Listed oil and gas companies on the Nigerian Exchange (NGX) generated a total revenue of N4.9 trillion in the first half of 2025.
This represents a 33.45% increase from the same period in 2024, reflecting stronger sales across the sector and growing market demand.
Revenue, often called “the top line,” is the total money a company earns from selling goods and services before subtracting any costs or expenses.
A solid revenue stream is important because it gives companies the ability to cover costs and still generate profit. It also signals growth and resilience, which can attract investors even when operational challenges exist.
This report focuses on the oil and gas companies that generated the highest revenues in the first half of 2025, placing more emphasis on actual figures than on year-on-year performance.
Here are the top Nigerian oil and gas companies by revenue in H1 2025.
Eterna Plc came in 5th with revenue of N157.6 billion in H1 2025, a modest 6.87% increase from N147.5 billion in H1 2024.
- Fuel sales made up N133.4 billion, up from N128.4 billion.
- Lubricants followed with N23 billion, up 33.39%.
- Other revenues were N1.19 billion, down from N1.78 billion.
Cost of sales surged to N150.7 billion from N130 billion, shrinking gross profit to N6.9 billion from N17.4 billion.
However, the company recovered from a net foreign exchange loss of N14.4 billion in H1 2024 to record a modest gain of N13 million in H1 2025.
Finance costs were also cut from N2 billion to N782.7 million.
As a result, pre-tax profit stood at N1.5 billion, compared to a N3.5 billion loss the previous year.
- Total assets fell to N62.4 billion from N67.4 billion, while retained losses narrowed to N1 billion from N1.5 billion.
- More favorably, total liabilities declined to N57 billion from N62.5 billion.
In July 2025, shareholders approved a N50 billion capital raise to strengthen operations.
Comments 1