NNPC Profit After Tax Hits N7.2tr Despite 24% Revenue Drop

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited said its profit after tax rose by 33 per cent in 2025 to N7.2 trillion from N5.4 trillion in 2024.

The results underline the company’s growing earnings capacity and operational momentum and provide a stronger platform for growth, it said in a statement on Tuesday.

According to its spokesperson, Mr Andy Odeh, who signed the statement, despite the double-digit growth in net profit, earnings declined by 24 per cent to N34.5 trillion due to lower crude oil prices and reduced white product volumes following market deregulation in 2024.

The statement said EBITDA increased by 22 per cent to N18.0 trillion, earnings per share soared by 32 per cent to N35.9, operating cash flow grew by 16 per cent to N12.8 trillion, return on equity improved by 200 basis points to 16 per cent, and the declared dividend increased 35 per cent to N5.8 trillion.

Crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years, while natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high.

It said oil and condensate production totalled 565.8 million barrels, up 5 per cent, with NNPC Limited’s equity share increasing 11 per cent to 223.7 million barrels.

Natural gas production reached 2.6 trillion standard cubic feet, up 9 per cent, while its equity share rose 11 per cent to 1.2 trillion standard cubic feet.

Progress across the portfolio included completion of the AKK River Niger crossing and full completion of the 40-inch by 623-kilometre Ajaokuta-Kaduna-Kano mainline.

NNPC Limited commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300MMscfd ANOH Gas Processing Plant to start-up readiness.

It also acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform.

The statement said NNPC’s talent-to-value transformation is building the workforce needed to deliver its commercial priorities.

In 2025, the company employed 1,023 full-time employees, including over 1,000 graduates who were recently deployed following a rigorous one-year internship and training programme.

Women now hold 23 per cent of leadership positions, compared with an industry average of 17 per cent.

The NNPC noted that through its Talent- to-Value and Fit-for-Future strategy, the Company is combining experience with emerging talent, expanding digital and international exposure, and strengthening the capabilities required for sustained growth, the statement said.

“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” said Mr Bayo Ojulari, the chief executive of NNPC. “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.”

The company completed 6,028 cataract surgeries, planted 80,000 trees, developed its Net Zero 2050 strategy and maintained reporting under Oil and Gas Methane Partnership (OGMP), Oil and Gas Decarbonization Charter (OGDC), and United Nations Global Compact (UNGC) frameworks.

On outlook, NNPC enters the next phase of growth with clear production and investment ambitions, targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, alongside natural gas output of 12 billion standard cubic feet per day by 2030.

It plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 and complete major gas infrastructure, including AKK, ELPS and OB3.