NNPCL records N2.5trn highest ever profit in 47 years

The Nigerian National Petroleum Company Ltd (NNPCL) has recorded its highest ever profit since its inception in April 1977.

In a document obtained by Persecond News, the national oil firm made it known that it made a profit of N2.5trn in 2022, describing it as the highest profit since the inception of the national oil firm.

In the document which shows a five-year period performance, the company said it posted a loss of N803 billion in 2018 and further down to N1.7 billion in 2019.

Nigeria’s state-owned oil asset, the NNPC which in 2022 adopted a limited liability company status, posted a post-tax profit in the sum of N674 billion for 2021, its audited earnings report issued shows, the biggest since inception four decades and a half ago.

Revenue leapt 72.5 per cent to N6.4 trillion with increased income from petroleum products sales to thank for it.

“Today I’m happy to announce that the Board of NNPC has approved 2021 audited fin. statements & NNPC has progressed to a new performance level from N287 billion profit in 2020 to N674 billion profit after tax in 2021, climbing higher by 134.8 percent YoY profit growth,” Mele Kyari, NNPC’s group Chief Executive Officer, had said.