The Nigerian National Petroleum Company Limited (NNPC Ltd) has posted a record ₦7.2 trillion profit after tax (PAT) for the 2025 financial year, representing a 33 per cent increase over the ₦5.4 trillion recorded in 2024.
The company also declared a ₦5.8 trillion dividend, up 35 per cent from the previous year, despite a 24 per cent decline in revenue to ₦34.5 trillion, largely attributed to lower crude oil prices and reduced white-product volumes following the deregulation of the downstream petroleum sector.
NNPC Ltd announced the results on Tuesday after its Annual General Meeting and second Earnings Call with financial and business analysts.
According to a statement signed by the company’s Chief Corporate Communications Officer, Andy Odeh, the latest financial results showed improved earnings and operational performance despite challenging market conditions.
The company’s Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose by 22 per cent to ₦18 trillion, while earnings per share increased by 32 per cent to ₦35.9.
Operating cash flow also climbed by 16 per cent to ₦12.8 trillion, while return on equity improved by two percentage points to 16 per cent.
On the production front, NNPC Ltd said crude oil and condensate output averaged 1.77 million barrels per day, its highest level in five years.
Natural gas production also rose to an average of 7.2 billion standard cubic feet per day, representing a three-year high.
Total oil and condensate production stood at 565.8 million barrels, an increase of five per cent, while the company’s equity share rose by 11 per cent to 223.7 million barrels.
Similarly, natural gas production increased by nine per cent to 2,606.2 billion standard cubic feet, with NNPC’s equity share rising 11 per cent to 1,154.9 billion standard cubic feet.
The company also reported progress on major infrastructure projects, including the completion of the AKK River Niger crossing and the 40-inch, 623-kilometre Ajaokuta-Kaduna-Kano gas pipeline mainline.
It said the ANOH-OB3 Custody Transfer Metering Station had been commissioned, while the 300 million standard cubic feet per day ANOH Gas Processing Plant had reached start-up readiness.
NNPC Ltd also acquired 500 compressed natural gas-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform programme.
The Group Chief Executive Officer, Bashir Bayo Ojulari, said the 2025 performance demonstrated the impact of disciplined execution and a capable workforce.
“Our 2025 performance shows what disciplined execution and a capable workforce can deliver,” Ojulari said, adding that the company was strengthening earnings, increasing production and investing in assets and human capital.
On workforce development, NNPC Ltd said it employed 1,023 full-time workers in 2025, including more than 1,000 graduates deployed after completing a one-year internship and training programme.
Women now account for 23 per cent of leadership positions in the company, compared with an industry average of 17 per cent, it said.
The company also reported sustainability initiatives, including 6,028 cataract surgeries, the planting of 80,000 trees and the development of its Net Zero 2050 strategy.
Looking ahead, NNPC Ltd said it was targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030.
It also plans to raise natural gas production to 12 billion standard cubic feet per day by 2030 and mobilise $60 billion in upstream, midstream and downstream investments within the same period.
The company said major gas infrastructure projects, including the AKK, Escravos-Lagos Pipeline System and OB3 projects, would remain central to its growth strategy.
NNPC Ltd became a fully commercial, profit-driven company in July 2022 under the Petroleum Industry Act 2021, with operations spanning oil and gas exploration, production, refining and distribution.
