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.
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.
