The Nigerian National Petroleum Company Limited (NNPCL) has announced a profit after tax of N7.2 trillion for the 2025 financial year. This represents a 33% increase from the N5.4 trillion recorded in 2024. The company's revenue stood at N34.5 trillion, a 24% decline from the previous year, primarily due to lower crude oil prices and reduced white product volumes following market deregulation in 2024.
NNPCL's Group Chief Executive Officer (GCEO), Engineer Bashir Bayo Ojulari, presented the 2025 Audited Financial Statement in Abuja, highlighting key financial measures. EBITDA rose 22% to N18.0 trillion, while Earnings Per Share increased 32% to N35.9. The company's operating cash flow grew 16% to N12.8 trillion, and Return on Equity improved by 200 basis points to 16%. The declared dividend increased 35% to N5.8 trillion.
According to Ojulari, crude oil and condensate production averaged 1.77 million barrels per day, the highest level in five years. Natural gas output averaged 7.2 billion standard cubic feet per day, a three-year high. Oil and condensate production totalled 565.8 million barrels, up 5%, with NNPC Limited's equity share increasing 11% to 223.7 million barrels.
The GCEO reported progress across the 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. NNPC Limited also commissioned the ANOH-OB3 Custody Transfer Metering Station and advanced the 300MMscfd ANOH Gas Processing Plant to start-up readiness.
Ojulari highlighted the company's commitment to sustainability, citing 6,028 cataract surgeries, 80,000 trees planted, and the development of its Net Zero 2050 strategy. The company maintained reporting under Oil and Gas Methane Partnership (OGMP), Oil and Gas Decarbonization Charter (OGDC), and United Nations Global Compact (UNGC) frameworks.
NNPCL aims to target 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. The company plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030 and complete major gas infrastructure.
Responding to questions on a planned initial public offering (IPO), Ojulari stated that the company does not have a fixed date, stressing that the decision to list the company will ultimately be made by its shareholders. The company is preparing for listing by addressing identified gaps and building a strong track record.
Key points
- NNPCL reports N7.2 trillion profit and N5.8 trillion dividend for 2025.
- The company's revenue stood at N34.5 trillion, a 24% decline from the previous year.
- NNPCL aims to target crude oil production of 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
