NNPC Profit Hits ₦7.2tn Despite 24% Revenue Drop, Declares ₦5.8tn Dividend
Reloaded News Desk
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a ₦7.2 trillion profit after tax in 2025, representing a 33 per cent increase from the ₦5.4 trillion recorded in 2024, despite a 24 per cent decline in revenue.
The national oil company disclosed the figures in its audited financial results for the year ended December 31, 2025, released following its Annual General Meeting and second earnings call with financial and business analysts.
NNPC said revenue fell to ₦34.5 trillion, attributing the decline principally to lower crude oil prices and reduced white-product volumes following the deregulation of the market in 2024.
Despite the revenue decline, the company recorded improvements across several key financial indicators.
Earnings before interest, taxes, depreciation and amortisation rose 22 per cent to ₦18 trillion, while operating cash flow increased 16 per cent to ₦12.8 trillion.
Earnings per share also increased by 32 per cent to ₦35.9, while return on equity improved by two percentage points to 16 per cent.
NNPC declared a ₦5.8 trillion dividend, representing a 35 per cent increase over the previous year.
The company also reported a significant improvement in oil and gas production.
Crude oil and condensate production averaged 1.77 million barrels per day, which NNPC described as its highest level in five years.
Total oil and condensate production reached 565.8 million barrels, representing a five per cent increase, while NNPC’s equity share rose by 11 per cent to 223.7 million barrels.
Natural gas production averaged 7.2 billion standard cubic feet per day, a three-year high.
Total gas production reached 2,606.2 billion standard cubic feet, up nine per cent, while the company’s equity share increased by 11 per cent to 1,154.9 billion standard cubic feet.
NNPC also reported progress on major infrastructure projects, including completion of the 623-kilometre Ajaokuta-Kaduna-Kano gas pipeline mainline and the ANOH-OB3 Custody Transfer Metering Station.
The company said it had also acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform.
NNPC’s results come amid continuing political debate over the consequences of petrol subsidy removal and the commercial performance of the national oil company.
The company’s 2025 figures show that while revenue declined, profitability, cash generation and production all increased during the year.
NNPC said it is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside natural gas production of 12 billion standard cubic feet per day by 2030.
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