NNPC's own monthly reports show July profit at N279 billion, about half of June's

On Tuesday, 29 September 2026, NNPC Limited announced its audited results for the year ended 31 December 2025. Press reports of the announcement give a profit after tax of N7.2 trillion, revenue of N34.5 trillion and a declared dividend of N5.8 trillion. Vero Record took those figures from press coverage and could not check them against the audited statements: when we looked on the evening of 29 September, the "2025" folder under Investor Documents in the company's online document store, which the store's metadata shows was created at 11:33 that morning, held no files.

What the company has published for 2026 is a series of one-page Monthly Report Summaries, posted to a "2026 Monthly Reports" folder on nnpcgroup.com. Vero Record downloaded and read all seven, January to July 2026. The July summary was uploaded on 31 August 2026 and is the newest financial document in the folder.

The July 2026 summary reports profit after tax of N279 billion and revenue of N3,087 billion. The June 2026 summary reports profit after tax of N535 billion and revenue of N4,389 billion. On those figures, July's profit was a little over half of June's (our arithmetic).

Output fell too. The July summary gives crude oil and condensate production of 1.68 million barrels per day, against 1.72 in the June summary, and natural gas production of 7,489 million standard cubic feet per day, against 7,841 in June. The twelve-month gas series printed on the July page shows 7,489 as the lowest monthly figure since February 2026, when production was 7,458.

Every summary carries the same note: "All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders." The monthly figures are therefore NNPC's first reported numbers, not audited results, and they may change.

Across the seven summaries, profit after tax is given as N385 billion for January, N136 billion for February, N276 billion for March, N481 billion for April, N462 billion for May, N535 billion for June and N279 billion for July. Revenue is given as N2,571 billion, N2,680 billion, N2,774 billion, N4,971 billion, N4,335 billion, N4,389 billion and N3,087 billion. The January and February pages label their profit and revenue boxes with the month. From March the labels drop the month and read only "Profit After Tax (NGN Billion)" and "Revenue (NGN Billion)". We read them as single-month figures because July's profit is lower than June's, which a running total could not be. That reading is our inference, not something the documents state.

On that reading, the seven summaries add up to profit after tax of N2,554 billion and revenue of N24,807 billion for January to July 2026. Both totals are Vero Record's own addition of provisional monthly figures. NNPC has not published either total.

Statutory payments are labelled differently. From March the summaries give a running total: "Jan to Mar" N2,888 billion, "Jan to Apr" N3,714 billion, "Jan to May" N4,858 billion, "Jan to June" N6,286 billion and "Jan to July" N7,913 billion. The difference between the June and July running totals is N1,627 billion, which on our arithmetic is the amount reported for July alone.

The first two months are harder to read. The January summary gives statutory payments for "Jan" as N726 billion, and the February summary gives N1,804 billion under the label "Feb". If N1,804 billion were February alone, January and February together would come to N2,530 billion, leaving N358 billion for March out of the N2,888 billion reported for January to March. If the February figure is really a running total mislabelled as a single month, February alone would be N1,078 billion. The documents do not say which is correct, and we have not been able to resolve it.

A year earlier, the July 2025 Monthly Report Summary, which is still in the company's 2025 Monthly Reports folder, gave statutory payments of N7,965 billion under the label "Jan to Jun". The July 2026 summary's figure for January to July 2026, N7,913 billion, is N52 billion lower than that six-month figure, even though it covers an extra month (our arithmetic). The two documents do not say which payments the heading includes, so this comparison is limited to the totals as printed.

The July 2025 summary reported profit after tax of N185 billion and revenue of N4,406 billion. On revenue, it adds that the figure is an "Aggregate of groupwide revenues including intercompany transactions". On profit, it adds that the figure "Reflects cost of sales and income tax adjustments". The 2026 summaries Vero Record read do not carry those two footnotes, so the July 2025 and July 2026 profit and revenue figures may not be prepared on the same basis. We compare them only with that caveat: July 2026 profit was higher than July 2025, and July 2026 revenue was lower.

The monthly summaries do not include a balance sheet, a cash flow statement or a breakdown of the statutory payments by recipient. They record where NNPC says it stood each month, provisionally, before reconciliation.

Vero Record saved a copy of the July 2026 summary to the Internet Archive's Wayback Machine on 29 September 2026. Once NNPC Limited publishes its audited 2025 financial statements, the annual figures can be read against what the company reported month by month.

What this rests on

Eight NNPC monthly summary PDFs that Vero Record downloaded and read (grade A). The 2025 annual figures come from press reports (grade B). The seven-month totals, month-on-month comparisons and the statutory-payment derivations are Vero Record's own arithmetic (grade C) and are marked as such in the text.

What this does not establish

Whether the March to July profit and revenue boxes are single-month figures (inferred, not stated). Whether February's statutory figure is monthly or cumulative. What the statutory payments include. Whether the 2025 and 2026 monthly figures are prepared on the same basis. The audited 2025 statements themselves, which were not in the investor folder when we checked.