Oil and gas companies listed on the Nigerian Exchange recorded a combined pre-tax profit of N1.23 trillion in 2025, a 6.7% increase from the N1.15 trillion reported in 2024.

The growth was mainly supported by stronger revenue, as total earnings rose to N9.42 trillion in 2025, up 17.7% from the N8 trillion generated the previous year.

Even though the cumulative cost of sales in the oil and gas sector spiked 12.4% to N7.6 trillion, higher revenue provided a solid base, partially offsetting the impact of operational expenses on operating profit.

However, combined operating profit fell 5.38% to N1.3 trillion, but a cumulative 374% surge in finance income, mainly interest from bank deposits, lifted the bottom-line profitability of the sector.

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In this work, pre-tax profit is prioritized to rank profitability, as it reflects true operational performance before taxes, which can distort comparisons. Six of the seven companies reviewed reported profits for the year.

Japaul Gold & Ventures(N1.11 billion)

 

Japaul Gold & Ventures Plc took the sixth spot, posting a pre-tax profit of N1.11 billion for the 2025 financial year, according to its unaudited statements on the Nigerian Exchange.

  • This marked a 39.3% drop from the N1.83 billion recorded in 2024, primarily due to a sharp increase in administrative expenses.

Revenue held steady at N4.4 billion, slightly up from N4.1 billion in 2024, with over 91% of earnings coming from the company’s offshore operations.

Despite incurring N1.8 billion in cost of sales, the company maintained a healthy gross profit of N2.6 billion.

The balance sheet remained robust, with total assets of N33.5 billion and equity of N18.4 billion.

Meanwhile, the company’s shares have gained over 64% year-to-date on the Nigerian Exchange, as of mid-trading on 9 March 2026.

Conoil(N2.5 billion) 

 

Conoil Plc reported a pre-tax profit of N2.5 billion for the 2025 financial year, according to its unaudited results on the Nigerian Exchange, placing it fifth on the list.

This represents a sharp 77% decline from N11 billion in 2024, driven mainly by higher administrative and finance costs.

Revenue remained strong at N301.7 billion, slightly below the prior year’s N323.1 billion from petroleum sales, while cost of sales eased to N278.8 billion, supporting a gross profit of N22.9 billion.

Rising expenses, administrative costs of N6.1 billion and finance charges of N10.3 billion significantly squeezed pre-tax earnings.

On the balance sheet, total assets expanded to N139.01 billion, while total equity remained at N39 billion, with retained earnings making up 89% of equity.

Shares have fallen 9.72% year-to-date on NGX, reflecting investor caution amid the decline in profitability.

Eterna(N6.8 billion)

 

Eterna Plc claimed fourth place, posting a pre-tax profit of N6.8 billion for the 2025 financial year, up from N4.4 billion in 2024.

Strong fourth-quarter performance drove much of the growth, with profit hitting N5.48 billion on quarterly sales of N89.6 billion.

Full-year revenue totaled N302.5 billion, slightly below last year’s N313.6 billion, with fuel sales contributing over 86% of turnover.

Rising cost pressures pushed the cost of sales to N290 billion from N273.6 billion, narrowing gross profit to N12.4 billion.

Administrative expenses climbed to N12.5 billion, though N9.4 billion in other income helped cushion the impact on profitability.

The balance sheet strengthened, with total assets rising to N93.4 billion and retained earnings rebounding to N685.6 million after a prior-year loss.

Year-to-date, shares of the company are up over 63% on the Nigerian Exchange.

Oando Plc (N15.2 billion)

 

Oando Plc takes the third spot, posting a pre-tax profit of N15.2 billion for the 2025 financial year.

While sharply lower than the N383.8 billion recorded in 2024, the company remained profitable amid major structural changes.

  • Revenue fell to N3.21 trillion from N4.08 trillion, reflecting a strategic scaling back of refined-product trading activities.
  • Gross profit dropped to N27.8 billion as margins across crude oil, gas, and natural gas liquids compressed during the year.

Rising finance income of N381.1 billion and a significant reduction in administrative expenses helped offset pressure on operating margins.

Total assets grew to N6.7 trillion, retained losses improved to N90.2 billion from N292.4 billion, and the company’s shares have risen over 35% year-to-date as of mid-trading on 9 March 2026.

AradelHoldings Plc (N463.7 billion)

Aradel Holdings Plc takes the second spot, posting a pre-tax profit of N463.7 billion for the 2025 financial year.

This marks a 46.4% increase from N316.7 billion in 2024, driven by robust revenue growth across its oil, refined products, and gas segments.

Crude oil revenue rose to N440.1 billion, with sales volumes reaching 4.1 million barrels, accounting for roughly 63% of total revenue.
Refined products contributed N210.8 billion, while gas revenue jumped 65% to N46.4 billion, reflecting higher production and broader market reach.

Operating profit, however, faced pressure from rising staff costs, increased maintenance expenses, and a one-off royalty provision.

On the balance sheet, total assets grew sharply to N10.41 trillion following major acquisitions.

Equity strengthened to N3.47 trillion, and the stock has surged over 94% year-to-date in 2026.

SeplatEnergy Plc (N755.5 billion) 

 

Seplat Energy Plc tops the list as the most profitable oil and gas company on the Nigerian Exchange, posting a pre-tax profit of N755.5 billion in 2025.

This marks a significant jump from N394.6 billion in 2024, driven by strong revenue growth.

Revenue surged to N4.1 trillion from N1.6 trillion, providing a solid foundation for record profitability.

Production expanded notably, with average output rising to 131,506 barrels of oil equivalent per day, reflecting the first full year of offshore asset consolidation.

Strong operational growth and an expanded asset base cemented Seplat’s position as the top-performing oil and gas company on the Nigerian Exchange.

Year-to-date, the stock has returned over 56% to investors so far in 2026.