NNPC Limited recorded a profit after tax (PAT) of ₦2.28 trillion in the first half of 2026, representing a 35.4% year-on-year decline from the ₦3.53 trillion posted during the same period in 2025.
According to an analysis of the company’s monthly financial performance data, the decline reflects a weaker earnings profile compared with last year’s exceptionally strong performance. However, NNPC remained profitable throughout the six-month period.
Key highlights
- H1 2026 profit after tax: ₦2.28 trillion
- H1 2025 profit after tax: ₦3.53 trillion
- Year-on-year change: -35.4%
- Profitability: Positive in every month of H1 2026.
- Peak monthly profit: ₦535 billion in June 2026, the highest monthly earnings recorded during the first half of the year.
Earnings momentum improved during the quarter
Although overall profits were lower than in 2025, NNPC’s monthly earnings improved steadily from March through June, indicating stronger operational performance as the second quarter progressed.
The June result, which delivered ₦535 billion in profit, marked the company’s strongest monthly performance so far in 2026 and suggests earnings momentum accelerated toward the end of the first half.
What it means
The results point to two important trends:
- Profitability remains robust: Despite a significant year-on-year decline, generating over ₦2 trillion in half-year profits underscores NNPC’s continued ability to produce substantial earnings.
- Improving operational trend: Rising monthly profits through the second quarter may indicate improving production, pricing, refining activities, or operational efficiencies, even though overall earnings remain below the exceptionally high base recorded in H1 2025.
Bottom line
NNPC entered the second half of 2026 with improving earnings momentum after a softer start to the year. While first-half profit fell 35.4% year-on-year to ₦2.28 trillion, the company remained consistently profitable and closed June with its strongest monthly result of ₦535 billion, providing a stronger earnings base heading into H2 2026.
