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.
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.
