The Nigerian National Petroleum Company Limited (NNPCL) has announced its audited results for the year ended December 31, 2025, reporting a 24 percent decline in revenue. According to NNPCL spokesperson, Andy Odeh, the company's revenue stood at N34.5 trillion. This decline is attributed to lower crude oil prices and reduced white product volumes following market deregulation in 2024. Despite the revenue decline, NNPCL's Profit After Tax rose by 33 percent to N7.2 trillion from N5.4 trillion in 2024.
NNPCL's financial results showed significant improvements in various areas. EBITDA rose by 22 percent to N18.0 trillion, while Earnings Per Share increased by 32 percent to N35.9. The company's operating cash flow grew by 16 percent to N12.8 trillion, and Return on Equity improved by 200 basis points to 16 percent. Additionally, the declared dividend increased by 35 percent to N5.8 trillion. These results were announced during the company's Annual General Meeting and second Earnings Call with financial and business analysts.
Crude oil and condensate production averaged 1.77 million barrels per day, its 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 percent, with NNPC Limited's equity share increasing by 11 percent to 223.7 million barrels. Natural gas production reached 2,606.2 billion standard cubic feet, up 9 percent, while its equity share rose by 11 percent to 1,154.9 billion standard cubic feet.
The company made significant progress across its portfolio, including the completion of the AKK River Niger crossing and 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 300 MMscfd ANOH Gas Processing Plant to start-up readiness. Furthermore, the company acquired 500 CNG-powered trucks and adopted a Technical Equity Partnership Model for its refinery reform.
NNPCL's Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, attributed the company's 2025 performance to disciplined execution and a capable workforce. He stated that the company is strengthening earnings, growing production, and investing in the people and assets that will sustain value for its shareholders, communities, and the Nigerian people. Ojulari's statement highlights the company's commitment to growth and sustainability.
The company's financial performance is a positive indicator for Nigeria's economy, which has faced challenges in recent years. The revenue decline is largely attributed to external factors, such as lower crude oil prices and market deregulation. However, NNPCL's ability to increase its profit and improve its operational efficiency demonstrates its resilience and adaptability in a changing business environment.
The company's future prospects look promising, with a focus on growth and sustainability. NNPCL's investments in its people, assets, and infrastructure will be crucial in driving its future performance. As the company continues to strengthen its earnings and grow production, it is likely to play a significant role in Nigeria's economic development.
Key points
- NNPCL's Profit After Tax rose by 33 percent to N7.2 trillion in 2025.
- Crude oil and condensate production averaged 1.77 million barrels per day, its highest level in five years.
- The company's revenue declined by 24 percent to N34.5 trillion due to lower crude oil prices and reduced white product volumes.
