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.
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.
