The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a 33 per cent increase in profit after tax to N7.2 trillion for the 2025 financial year, up from N5.4 trillion recorded in 2024.

The company, in its audited results for the year ended December 31, 2025, released after its annual general meeting on Tuesday, also declared a N5.8 trillion dividend, representing a 35 per cent increase.

Revenue declined by 24 per cent to N34.5 trillion, which NNPC attributed mainly to lower crude oil prices and reduced white product volumes following the deregulation of the downstream petroleum sector.

Despite the revenue decline, EBITDA rose 22 per cent to N18 trillion, while operating cash flow increased 16 per cent to N12.8 trillion. Earnings per share also rose 32 per cent to N35.9.

NNPC said crude oil and condensate production averaged 1.77 million barrels per day in 2025, its highest level in five years, while natural gas output reached 7.2 billion standard cubic feet per day, a three-year high.

Oil and condensate production totalled 565.8 million barrels, while natural gas production rose nine per cent to 2,606.2 billion standard cubic feet.

The company said it completed the 623-kilometre Ajaokuta-Kaduna-Kano gas pipeline mainline and advanced the ANOH Gas Processing Plant towards start-up readiness.

It also acquired 500 compressed natural gas-powered trucks and adopted a Technical Equity Partnership Model for refinery rehabilitation.

NNPC said it is targeting crude oil production of two million barrels per day by 2027 and three million barrels per day by 2030, alongside natural gas production of 12 billion standard cubic feet per day by 2030.

The company also plans to mobilise $60 billion in upstream, midstream and downstream investments by 2030.