Most profitable oil & gas companies on the Nigerian Exchange in 2025

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.

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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.

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6. ** Japaul Gold & Ventures(N1.11 billion)**

• 6. ** Japaul Gold & Ventures(N1.11 billion)**
• 5. **Conoil(N2.5 billion) **
• 4. ** Eterna(N6.8 billion)**
• 3. ** Oando Plc (N15.2 billion)**
• 2. AradelHoldings Plc (N463.7 billion)
• 1. **SeplatEnergy Plc (N755.5 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.

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6. ** Japaul Gold & Ventures(N1.11 billion)**

• 6. ** Japaul Gold & Ventures(N1.11 billion)**
• 5. **Conoil(N2.5 billion) **
• 4. ** Eterna(N6.8 billion)**
• 3. ** Oando Plc (N15.2 billion)**
• 2. AradelHoldings Plc (N463.7 billion)
• 1. **SeplatEnergy Plc (N755.5 billion) **

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