The Nigerian National Petroleum Company Limited (NNPC) has announced a 33% increase in Profit After Tax (PAT) to N7.2 trillion for the financial year ended 2025. This represents a rise from N5.4 trillion in 2024. The national oil company achieved this growth despite a 24% decline in total revenue to N34.5 trillion. NNPC's strong profit performance is attributed to improved operational efficiency and financial discipline.
NNPC's financial results, presented by Group Chief Executive Officer Bayo Ojulari, show significant improvements in key indicators. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 22% to N18 trillion, while earnings per share increased 32% to N35.9. Operating cash flow grew 16% to N12.8 trillion, and return on equity improved by 200 basis points to 16%. The company's board has declared a dividend of N5.8 trillion, a 35% increase over the previous year.
Taxes, royalties, and other remittances to the federal government rose 39% to N22.3 trillion. Crude oil and condensate production averaged 1.77 million barrels per day, the company's highest level in five years. Natural gas supply reached a three-year high of 7.2 billion standard cubic feet per day. These improvements reflect positively on the company's annual volumes, with oil and condensate production totalling 565.8 million barrels, up 5%.
NNPC's equity share in oil and condensate production increased 11% to 223.7 million barrels. Natural gas production rose 9% to 2,606.2 billion cubic feet, with NNPC's equity share increasing 11% to 1,154.9 billion cubic feet. The company has made progress across its portfolio, including the completion of the AKK River Niger crossing and the full completion of the 40-inch by 623-kilometre Ajaokuta-Kaduna-Kano mainline.
Ojulari highlighted that the company commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300MMscfd ANOH Gas Processing Plant to start-up readiness. NNPC also acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform. Over 30 Chinese partners are assessing the Warri and Port Harcourt refineries as part of NNPC's efforts to strengthen its assets and infrastructure.
The company's stronger earnings will give NNPC greater capacity to invest and contribute to public revenue. Ojulari emphasized that the 2025 performance demonstrates what disciplined execution and a capable workforce can deliver. NNPC is strengthening earnings, growing production, and investing in its assets. The company remains committed to its $60 billion investment target by 2030.
NNPC has not fixed a date for its Initial Public Offering (IPO). However, the company's improved financial performance and progress across its portfolio position it for future growth and investment opportunities. With a focus on sustained attention to its assets, infrastructure, and execution, NNPC aims to continue delivering strong earnings and contributing to Nigeria's economy.
Key points
- NNPC targets $60bn investment by 2030.
- The company's profit after tax rose 33% to N7.2 trillion.
- Taxes, royalties, and remittances increased 39% to N22.3 trillion.
