari cited disciplined execution and workforce capability as drivers of the results.

With NNPCL generating substantial profits despite declining revenue, does this validate Nigeria's deregulation policy or raise questions about how oil sector revenues are managed nationally?

SOURCE: https://dailypost.ng/2026/09/29/nnpcl-posts-n7-2tn-profit-as-revenue-falls-24-to-n34-5tn/