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.
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 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.
