Amanze Chinonye
NNPC Ltd. reported a 33% increase in profit after tax to ₦7.2 trillion for the 2025 financial year, despite a 24% decline in revenue to ₦34.5 trillion, Group Chief Executive Officer Bayo Ojulari said on Tuesday.
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Earnings per share rose 32% to ₦35.90, while earnings before interest, taxes, depreciation and amortisation increased 22% to ₦18 trillion. Operating cash flow also rose 16% to ₦12.8 trillion, according to the company’s audited results for the year ended Dec. 31.
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Ojulari attributed the revenue decline to lower crude oil prices and reduced white-product volumes following the deregulation of the petrol market in October 2024, which ended NNPC Ltd.’s bulk-breaking role in the downstream market.
“2025 tested the resilience of the entire energy sector. NNPC Limited responded with focus, discipline and delivery,” Ojulari said in a statement accompanying the results.
Despite the decline in revenue, he said remittances to the government continued to rise, while the company maintained its operational and cash-generation performance.
The company’s financial performance coincided with higher hydrocarbon production. Crude oil and condensate output averaged 1.77 million barrels per day in 2025, while natural gas production averaged 7.2 billion standard cubic feet per day, according to the results.
NNPC Ltd. also reported progress on major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano gas pipeline and the ANOH-OB3 project. It said the 623-km Ajaokuta-Kaduna-Kano pipeline mainline and the River Niger crossing were completed during the year.
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The 2025 profit compares with ₦5.4 trillion recorded in 2024, when NNPC Ltd. generated revenue of ₦45.1 trillion. The latest results therefore show higher profitability despite a smaller revenue base.
NNPC Ltd. said its performance reflected its continued transition towards a commercially focused energy company, with operations spanning oil and gas production, gas infrastructure, refining and downstream petroleum activities.
The company said it is targeting crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030, while aiming to raise natural gas production to 12 billion standard cubic feet per day by 2030.
It also plans to mobilise $60 billion in investment across the energy value chain by 2030, according to its stated targets.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
