The Nigerian National Petroleum Company Limited (NNPC) has reported a profit after tax of N535 billion for June, marking a 15.8% increase from the N462 billion recorded in the previous month.
The figure represents the highest monthly profit for the state-owned energy giant, according to reports from The Punch.
The sharp recovery in profitability underscores a stabilizing trend for Nigeria's primary energy operator.
The jump to N535 billion reflects improved operational efficiency and potentially favorable market conditions for crude and refined products during the month.
For investors tracking African energy equities, the result suggests that NNPC is navigating the complex landscape of subsidy removals and currency volatility with growing success.
This performance comes as Nigeria continues to implement broader economic reforms aimed at reducing fiscal deficits and attracting foreign investment into its energy sector.