The Nigerian National Petroleum Company Limited (NNPC) reported a 35.4% drop in first-half 2026 profit to N2.28 trillion, marking a significant deterioration in financial performance for the state-owned energy giant.
The result trails the full-year 2025 earnings by N1.25 trillion, underscoring the severity of the current earnings contraction.
In May 2026, NNPC reported total revenue falling nearly 13% to N4.
The half-year figures extend a period of revenue weakness for the company.
In May 2026, NNPC reported total revenue falling nearly 13% to N4.335 trillion, a decline that occurred despite broader market activity.
The persistent top-line pressure suggests structural challenges in translating volume or pricing into bottom-line results for the period.
This development adds to concerns regarding the profitability of Nigeria's key energy assets amid ongoing operational and market headwinds.