{
  "id": 13595792,
  "title": "THE CHANGING FACE OF NNPCL",
  "url": "https://urgent.news/2026/10/11/the-changing-face-of-nnpcl",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-11T00:24:53.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/10/11/the-changing-face-of-nnpcl-2/"
  },
  "original_language": "en",
  "account": "The audited financial statements of NNPC Limited for 2025 reveal a significant transformation for Nigeria's national oil company. The accounts demonstrate improved operational performance, increased earnings capacity, and a shift towards higher-quality revenue streams. Independent audit firm PricewaterhouseCoopers (PwC) issued an unmodified audit opinion, confirming the financial statements fairly represent the company's position and performance. Despite a 24 percent decline in revenue due to lower crude oil prices and reduced white petroleum product volumes, profit after tax increased by 33 percent, earnings per share rose by 32 percent, and net cash generated from operating activities grew by 16.5 percent. Revenue from crude oil and natural gas now accounts for 91 percent of the company's total revenue, up from 77 percent in 2024. Cost of sales, general and administrative expenses, and selling and distribution expenses all declined significantly, with gross profit margins improving from 26 percent to 27.2 percent. The accounts clarify that the depreciation charge does not represent cash expenditure and distinguish statutory payments from controllable operating costs. The overall financial improvement is noteworthy, considering the challenging economic environment.",
  "summary": "The audited statements tell a story of transformation, argues UCHE JOE UWALEKE The publication of NNPC Limited’s 2025 Audited Financial Statements (AFS) represents another important milestone in the transformation of Nigeria’s",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "This Day",
        "title": "THE CHANGING FACE OF NNPCL",
        "url": "https://urgent.news/2026/10/10/the-changing-face-of-nnpcl",
        "published": "2026-10-10T00:19:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}