Eterna Tops Oil and Gas Firms in H1 2026 Profitability

In the first half of 2026, oil and gas companies on the Nigerian Exchange (NGX) demonstrated varying profitability levels. Eterna achieved the highest return on assets (ROA) and return on equity (ROE) among the reviewed firms.

Aradel Holdings recorded a 3 percent ROA and a 9 percent ROE, with a profit after tax of N191.04 billion, assets of N10.88 trillion, and equity of N2.17 trillion. Seplat Energy mirrored Aradel's performance with a 3 percent ROA and a 9 percent ROE, reporting a profit after tax of N225.48 billion and assets of N8.24 trillion.

Japaul Gold posted a 2 percent ROA and a 4 percent ROE, with a profit after tax of N795.18 million. Conoil Plc reported a 4 percent ROA and a 12 percent ROE, with a profit after tax of N5.15 billion.

In contrast, Oando recorded a 1 percent ROA but a negative 13 percent ROE, with a profit after tax of N68.56 billion and negative equity of N530.45 billion.