The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a 33% increase in profit to ₦7.8 trillion in 2025, despite a decline in revenue during the year.
The company’s profit rose from ₦5.4 trillion recorded in 2024, while revenue declined by 24% to ₦34.5 trillion.
NNPC attributed the revenue decline principally to lower crude oil prices and reduced white-product volumes following the deregulation of the downstream petroleum market in 2024.
NNPC Ltd announced the figures on Tuesday in its audited financial results for the year ended December 31, 2025, following its Annual General Meeting and its second Earnings Call with financial and business analysts.
According to the company, the results reflected stronger earnings capacity and improved operational performance, providing a stronger platform for future growth.
NNPC said EBITDA increased by 22% to ₦18 trillion, while earnings per share rose by 32% to ₦35.90. Operating cash flow also increased by 16% to ₦12.8 trillion, reflecting stronger cash generation during the period.
The company’s Return on Equity (ROE) improved by 200 basis points to 16%, while its declared dividend rose by 35% to ₦5.8 trillion.
On production, NNPC reported that its crude oil and condensate output averaged 1.77 million barrels per day, representing its highest average production level in five years.
Total crude oil and condensate production reached 565.8 million barrels, up five per cent from the previous year, while NNPC Ltd’s equity share increased by 11% to 223.7 million barrels.
The company also recorded growth in natural gas production, with output averaging 7.2 billion standard cubic feet per day, its highest level in three years.
Total natural gas production stood at 2,606.2 billion standard cubic feet, representing a nine per cent increase, while NNPC Ltd’s equity share rose by 11% to 1,154.9 billion standard cubic feet.
The performance comes despite weaker revenue, highlighting the impact of increased production, improved operational performance and stronger cash generation on the company’s bottom line.
NNPC said the 2025 results underscore the company’s growing earnings capacity and operational momentum as it continues to position itself for sustained growth in the oil and gas sector.